Published On : January 2018
The increasing global burden of diseases like cancer, diabetes and others have increased the demands for correct and timely diagnostics, so as to be followed by accurate therapeutics. For instance, in 2016, according to the National Cancer Institute, approximately 1,685,210 new cases of cancer were diagnosed in the United States and approximately 595,690 deaths were reported due to the same. The U.S. is the largest market for biopharmaceuticals and accounts for one third of the global market. Moreover, it is estimated that the U.S. biopharmaceutical sector accounts around 17% of all domestic R&D funded by the U.S. businesses and added an estimated USD 1.2 trillion in economic output of 2014 this has led to the expansion and indulgence of various advanced paradigms of the technology in the medical sector, resulting in its automation.
The medical automation market has been on the rise over the past few years. Based on the MRFR analysis, the market is projected to reach USD 42,284.6 million by 2023 at a healthy CAGR of around 7.00%. The global market was valued at USD 26,332.7 million in 2016. The global market for medical automation is expected to grow at an exponential rate owing to the growing biotechnology and pharmaceutical sector and rising demands for robotic surgery. Majority of market players are focusing on the development of new products and product expansion in the emerging markets.
What would be the impact of the new product launches over market?
Over the last few years, the companies are focusing more toward product developments and product launch activities in order to improve the quality of the products and introduce better technology to ease the work of the healthcare professionals. Companies like Koninklijke Philips N.V., Siemens AG, and many more seems to be involved in these product launches. These launches help companies to enhance the technology and also increase the product portfolio in their list, which increase the market share and their presence around the world.
Increasing prevalence of the chronic diseases like cancer, diabetes, and others. Thus, the increasing patient population have generated demand for better treatment, which helps them to get effective outcomes. Also increasing research and developments funding’s by various public and private sectors has also lead the demands for better drugs in coming future.
Where is the market heading to?
Currently, market of medical automation cancer showing moderate growth owing to growing demands for robotic surgery and rising healthcare expenditure. Also growing pharmaceutical and biotechnology sector facilitates the automation of the medical sector. The U.S. is the largest market for biopharmaceuticals and accounts for one third of the global market. Moreover, it is estimated that the U.S. biopharmaceutical sector accounts for around 17% of all domestic R&D funded by the U.S. businesses and added an estimated USD 1.2 trillion in economic output of 2014.
Companies like Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated and others are focusing on product launches, product approvals by FDA and mergers and acquisitions. For instance, In June 2017, Koninklijke Philips N.V. has acquired Electrical Geodesics a US-based medical device company that designs, develops and commercializes a range of non-invasive technologies.
Who has the ability to hinder the market growth?
With the growing advancement in the technology the costing of the products is increasing, which is has suppressed the growth of the market. For instance, According to the Economic Cycle Research Institute in 2015, the average quoted prices of da Vinci robot models was estimated to range from USD 0.91 million to USD 2.31 million.
Additionally, risks associated to the robotic surgery followed by the necessity of physician training.
Then, what’s the future?
The medical automation industry is experiencing an extensive growth owing to the growing demands for robotic surgery and rising healthcare expenditure. Moreover, growing pharmaceutical and biotechnology sector facilitates the automation of the medical sector. Furthermore, the major market players are engaged in product expansion, geographical expansion and strategically approaches such as new product launch, mergers and acquisition, and tapping emerging markets. The industry will flourish during the forecast period owing to a rise in the acceptance of the automated procedures in the medical sector.