DUBLIN--(BUSINESS WIRE)--The "Healthcare Automation Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The healthcare automation market size has grown rapidly in recent years. It will grow from $64.93 billion in 2023 to $72.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The healthcare automation market size is expected to see rapid growth in the next few years. It will grow to $112.95 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
The anticipated growth in the forecast period can be attributed to various key factors, including a focus on population health management, advancements in medication management, the evolution of precision medicine, preparedness for pandemics, and the increasing aging population.
Major trends expected in the forecast period encompass the integration of robotics in healthcare, the utilization of artificial intelligence (AI) in diagnostics, the application of blockchain for health data security, the implementation of the Internet of Things (IoT) for healthcare, and the emergence of smart hospitals. These factors and trends collectively contribute to the projected growth in the upcoming period.
The healthcare automation market is experiencing growth, driven by an increased adoption of automation solutions in healthcare facilities. This adoption involves the integration of cutting-edge solutions to enhance overall work efficiency and streamline various activities within healthcare settings.
In 2021, Dignity Health reported that the healthcare industry had reduced administrative expenses by $122 billion through automation, with an additional potential saving of $16 billion by fully automating routine processes. Furthermore, Flobotics noted that 30% of the healthcare industry is contemplating the implementation of Robotic Process Automation (RPA) solutions in their businesses. This surge in automation adoption is expected to be a key driver for the growth of the healthcare automation market in the coming years.
A significant factor contributing to the expansion of the healthcare automation market is the increasing investment in healthcare automation. This involves allocating capital to implement technologies and processes that streamline healthcare operations, reduce costs, and enhance patient care. The growing investment in healthcare automation fosters innovation, accelerates adoption, and expands the market by improving technology accessibility and addressing evolving industry needs.
According to the Healthcare Information and Management Systems Society (HIMSS), approximately 80% of health systems plan to increase their investments in digital healthcare over the next five years. The rising investment in healthcare automation is poised to play a crucial role in driving the growth of the healthcare automation market.
Artificial intelligence (AI) adoption has emerged as a prominent trend in the healthcare automation market. Major industry players are focusing on implementing AI in healthcare to assist providers in various aspects of patient care and administrative operations. Innovaccer Inc., a US-based healthcare data platform company, exemplifies this trend by launching the AI Automation Suite, Sara for Healthcare, in August 2023.
This suite of AI solutions is designed to facilitate population health management, customer relationship management, value-based care, self-serve analytics, and care management and coordination. The integration of AI in healthcare automation is expected to enhance efficiency while maintaining safety, accuracy, security, compliance, and scalability specific to the needs of healthcare information technology (IT). This underscores the importance of AI as a driving force in the healthcare automation market.
Leading companies in the healthcare automation market are prioritizing technological advancements to maintain their market position, exemplified by offerings like the AGS Artificial Intelligence (AI) Platform. This innovative platform integrates artificial intelligence, automation, and human expertise to optimize healthcare revenue cycles. Launched by AGS Health, a US-based technology company, the AGS AI Platform provides enhanced operational visibility, predictive analytics, and customized solutions to prevent bottlenecks and revenue losses in healthcare settings.
The platform utilizes intelligent worklists, productivity reports, customizable dashboards, root cause analysis, and executive reporting to offer comprehensive insights into daily operations and overall revenue cycle performance. With predictive analytics and performance trend analysis, the AGS AI Platform aids in mitigating revenue leakage, preventing bottlenecks, and reducing denials. This integration of automation and AI with human-in-the-loop services underscores the commitment to advancing technology for optimized healthcare operations.
North America was the largest region in the healthcare automation market in 2023. The countries covered in the healthcare automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Topics Covered:
1. Executive Summary
2. Healthcare Automation Market Characteristics
3. Healthcare Automation Market Trends And Strategies
4. Healthcare Automation Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Healthcare Automation Market Size and Growth
5.1. Global Healthcare Automation Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Healthcare Automation Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Healthcare Automation Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Healthcare Automation Market Segmentation
6.1. Global Healthcare Automation Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Equipment
- Software
- Services
6.2. Global Healthcare Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Therapeutic Automation
- Lab And Pharmacy Automation
- Logistics And Training Automation
- Diagnostics And Monitoring Automation
- Other Applications
6.3. Global Healthcare Automation Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Pharmacies
- Research Institutes And Labs
- Home Care
- Other End-Users
7. Healthcare Automation Market Regional And Country Analysis
7.1. Global Healthcare Automation Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Healthcare Automation Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/3d267s
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