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(Health-NewsWire.Net, June 26, 2020 ) Market Overview
The Global Medical automation technology Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
Medical automation is the technology used to minimize medical errors, promote better management of chronic illness, and to enable healthcare professionals to anticipate the prognosis. It controls the monitoring, diagnostic, and therapeutic machinery that serves the major responsive tasks into the hospitals and clinics. It also increases the predictability of results when the patients follow a standardized care path supported by automation.
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Market Dynamics
The major driving forces are the investment by key players and the increase in the use of point-of-care testing devices (glucose meters, digital blood pressure monitors, pregnancy test kits and HIV test kits) in laboratories and pharmacies, and the rising need of automation in various fields.
The investments in healthcare research by several manufacturers are contributing to the growth of the market. For instance, in 2017, Siemens AG has successfully installed India's first fully automated Aptio Automation track with the multidiscipline modalities at the Aspira Pathlab and Diagnostic Ltd, Mumbai. Thus, the increasing number of investments by the key players is driving the market.
The rising need for automation in various fields is expected to accelerate market growth over the forecast period. For instance, as per the Intuitive Surgical, Inc., surgical procedures were performed using the da Vinci systems in various hospitals globally. Around 877 000 surgical procedures were performed by this product in 2017, compared with 753 000 procedures in 2016, an increase of 16%. Moreover, the company reported that da Vinci procedures increased from around 11%-15% in 2018. Thus, automated machines improve the clinical outcomes that help patients return to active and productive life more quickly.
However, the tax imposed by the government bodies on medical device manufacturers, high cost of the automation equipment, and lack of skilled professionals and the rigorous approval procedures to launch a product or service by companies are likely to hinder the market growth.
The lack of skilled workers is expected to hamper the market growth. According to a report published in the Scientific American on May 3, 2019, a constantly increasing number of patients and a vast number of available tests means that more samples are headed to the laboratories. There is a shortage of staff to process the samples and keep up with the growing demand. As per the Bureau of Labor Statistics, demand for the lab workers was grown to 13 % in 2018, almost double the average for other US jobs.
Market Segmentation Analysis
The global medical automation technology market can be segmented by automated health assessment and monitoring into automated home monitoring and telemetry, automated drug testing, telehealth kiosks, automated eye examination devices, and others.
The automated home monitoring and telemetry segment is expected to grow at a high rate over the forecast period, owing to the presence of recent product launches by various key players. For instance, on June 18, 2019, Kaloom, an emerging leader in the automated data center networking software market, launched flowEye, an AI-driven real-time in-band network telemetry (INT) and analytics solution. The flowEye enables data center managers to achieve higher performance and lower OPEX via more powerful monitoring, analytics, and troubleshooting capabilities. Thus, the presence of recent product launches is driving the market.
The telehealth kiosks segment is expected to grow at a significant rate over the forecast period. This is owing to the presence of recent product launches. For instance, in March 2019, OnMed launched telemedicine kiosks that can also dispense prescription medications. Also, in July 2019, Rite Aid has launched new retail-based telehealth kiosks in collaboration with InTouch Health. Thus, recent product launches are driving the market.
The global medical automation technology market can be segmented by automated imaging and image analysis into automated radiography and fluoroscopy, automated whole-breast ultrasound, automated microscopy, computer-aided detection, automated skin cancer detection, and others.
The automated whole-breast ultrasound segment is expected to grow at a high rate owing to the presence of key players manufacturing automated whole-breast ultrasound devices. For instance, on October 25, 2018, Philips announced the launch of the ultimate ultrasound solution for breast assessment.' Philips EPIQ and Affinity ultrasound systems, and the combination of the eL18-4 transducer and anatomical intelligence, this all-in-one solution brings together high-quality imaging with complementary clinical tools tailored for breast screenings. With the new breast solution, clinicians can efficiently assess, monitor, and treat breast diseases, increasing diagnostic confidence, and helping to improve patient care. Thus, the presence of key players manufacturing these devices is driving the market.
The global medical automation technology market can be segmented by automated therapeutic (nonsurgical) procedures into automated defibrillators and automated medication delivery systems. Automated defibrillators include portable automated defibrillators, wearable defibrillators, and implantable defibrillators. Automated medication delivery systems include implantable drug pumps and wearable drug pumps.
The implantable drug pumps segment is expected to drive the market growth owing to the presence of FDA approvals. For instance, in 2018, the US FDA has approved Medtronic's personal therapy manager (myPTM), which works with the company's SynchroMed II intrathecal drug delivery system for patients who suffer from chronic pain. Thus, the presence of FDA approvals is driving the market.
Market Geographical Analysis
Geographically, the global medical automation technology market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is dominating the global medical automation technology market in 2018 and is estimated to hold significant market size over the forecast period (2020-2027) owing to increasing aged population, growing occurrence of CVDs, diabetes, and cancer, increased funding on healthcare and life sciences research, the rising need of automation in various other medical fields.
The growing occurrence of CVDs, diabetes, and cancer in the region is expected to drive market growth over the forecast period. For instance, the American Diabetes Association reported that between 2009 and 2034, the global diabetes population will rise from 23.7 million to 44.1 million. As per the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer were diagnosed in the US, and 609,640 people will die from the disease. As per the American College of Cardiology, CVD accounted for 800,000 deaths in the US in 2017 alone. Thus, the increasing occurrence of CVDs, diabetes, and cancer is driving the market.
Market Competitive Landscape
The major players operating in the global medical automation technology market are Siemens AG, Accuray Incorporated, Kahle automation, Muratec, Ltd., Schneeberger, Hitachi, Danaher Corporation, Becton, Dickinson and Company, Stanley Black and Decker Inc, and Intuitive Surgical.
The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the medical automation technology market globally. For instance,
On April 5, 2019, HeartHero was the winner in the Innovation Challenge at the 2019 American College of Cardiology (ACC) conference in New Orleans, for its ultraportable, affordable and user-friendly automated external defibrillator (AED).
In 2019, Durr launched EcoProFleet automatic guided vehicles for paint shops in automobile production plants.
In 2018, Orgenesis Inc. had a collaboration with the Atvio Biotech Ltd., an innovator of bioprocessing solutions for the development and distribution of several advanced automated culturing system for manufacturing autologous cell therapies.
In July 2018, InTouch cut a deal with Rite Aid and announced the participation in the newly formed World Telehealth Initiative.
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