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Medical automation is an emerging branch of the medical sector that is tended to evolve continuously in the presence of the technological advancements. Increasing prevalence of chronic diseases like cancer, diabetes, and others followed by the growing pharmaceutical and biotechnology sector are the major drivers for the market growth during the forecast period, 2017-2023.
The medical automation market growth to reach USD 78.50 Billion, is expected to grow at a CAGR of 9.7% during the forecast period. According to the Indian Brand Equity Foundation in 2017, the Indian biotech industry holds about 2% share of the global biotech industry. The biotechnology industry in India comprises of about 800 companies and is valued to be about USD 11.6 billion in 2017.
Additionally, rising demands for robotic surgery along with the rising healthcare expenditure boost the market growth. On the other hand, the high cost of automation, risks associated with the robotic surgery and the necessity for the physician training are estimated to restrain the market growth during the forecast period.
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The key players in the global medical automation market are Koninklijke Philips N.V., Siemens AG, GENERAL ELECTRIC, Medtronic, Stryker, Danaher, Accuray Incorporated, and others.
The global medical automation market is segmented based on Type, and End users.
The Americas dominate the global medical automation market owing to an increasing prevalence of the diseases like cancer, diabetes, and others. Moreover, growing biotechnology and biopharmaceutical sector within the region is fuelling the market during the forecast period. 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,
Europe is the second largest market for the global medical automation. The market growth in the European region is facilitated by the presence of developed economies. Huge patient population and rising healthcare expenditure within the region is further fuelling the market growth within the region.
In Asia Pacific region growing biotech and biopharmaceutical factor, increasing patient population and rising healthcare expenditures along with the increasing demands for the robotic surgery is driving the market growth. Moreover, favorable government policies are boosting the market growth within the region.
The Middle East & Africa & Africa holds the least market share. This can be attributed to the presence of the low per capita income and stringent government policies, especially within the African region.
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