The research report states that the global healthcare automation market was valued at US$28.31 bn in 2016. However, over the forecast period of 2017 and 2025, the global market is likely to pace ahead at a CAGR of 8.8% to reach a valuation of US$58.98 bn by the end of 2025.
Transparency Market Research (TMR) states that Siemens AG, General Electric Company, Swisslog Holding AG, and Koninklijke Philips N.V. are some of the leading companies in the global healthcare automation market.
These players have consistently worked toward expansion of product portfolio and reinforcing business through innovation product development. In the coming years, to beat the competition, players are expected to plan for mergers and acquisitions to expand their horizons to newer geographies.
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Research institutes and labs have been identified as the key end users of healthcare automation. The need for fast-paced operations and precision is expected to propel this end-user segment at a CAGR of 8.2% in the global market over the forecast period.
From a geographic point of view, North America is expected to dominate the global healthcare automation market despite a slight dip in its overall share. Analysts expect that this regional market will account for a share of 39.5% by 2025, which will be higher than the rest of the regional markets across the globe.
Wearable Technology to be an Emerging Trend in Global Healthcare Automation Market
Automation has brought in a range of benefits across all industrial platforms. The healthcare industry has been steadily adoption automation in several areas such as research institutes and labs, pharmacies, and home care among others.
The uptake of healthcare automation processes and systems is expected to remain persistent in the coming years as these solutions designed with smarter technologies tend to make operations significantly efficient. The superior quality of these systems has also garnered unprecedented support from governments across the globe, thereby bolstering market growth.
A clear example of remarkable advantages rendered by application of healthcare automation are the lack of errors in maintaining inventory and medicine management in pharmacies. Owing to this very reasons, the pharmacies are also expected to offer the healthcare automation market lucrative growth opportunities in the near future.
The high-tech solutions offered by healthcare automation also expands to material handling, transport, and disease management. The growing demand for wearable technology has been noted as an emerging trend in the global market.
Smartwatches, an important aspect of wearable technology, has empowered both patients and physicians to closely monitor changes in health, intervene at an appropriate time, and ensure a better lifestyle. In light of these reasons, the global healthcare automation market has a bright future in the world economics.
Additional Maintenance Costs Discourage End Users
On the flip side and despite the advantages, the cost of automation has turned out to be a major disappointment to the global healthcare automation market. The requirement of regular maintenance has also dissuaded several end users as it adds to the operational costs.
Thus, the hesitation amongst end users is likely to hold back the market from achieving its potential in the near future.
Global Healthcare Automation Market Report
This review is based on Transparency Market Research’s report, titled “Healthcare Automation Market (Application - Therapeutic Automation, Lab and Pharmacy Automation, Logistics and Training Automation, and Diagnostics and Monitoring Automation; End Use - Pharmacies, Research institutes and labs, and Home Care) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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