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 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.
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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.
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.
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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.
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
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.
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