Healthcare Automation MarketRegional Insights
Regional segmentation of HealthcareAutomation Market by Coherent Market Insights include North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa. North America andEurope are expected to hold major share in healthcare automation market, owingto advancements in healthcare and IT facilities. Moreover, increased funding inR&D coupled with automation in healthcare sector is expected to fuelregional market share. For instance, in 2018, healthfinch, a Madison-basedhealthcare IT company, raised US$ 17 million since 2011, to continue supportingand building its Charlie Practice Automation Platform.
Furthermore, emerging economiesare expected to increase adoption of automated systems in the healthcareindustry in near future due to rapidly improving the healthcare infrastructureand increasing patient awareness, as the number of cardiovascular diseases,diabetes, and cancer increases. According to the Asian Diabetes PreventionInitiative, China and India are estimated to account for over half a billiondiabetics by 2030.
Healthcare industry is rapidlyadopting new technologies such as Artificial Intelligence (AI), robotics,medical imaging analytics; and extracting maximum benefits to drive downoperational efficiencies, reduce cost of care, and enhance quality of care.Healthcare automation applications are assisting healthcare professionals andhospital administrators in conducting daily activities seamlessly and treatingand managing patient care more efficiently. For instance, according to anIndiana University data, 2014, doctors using AI for treatment decisions hasincreased patient outcomes by 50% while health care costs reduced to half.
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Smart scheduling applications areallowing appointments with nurses on the basis of patient proximity, matchingmedical specialty to the patient’s need, and then schedules the best-matched nurseto visit the patient at home. Automation provides nurses with detailedreal-time patient information with a single interface to offer the bestpossible care.
Furthermore, automation ofinformation such as patient reports, billing, and prescriptions allow hospitalstaff instant access to the pertinent information to treat any patient duringthe entire process. This reduces wait time for patients, improves thefacilities to adequately care for patients, and saves time in collecting andmaintaining information. Utilization of information technology in treatment anddiagnostic processes is expected to accelerate development of clinical, hospital,and health care processes.
Healthcare Automation MarketDynamics
Advancements in healthcareinformation technology, increasing geriatric population base, and risingincidence rates of both chronic and acute diseases are expected to increaseadoption of automation in the field of healthcare. According to the Worldhealth Organization (WHO) 2013 report, increasing elderly population is alsorising the incidence of age-related illnesses such as Dementia and Parkinson’sdisease worldwide. As a result, there is an increased burden on healthcare andmedical resources along with more dependency on families and caregivers.
Implementation of automationtechnology in healthcare facilities can consolidate their staff and reduceexpenses. According to the WHO report, the global shortage of healthcareworkers 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 ashealthcare facilities.
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In case of rare and difficult todiagnose conditions, timely, accurate detection has a huge impact on treatmentoutcomes. Medical professionals can only analyze a limited number of samplesand images, and their diagnoses are subject to human error. ArtificialIntelligence can process millions of samples in short time, with morereliability and consistency. For instance, Morpheo, an AI platform under development,studies sleep disorders by analyzing sleep patterns. The platform can yieldpredictive/preventive treatments in the future and help physicians to treatpatients more easily.
Machine learning and AI can alsomake a large difference to the cost and time of drug discovery, which currentlystands at an average of US$ 2.5 billion and 10-15 years, respectively.Researchers are forced to limit the number of test combinations due tocomplexity and time involved. Machine learning algorithms have no such restrictionsand are capable of making predictions based on previously studied data and evenprioritize experimentation, saving cost, and time of drug discovery.
However, the systems can bevulnerable to various threats such as malware, bugs, and breaches. Furthermore,lack of highly skilled professionals can also limit the development of newtechnologies and their implementations. Limited access to PersonallyIdentifiable Information (PII) and Personal Health Information (PHI) data to aparticular set of users based on their need using robust access controlpolicies can help in reduction of data theft.
Healthcare Automation MarketCompetitive Landscape
Key players operating in thehealthcare automation market include Aetna, Inc., Allscripts HealthcareSolutions, Cerner, Cigna Corporation, OptumHealth, Oracle, IBM Corp, VeriskAnalytics, MedeAnalytics, McKesson, Truven Health Analytics, and UnitedHealthGroup, Inc. Industry players are continuously working towards developing newsolutions in order to reduce healthcare costs and completely automate theprocess. For instance, ibml intelligent capture solutions allow healthcarepayers to automate the unstructured data to reduce administrative expenses,enhance customer service, accelerate cycle times, speed audits through improvedreporting, and strengthen regulatory compliance, and internal controls.
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