Global Medical Automation Market to See Healthy Growth to 2024

Posted June 22, 2016 by ranutmr

In a highly competitive pharmaceutical industry, automation can prove to be a massive operational advantage and a key differentiator for players of all sizes.
Automation can be highly advantageous for the pharmaceuticals industry. Automation brings in an operational advantage and has the potential to redefine the future of the healthcare industry. The advent of accurate, faster, and easy-to-use medical devices is expected to be a real game changer for the medical automation market.

One of the major reasons why medical automation has become essential in the medical industry is the shortage of nurses. As per an article published in Health Affairs, by 2025, it is expected that the healthcare industry in the U.S. will face a shortage of about 260,000 nurses. A similar scenario is expected in other developed countries where the workforce is rapidly aging. A rise in the aging population will require more care and more staffing levels, which the healthcare industry will not be able to provide due to a shortage of staff. Thus, with fewer humans available to carry out tasks in the healthcare industry, many pharmaceutical and healthcare companies are focusing on automation. The global medical automation market is growing, states a research report by Transparency Market Research (TMR).

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In this blog post, TMR answers three critical questions about the medical automation market:

Q. What is driving the healthcare industry towards medical automation?

An average hospital’s financial statement will reveal that around 50-60% of its expenses are on salaries and benefits. Medical automation will reduce the need for hiring more staff and thus, save expenses, while doing the tasks more efficiently and quickly. Automation will soon become essential and not just a luxury as there will be a lack of care providers who can continuously check on the patients and monitor them. This need will drive the medical automation market.
Moreover, medical automation has several advantages, such as, improving quality and consistency, reduced paper waste, and data driven insights. These benefits are expected to boost the medical automation industry.

Q. How is medical automation improving productivity and reducing dependence on IT?

Many of the healthcare companies depend extensively on the IT department for addressing their issues and needs in a timely manner. However, it is not always possible for the IT department to have the manpower or the solution to every problem. For instance, Envision Healthcare enlisted ServiceNow for medical automation services. This has helped them reduce dependence on their IT department and cut IT lead times. Electronic approval processes, less paperwork, and automation of the workflow have all helped in the streamlining of the department and reduced operational costs.

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Q. What are the recent developments in the medical automation industry?

GE Healthcare and Accenture have announced the extension of their partnership to bring to table a leading analytics technology that can help improve medical claims processing, which is critical for the healthcare industry, especially in the U.S. The two companies are expected to combine their capabilities and drive the financial performance of healthcare organizations. The analytics technology is expected to provide healthcare organizations with actionable insights that can reduce claims denials.

With such new technologies being developed rapidly and integrated into the day-to-day activities, health care organizations will have more data sources.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Issued By Transparency Market Research
Country United States
Categories Health , Marketing , Medical
Tags global medical automation market , market trends , medical automation market
Last Updated June 22, 2016