Medical Automation Market

Global Medical Automation Market Size (2023 to 2028)

The global medical automation market size is forecasted to be worth USD 109.7 billion by 2028 from USD 67.9 billion in 2023, growing at a CAGR of 10.08% during the forecast period.

Medical automation means using automated systems such as control systems and modern technologies to reduce the number of manual activities. In healthcare, for the sake of efficiency, this technology uses contemporary procedures and tools. There are numerous advantages to medical automation. They assist with monitoring the loved one's safety, security, and health status from the comfort of their own home. The healthcare sector is primarily concerned with repetitive tasks such as data input, record management, procedures, and patient health monitoring. These operations can be automated, which not only saves time but also provides accurate results. Data automation and automation in data storage and analysis are also part of an automated healthcare system. Medical automation also influences faster data retrieval, better ordering, and faster billing.

MARKET DRIVERS:

The rising usage of robotic technology in healthcare majorly drives the global medical automation market growth.

The healthcare sector is significantly advancing automation due to introduction of new tools and technology such as artificial intelligence. The healthcare sector has embraced emerging digital technologies such as Intelligent Process Automation (IPA) and Robotic Process Automation (RPA). The RPA assists practitioners in freeing up time, reducing errors, and saving money. The healthcare business loses more than $11 billion per year owing to a lack of automation for administrative procedures, according to the 2017 CAQH Index. By making healthcare systems and procedures more efficient and faster, healthcare practitioners may tackle these issues and enhance patient satisfaction using automation and RPA. RPA robots can simulate nearly any expected human activity, including logging onto programs, moving files, filling out forms, etc. Using this technology in healthcare can free up physicians' time while improving care delivery.  RPA robots may also aid in scanning incoming data, creating a condensed report, and routing appointment requests to the appropriate work queue based on identifying criteria such as location, diagnosis, and insurance carrier. As a result, the market for medical automation is growing.

Growing acceptance of automated equipment for diagnosis and therapy is estimated to promote the growth rate of the global medical automation market.

With the increased frequency of illnesses, early detection and treatment are becoming increasingly crucial. Medical professionals can assist with this, but with automation, diagnosis and treatments may be achieved safely. Medical experts are restricted in evaluating a limited number of samples and data, and their diagnoses are susceptible to human error. However, automation allows millions of samples to be diagnosed simultaneously with minimal mistakes. For example, a machine-learning algorithm was applied to 130,000 pictures of 2,000 skin disorders by a team of physicians and computer scientists at Stanford University. Their artificial intelligence solution outperformed 21 board-certified dermatologists in identifying innocuous from dangerous lesions. Also, patients do not need to visit a doctor's office or clinic to check when the wearable gadget is used in conjunction with Remote Patient Monitoring. If the gadget detects any pre-specified problems, it automatically collects data and sends warnings to the chosen physician. Many innovations, such as smart mattresses, IoT-connected pillboxes, predicting when individuals would try suicide, and many more, have gained widespread acceptance worldwide. As a result, the medical automation industry has been growing.

MARKET RESTRAINTS:

The high cost of systems may hamper the growth of the global medical automation market during the forecast period. Automation in healthcare is being limited by high installation and maintenance costs and privacy and security issues. It costs USD 400,000 to design, develop, and install a fully automated system. In addition, most businesses are struggling to overcome the 2.3 % excise tax on medical products. Furthermore, these systems are susceptible to various dangers, including malware, vulnerabilities, and security breaches. Additionally, not every healthcare facility can afford medical automation. As a result, the market for medical automation is underperforming.

Impact of COVID-19 on the global medical automation market:

The COVID-19 pandemic has brought attention to the problem of healthcare-associated illnesses (HAIs). As the public focuses on COVID-19's spread across elderly care facilities and hospitals worldwide, HAIs have never been more evident. According to a new study, the virus that causes COVID-19 may live for up to 28 days on ordinary surfaces. This increased the demand for hospital automation. Healthcare companies are embracing automation because it allows them to perform at previously unheard-of levels while also assisting them in achieving various strategic goals. People assess vitals via smartphone apps, watches, trackers, and other wearables, and these technologies assist many people in analyzing their lifestyles to avoid health concerns. People assess vitals via smartphone apps, watches, trackers, and other wearables, and these technologies assist many people in analyzing their lifestyles to avoid health concerns during coronavirus pandemics.

Furthermore, because patients were encouraged to postpone non-essential appointments and treatments, medical providers have lost a significant amount of money in many nations. Consequently, Robotic process automation (RPA) became a crucial day-to-day tool for many healthcare practitioners within days of the COVID-19 pandemic being proclaimed rather than a long-term ambition. Software bots are ideally suited to activities like invoicing, processing claims, keeping patient data, and other repetitive, time-consuming operations since they may help free up time for healthcare professionals to spend with patients. RPA is also being used to address particular issues that have developed due to the epidemic. For example, COVID-19 testing necessitates a significant amount of repeated administrative work, such as locating and enrolling patients in the system, accurately labeling test kits for collection and analysis, and entering test findings, in some cases, into a national database with millions of other entries.

Additionally, one of the most difficult aspects of the COVID-19 pandemics is ensuring efficient and cost-effective vaccine delivery. To discover suitable patients for the COVID-19 vaccination, robotic process automation (RPA), natural language processing (NLP), and machine learning can help. Health institutions may build effective and fair vaccination delivery procedures by utilizing intelligent automation to identify, outreach, educate, and triage patients. For this, Notable Health, the top intelligent automation business in healthcare, stated in January 2021 that it had expanded its platform capabilities to accommodate automated COVID-19 vaccination delivery procedures.

REPORT COVERAGE:

This research report on the global medical automation market has been segmented and sub-segmented based on application, end-user & region.

Medical Automation Market – By Application:

• Diagnostic & Monitoring Automation
  • Automated imaging & analysis
  • Point-of-care testing
• Therapeutic Automation
  • Surgical Automation
  • Non-surgical Automation
• Lab & Pharmacy Automation
  • Laboratory Automation
  • Pharmacy Automation
• Medical Logistics & Training

Medical Automation Market – By End-User:

• Hospitals & Diagnostic Centers
• Research Laboratories & Institutes
• Pharmacies
• Home & Ambulatory Care

Medical Automation Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

KEY MARKET PARTICIPANTS:

A few of the notable companies operating in the global medical automation market covered in this report are Aetna, Inc., Cerner, OptumHealth, IBM Corp, MedeAnalytics, Truven Health Analytics, Allscripts Healthcare Solutions, Cigna Corporation, Oracle, Verisk Analytics, McKesson, UnitedHealth Group, Accuray, Inc., Medtronic Plc., GE Healthcare, Stryker Corporation, Koninklijke Philips N.V., Intuitive Surgical, Inc., Siemens AG, Danaher Corporation, and others.

These players are involved in strategic activities, such as collaborations, new product launches, technological advancements, and acquisitions.

RECENT MARKET DEVELOPMENTS:

• On 9 July 2020, Health Catalyst, Inc. has agreed to buy healthfinch, Inc., a Madison, Wisconsin-based business that provides a workflow integration engine that integrates insights and analytics into EMR workflows to automate clinicians' capacity to address patient care gaps in real-time.
• On 8 April 2021, Blue Cross and Blue Shield of Rhode Island have partnered with Diagnostic Robotics to use artificial intelligence to detect and track people suffering from certain chronic diseases.