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How Has the Healthcare Automation Market Grown in Size and Rate?
The healthcare automation market has experienced a rapid increase in recent years. The market size is projected to grow from $64.93 billion in 2023 to $72.14 billion in 2024, reflecting a compound annual growth rate CAGR of 11.1%. Factors contributing to this growth include regulatory compliance, patient safety, the adoption of electronic health records EHRs, operational efficiency, and medical device integration.
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What Is the Future Growth Forecast for the Healthcare Automation Market?
Moving ahead, the healthcare automation market is set to witness exponential growth. The market is predicted to attain a value of $112.95 billion by 2028, with a CAGR of 11.9%. Factors projected to propelling growth in the forecast period include the thrust on population health management, medication management, precision medicine, pandemic preparedness, and the increasing ageing population. Major trends observed during the forecast period include robotics in healthcare, artificial intelligence AI in diagnostics, the use of the blockchain for health data security, internet of things IoT in healthcare, and the rise of smart hospitals.
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What Are the Key Driving Factors behind the Healthcare Automation Market Growth?
An increased adoption of automation is significantly contributing to the expansion of the healthcare automation market. This refers to the preference for advanced solutions by healthcare facilities for streamlining various activities and enhancing overall work efficiency. For instance, Dignity Health, a California-based not-for-profit public-benefit corporation, highlighted in 2021 that the healthcare sector has reduced administrative expenses by $122 billion due to automation initiatives. Furthermore, they can potentially save an additional $16 billion by fully automating certain routine processes. Moreover, as per the reports from Flobotics, a US-based software development company, 30% of healthcare industry establishments are contemplating the adoption of Robotic Process Automation RPA solutions in their business procedures.
Who Are the Key Industry Players in the Healthcare Automation Market?
Major players operating in the healthcare automation market include entities like 3M Company, Accuray Inc., Aetna Inc., Allscripts Healthcare Solutions, Becton Co., Cerner Corporation, Cigna Corporation, Danaher Corporation, Dickinson and Company, General Electric Company, International Business Machines Corporation, Intuitive Surgical Inc., Koninklijke Philips N.V., McKesson Corporation, MedeAnalytics, Medtronic plc, OptumHealth, Oracle Corporation, Stryker Corporation, Swisslog Holding AG, Tecan Group Ltd., Truven Health Analytics Pvt. Ltd., UnitedHealth Group Incorporated, Verisk Analytics Inc., Abbott Laboratories, Agilent Technologies, Athenahealth, Capsule Technologies Inc., Change Healthcare Co., Elekta, Epic Systems Corporation, Hologic Co., IBM Watson Health.
What Emerging Trends Are Shaping the Healthcare Automation Market?
The adoption of artificial intelligence AI has emerged as a prime trend shaping the healthcare automation market. In August 2023, Innovaccer Inc., a US-based healthcare data platform company, unveiled the AI Automation Suite, Sara for Healthcare. Through this suite of AI solutions, healthcare providers will be able to effectively manage population health, establish value-based care, improve customer relationship management, advanced self-serving analytics, and efficient care management and coordination, all the while upholding safety, accuracy, security, compliance, and scalability.
How Is the Healthcare Automation Market Segmented?
The healthcare automation market covered in this report is segmented as follows:
1 By Component: Equipment, Software, Services
2 By Application: Therapeutic Automation, Lab And Pharmacy Automation, Logistics And Training Automation, Diagnostics And Monitoring Automation, Other Applications
3 By End-User: Pharmacies, Research Institutes And Labs, Home Care, Other End-Users
Regional Market Perspectives: Who Holds the Largest Market Share?
In 2023, North America emerged as the largest region in the healthcare automation market. The report's sectoral coverage includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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