22nd
January 2021 – The global market for medical automation in 2015 was
estimated to be at USD 34.21 billion. The major factors impelling the growth
are rising adoption rate of automated equipment for therapy and diagnosis of
chronic disorders. According to a report by WHO, chronic diseases are
considered to be the leading cause of mortality globally. These diseases
include respiratory diseases, diabetes, heart disease, stroke and cancer which
accounts for around 60% of deaths. As per a research published by NCBI, around
40.5% of the population in U.S. is predicted to suffer from one or more than
one cardiovascular disease by 2030, leading to expansion of the patient base.
Increasing adoption of automated devices can be attributed to the rising
demands for reproducibility and accuracy in wide array of medical procedures.
Moreover,
the rise in laboratory automation and benefits associated with automation in
pharmacies is broadening the growth prospects further. These benefits include
such as reliability, speed, reduction of errors in huge sampling and greater
cost efficiency which is anticipated to positively impact future demand over
the coming years. Furthermore, advent of technologically advanced products such
as usage of robots in radio surgery, material handling in hospitals and others,
are factors predicted to drive growth potential.
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The
largest share of over 35.0% in application segment was held by therapeutic
automation in 2015. The dominance can be attributed to consistent rise in the
adoption rate of automated devices such as therapeutic dispensing systems,
defibrillators, surgical robots, automated microscopes, portable imaging device
and orthopedic navigation systems. The high demand for automation while
performing minimally invasive surgeries is expected to widen the scope for
adoption of robotic surgical systems thereby fueling to the medical automation
industry over the coming years. The advantages offered by these systems such as
increase in process efficiency and enhanced patient safety. In addition, they
can be used as standard emergency care which is predicted to drive the growth
prospects and further broaden the penetration of these systems in future.
The
segment was dominated by hospitals & diagnostics centers segment in 2015
with a share of more than 25.0%. The dominance can be attributed to growing
usage of automated devices in pharmacies & laboratories sufficing various
requirements in diagnostic procedures. Automation in hospital segment,
particularly in tier 2 & 3 cities of emerging economies of the Asia Pacific
region such as India is presenting with lucrative opportunities. For example,
the Indian hospitals including Fortis and Apollo are aiming at providing
automated healthcare services which are operational in the region. Moreover,
presence of various government agencies such as National Patient Safety Agency
is striving for improvement in penetration of automation in hospitals, which is
responsible for greater share garnered by hospitals.
A
substantial revenue share of over 43.0% was held by North America in 2015 as a
consequence of increasing healthcare expenditure by government healthcare and
life science sectors to promote research. Europe held the second largest market
share owing to demographic shift in geriatric patient base, possessing greater
susceptibility to chronic disorders thereby pushing demand for automated
point-of-care testing. Additionally, presence of various government
organizations including Medicine and Healthcare Products Regulatory Agency
which validates automated systems in pharmacies and devices with the
regulations of the region is predicted to provide growth opportunities in the
coming years. Asia Pacific is anticipated to witness attractive growth
opportunities during the forecast period owing to the frequent upgradation in
healthcare infrastructure, growing patient awareness levels and prevalence of
cardiovascular diseases, orthopedic disorders, cancer and diabetes.
The
prominent players include Danaher Corporation, Koninklijke Philips N.V.,
Siemens AG, Stryker Corporation, Intuitive Surgical Inc., GE Healthcare,
Swisslog Holding AG, Medtronic Plc., Tecan Group Ltd., Accuray Inc. Competition
in the industry is high as a consequence of prominent players undertaking
strategic initiatives such as acquisitions, technological advancements, new
product launch and collaborations. For instance, Tecan acquired Sias AG in
November 2015, to expand the business for providing mechanization solution for
laboratory. Moreover, the competitive nature of the industry is also a result
of high amount of investments in R&D, contracts and distributive
agreements, which are anticipated to keep industry rivalry high throughout the
forecast period. For instance, Accuray Inc. and medPhoton GmbH entered in
collaboration in May 2016, to strengthen their sales and distribution network.
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