The global medical automation market is estimated to grow at a CAGR of 9.5% from 2015 to 2020. Although North America holds a larger share in the medical automation market in 2015, the Asia-Pacific region is poised to grow at the highest CAGR in the next five years. High growth in this regional segment is majorly attributed to the increasing geriatric population along with rising incidence and prevalence of CVDs, diabetes, cancer, and orthopedic diseases; rising number of clinical research activities; and growing government expenditure on healthcare and life sciences research. In addition, increasing business operations by key players in developing Asian countries are further supporting the growth of this market.
The growth of the overall medical automation market is driven by factors such as growing need for reproducibility and accuracy during medical procedures, rising labor costs, technological advancements in automation solutions, and rising government financial support for life science research. In addition, investments by venture capitalists and collaborations to promote automated medical devices, and high potential of medical automation for the early detection and treatment of cancer are offering new growth opportunities for players in the medical automation market. On the other hand, stringency of the regulatory approval procedure and high cost of automation are the key challenges faced by the market players.
In this report, the medical automation market has been segmented on the basis of application(covering diagnostic and monitoring automation, therapeutic automation, laboratory and pharmacy automation, and medical logistics and training), end user (including hospitals and diagnostic centers, pharmacies, research laboratories and institutes, and home/ambulatory care settings and other end-users), and region (North America, Europe, Asia-Pacific, and the Rest of the World).The hospitals and diagnostic centers segment is estimated to account for the largest share of the global medical automation market in 2015. Major hospitals opening new centers in tier II and III cities and growing number of diagnostic laboratory chains driving the growth of this end-user segment.
Geographically, North America (comprising the U.S. and Canada)is expected to command the largest share of the global medical automation market in 2015, followed by Europe. A number of factors such as rising venture capital investments in automated medical devices, increasing number of clinical research studies, rising geriatric population, increasing incidence and prevalence of chronic diseases, huge government support for life science research, and increasing demand for medical testing in North America are contributing to the growth of the North American medical automation market.
The global medical automation market consists of a large number of big, medium, and small-sized companies providing automation solutions in several application areas, including diagnostics, monitoring, therapeutics, laboratory and pharmacy operations, and medical logistics. As of 2014, Medtronic plc (U.S.) held the leadership position in the global implantable cardioverter defibrillators market. Similarly, Tecan Group Ltd. (Switzerland) was the leader in the laboratory automation market in the same year. New product launches, product enhancements, and product approvals; partnerships, agreements, and collaborations; acquisitions; and geographic expansions were the major strategies adopted by most of the market players between 2013 and 2015 to achieve growth in the medical automation market.
Reasons to Buy the Report:
From an insight perspective, this research report is focused on various levels of analysis—market share analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the medical automation market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned four strategies (market penetration, product development/innovation, market development, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on medical automation devices and technologies offered by the top 10 players in the medical automation market. The report analyzes the medical automation market by application and end user, across the four geographies
- Product Development/Innovation: Detailed insights on current and upcoming technologies, research and development activities, product enhancements, and new product launches in the medical automation market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the medical automation market on the basis of various applications of automation in the healthcare industry, across the four geographies
- Competitive Assessment: Assessment of market shares, strategies, and products of leading players in the medical automation market