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Medical automation market to increase at a CAGR of 9.1% over the next five years

Press Release   •   Dec 09, 2013 14:52 GMT

The medical automation market has been forecast to increase at a compound annual growth rate (CAGR) of 9.1% over the next five years, increasing from a total of $43.21 billion at the beginning of 2013, to reach a value of $66.9 billion by 2018.

In recent years, the medical automation market has witnessed a large number of technological advancements, due to which new and advanced products are being launched in the market.

Key factors set to drive growth within the industry include the need for reproducibility and accuracy in medical procedures, rising labour costs, government and venture capitalist investments.

However, varied stringency of regulatory procedures globally, and an implementation of 2.3% tax by the US government on medical devices manufacturers is likely to hinder the growth of this market.

Despite this, the presence of an untapped market in emerging countries, the increasing number of collaborations between healthcare automation companies and research institutes to promote research, and the growing need of automation in various other medical fields such as genomics and proteomics represents the growth opportunities for this market.

According to a recent market report, 'Medical Automation Market: Global Forecasts to 2018,' based on application, the diagnostics and monitoring automation market held the largest share of 50% in 2013.

However, the medical logistics and training automation market is poised to grow at the highest CAGR from 2013 to 2018.

The medical automation market has no clear market leader, as various segments have different leaders, depending on their expertise and product offerings.

For instance, Given Imaging (Israel) is the market leader in the capsule endoscopes market, while the global lab automation market is dominated by Tecan Group Ltd. (Switzerland).

For more information on the medical automation market, see the latest research: Medical Automation Market

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