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Healthcare Automation Market to Top US$ 88.9 Bn by 2032 Amid Growing Demand for Hospital Pharmacy Digitization

The global healthcare automation market size is expected to reach US$ 88.9 Bn, with demand increasing at a healthy CAGR of 8.4% over the forecast period. It was valued at US$ 36.9 Bn in 2020.

Increasing focus on the development of new technologies for diagnostic and therapeutic applications is set to propel sales in the market. Rising adoption of the internet of things (IoT) and artificial intelligence (AI) to automate various processes in hospitals is likely to augur well for the market.

The need to perform daily activities seamlessly among hospital administrators is expected to spur demand for healthcare automation systems. Automation of vital information, such as prescriptions, billing, and patient reports enable doctors to provide immediate care to patients, which, in turn, will boost the adoption of these systems.

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Surging incidence of both chronic and acute diseases across the globe is anticipated to accelerate the demand for healthcare automation solutions. Increasing prevalence for age-related illnesses, such as Parkinson’s disease and dementia is another significant factor expected to propel sales in the forthcoming years.

According to the World Health Organization (WHO), more than 55 million people are currently living with dementia across the globe. WHO also estimates that every year, approximately 10 million new cases arise globally? As a result, there is a high burden on medical resources, as well as more dependency on caregivers.

The implementation of healthcare automation solutions reduces expenses and consolidates hospital staff. The WHO predicts a shortfall of around 18 million healthcare workers in middle- and low-income countries by 2030.

As healthcare automation solutions save the time of staff members and help in stocking up medical resources, demand is expected to rise at a considerable pace.   

Moreover, increasing adoption of AI-enabled solutions in healthcare facilities for processing multiple samples and images of patients in short time, along with growing need for consistency and reliability will spur sales.  

Report Attributes

Details

Base Year Value (2020A)

US$ 36.9 Bn

Projected Year Value (2028F)

US$ 88.9 Bn

Global Growth Rate (2021-2028)

CAGR 8.4%

Key Takeaways:

  • Based on application, sales in the therapeutic automation segment will grow at a CAGR of 8.1% in the forthcoming years.
  • By end user, the research institutes and labs segment is projected to account for a dominant share in the market due to increasing investments in lab digitization and automation.
  • The U.S. is set to remain at the forefront in the North America healthcare automation market stoked by rising government support to innovate the healthcare infrastructure.
  • China is projected to procure the second-largest share, followed by the U.S. on the back of increasing geriatric population suffering from chronic disorders.
  • North America healthcare automation market is estimated to account for about 40% of the total market share over the forecast period.

Growth Drivers:

  • Urgent need to treat and manage patients more efficiently among emergency clinic administrators and healthcare professionals will drive sales.
  • Rising demand for hospital pharmacy and material handling automation in the healthcare sector will augment demand in the market.

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Competitive Landscape:

Leading players operating in the global healthcare automation market are investing in mergers and acquisitions with local and start-up companies. They are aiming to gain access to innovative solutions and to strengthen their position in the market through these strategies.

Meanwhile, a few other key players are aiming to join hands with regulatory bodies to co-develop cutting-edge products and cater to the growing demand. They are also striving to launch new products by investing in research and development activities.

For instance:

  • April 2021: Siemens Healthineers AG, a German medical device company, acquired Varian Medical Systems, Inc. This acquisition would enable the former to gain access to the latter’s comprehensive portfolio and strengthen its position in the MedTech sector.
  • November 2020: Medtronic plc, a medical device company based in Dublin, acquired France-based Medicrea International. This acquisition would help the company to expand its presence in the field of predictive analytics, machine learning, and artificial intelligence.

Key Companies Profiled by Fact.MR:

  • Siemens AG
  • Koninklijke Philips N.V.
  • Medtronic plc
  • Intuitive Surgical, Inc.
  • Stryker Corporation
  • General Electric Company
  • Danaher Corporation
  • Swisslog Holding AG
  • Accuray, Inc.
  • Tecan Group Ltd.

More Valuable Insights on Healthcare Automation Market

In the latest study, Fact.MR provides a detailed overview of the global healthcare automation market for the forecast period of 2021 to 2028. The study also explicates key factors such as opportunities and challenges influencing the sales of healthcare automation through detailed segmentation as follows:

By Application:

  • Therapeutic Automation
  • Lab & Pharmacy Automation
  • Logistics & Training Automation
  • Diagnostics & Monitoring Automation

By End User:

  • Pharmacies
  • Research Institutes & Labs
  • Home Care
  • Others

By Region:

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

Key Questions Covered in the Healthcare Automation Market Report

  • What is the expected growth rate of the global healthcare automation market until 2028?
  • What is the projected revenue of the healthcare automation market during the forecast period?
  • Which are the challenges encountered in the healthcare automation market?
  • What is the estimated market size of the healthcare automation market in 2021?
  • Which region is expected to exhibit significant growth in the healthcare automation market during 2021-2028?
  • Which are the factors spurring sales of healthcare automation during the forecast period?

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Tags: Healthcare Automation Market, Global Healthcare Automation Market, Sales of Healthcare Automation

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