The healthcare industry has witnessed severe amount of changes with automation paving the way for newer approaches characterized by efficiency. Automation is likely to help medical professionals focus on better patient care and improved outputs. Additionally, it is also expected to reduce the cost incurred by healthcare providers on repetitive work. Implementation of automation in healthcare is projected to bring out better healthcare facilities, improved efficiency, and increase healthcare delivery quality. 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.
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Increasing demand for wearable technology is an important trend in the global healthcare automation market. It is expected to bring in convenience and accuracy while gathering medical data of patients. Furthermore, easy accessibility to this data is expected to result in better faster availability of healthcare, thereby decreasing the costs. Additionally, this technology helps in remote monitoring and clinical care.
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.
Increasing Expenditure on Healthcare in North America Keeps Region in the Forefront
The geographical split of the global healthcare automation market encompasses North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America holds the highest market share followed by Europe and Asia Pacific in 2016. Rising clinical research activities is one of the important factors bolstering the demand of healthcare automation in the region of North America. This regional market is slated to account for a share of 39.5% by the end of 2025. The growing government expenditure on healthcare and increasing research activities across North America has expected to keep this regional market in the lead.
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Some of the principal players in the global healthcare automation market are Stryker Corporation, Siemens AG, Swisslog Holding AG, General Electric Company, Koninklijke Philips N.V., Medtronic PLC, Intuitive Surgical, Inc., Danaher Corporation, and Tecan Group Ltd. among others.
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