Home Healthcare Excellent Growth of Healthcare Automation Market Estimate To Boost Growth In Demand By 2024
Excellent Growth of Healthcare Automation Market Estimate To Boost Growth In Demand By 2024

Excellent Growth of Healthcare Automation Market Estimate To Boost Growth In Demand By 2024

Healthcare industry is rapidly adopting new technologies such as Artificial Intelligence (AI), robotics, medical imaging analytics; and extracting maximum benefits to drive down operational efficiencies, reduce cost of care, and enhance quality of care. Healthcare automation applications are assisting healthcare professionals and hospital administrators in conducting daily activities seamlessly and treating and managing patient care more efficiently. For instance, according to an Indiana University data, 2014, doctors using AI for treatment decisions has increased patient outcomes by 50% while health care costs reduced to half.

Smart scheduling applications are allowing appointments with nurses on the basis of patient proximity, matching medical specialty to the patient’s need, and then schedules the best-matched nurse to visit the patient at home. Automation provides nurses with detailed real-time patient information with a single interface to offer the best possible care.

Furthermore, automation of information such as patient reports, billing, and prescriptions allow hospital staff instant access to the pertinent information to treat any patient during the entire process. This reduces wait time for patients, improves the facilities to adequately care for patients, and saves time in collecting and maintaining information. Utilization of information technology in treatment and diagnostic processes is expected to accelerate development of clinical, hospital, and health care processes.

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Healthcare Automation Market Dynamics

Advancements in healthcare information technology, increasing geriatric population base, and rising incidence rates of both chronic and acute diseases are expected to increase adoption of automation in the field of healthcare. According to the World health Organization (WHO) 2013 report, increasing elderly population is also rising the incidence of age-related illnesses such as Dementia and Parkinson’s disease worldwide. As a result, there is an increased burden on healthcare and medical resources along with more dependency on families and caregivers.

Implementation of automation technology in healthcare facilities can consolidate their staff and reduce expenses. According to the WHO report, the global shortage of healthcare workers was 7.2 million in 2013, and it is expected to reach 12.9 million by 2035. The technology will be able to save current staff members time as well as healthcare facilities. In case of rare and difficult to diagnose conditions, timely, accurate detection has a huge impact on treatment outcomes. Medical professionals can only analyze a limited number of samples and images, and their diagnoses are subject to human error. Artificial Intelligence can process millions of samples in short time, with more reliability and consistency. For instance, Morpheo, an AI platform under development, studies sleep disorders by analyzing sleep patterns. The platform can yield predictive/preventive treatments in the future and help physicians to treat patients more easily.

Machine learning and AI can also make a large difference to the cost and time of drug discovery, which currently stands at an average of US$ 2.5 billion and 10-15 years, respectively. Researchers are forced to limit the number of test combinations due to complexity and time involved. Machine learning algorithms have no such restrictions and are capable of making predictions based on previously studied data and even prioritize experimentation, saving cost, and time of drug discovery.

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However, the systems can be vulnerable to various threats such as malware, bugs, and breaches. Furthermore, lack of highly skilled professionals can also limit the development of new technologies and their implementations. Limited access to Personally Identifiable Information (PII) and Personal Health Information (PHI) data to a particular set of users based on their need using robust access control policies can help in reduction of data theft.

Healthcare Automation Market Regional Insights

Regional segmentation of healthcare automation market by Coherent Market Insights include North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America and Europe are expected to hold major share in healthcare automation market, owing to advancements in healthcare and IT facilities. Moreover, increased funding in R&D coupled with automation in healthcare sector is expected to fuel regional market share. For instance, in 2018, healthfinch, a Madison-based healthcare IT company, raised US$ 17 million since 2011, to continue supporting and building its Charlie Practice Automation Platform.

Furthermore, emerging economies are expected to increase adoption of automated systems in the healthcare industry in near future due to rapidly improving the healthcare infrastructure and increasing patient awareness, as the number of cardiovascular diseases, diabetes, and cancer increases. According to the Asian Diabetes Prevention Initiative, China and India are estimated to account for over half a billion diabetics by 2030.

Healthcare Automation Market Competitive Landscape

Key players operating in the healthcare automation market include Aetna, Inc., Allscripts Healthcare Solutions, Cerner, Cigna Corporation, OptumHealth, Oracle, IBM Corp, Verisk Analytics, MedeAnalytics, McKesson, Truven Health Analytics, and UnitedHealth Group, Inc. Industry players are continuously working towards developing new solutions in order to reduce healthcare costs and completely automate the process. For instance, ibml intelligent capture solutions allow healthcare payers to automate the unstructured data to reduce administrative expenses, enhance customer service, accelerate cycle times, speed audits through improved reporting, and strengthen regulatory compliance, and internal controls.

Healthcare Automation Market Taxonomy

On the basis of application, the global healthcare automation market is segmented into:

  • Diagnostic and monitoring
  • Therapeutic
  • Laboratory and pharmacy
  • Medical logistics

On the basis of end users, the global healthcare automation market is segmented into:

  • Hospitals and Diagnostic Centers
  • Pharmacies
  • Home Care
  • Research Laboratories

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