Medical Workstations Market

Market Synopsis:

Global Medical Workstations market is valued at USD 4.9 Billion in 2021 and is projected to attain a value of USD 7.5 Billion by 2028 at a CAGR of 7.2% during the forecast period, 2022–2028. The rising use of Medical Workstations for keeping track of medical records, information flow, and precise diagnosis is propelling the market forward. The adoption of technologically advanced and cost-effective systems is likely to boost the industry's growth even more. Medical Workstations are being developed and adopted as a result of a paradigm shift toward automated methods for illness diagnosis. Advanced imaging modules, such as 3D and 4D, have been introduced to aid healthcare practitioners in accurately diagnosing disease and making educated decisions. During the forecast period, the integration of diagnostic systems with predictive analysis is expected to be crucial.

Increased attention on patient safety, improved nursing efficiency, and growing focus on quick access to important medical equipment and supplies, as well as rising usage of eMAR (Electronic Medication Administration Record) to reduce medication errors, are driving market expansion. In medical settings, medical workstations are essential for keeping medical supplies organised and increasing efficiency. These workstations are clinical instruments commonly used in hospitals to improve patient care, increase patient involvement, and reduce staff fatigue while handling the rigours without interruption or technical delay.

The COVID-19 pandemic has wreaked havoc on the global population and economy.

Across the globe, the covid-19 pandemic caused substantial obstacles to the health-care system. Due to the imposition of lockdown, which resulted in trade restrictions and supply chain disruptions, it had a negative impact on the growth of the Medical Workstations market for a short period of time.

Growing Popularity of Advanced Technologies

The rising popularity of advanced technologies such as telemedicine and telehealth, as well as the growing need to reduce rising hospital expenses, may raise Medical Workstations market share in the approaching years. A growing number of doctors in the United States are retiring, which could open up lucrative potential for the medical workstations market. By the end of 2020, the United States will have a shortage of 45,000 primary care physicians. This could increase the use of medical workstations, allowing doctors to see more patients more quickly. Medical workstations market trends will also be boosted by the increased adoption of advanced healthcare facilities for better patient treatment through 2027.

Strict Regulatory Requirements and Unstable Raw Material Cost

The cost of various raw materials is rising due to market conditions, and purchasers are currently being inundated with price hikes across multiple categories. The cost of raw materials is rising, posing issues for enterprises throughout their supply chains. Manufacturers are still grappling with the two supply chain bottlenecks that plagued the industry throughout the pandemic: sluggish supplier deliveries and labour availability, while costs continue to rise. Stringent regulatory compliance for specialist medical protective clothing goods, on the other hand, would stymie worldwide medical protective clothing demand.

Market Segmentation:

The Global Medical Workstations Market has been segmented by Component into Hardware & Software. On the basis of Outlook, Intensivist, Co-managed, Open and Open With Consultants. Based on Region, the Medical Workstations Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Medical Workstations Market

North America accounted for 50% of Medical Workstations revenue in 2017 and is expected to grow significantly through 2027 as a result of widespread product adoption to reduce medication errors and improve patient safety. Europe has the second-largest revenue share for medical workstations. New product launches by top manufacturers in Europe and North America, as well as favourable government support in the medical field, are expected to boost regional industry growth.

Key Players:

Key participants operating in the myoelectric prosthetics market are: General Electric Company (US), Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany), Fujifilm Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan), Carestream Health (US), Hologic (US), Carl Zeiss Meditec AG (Germany), Accuray Incorporated (US), Capsa Healthcare (US), Ampronix (US), Medicor Imaging (US), NGI Group (France), Alma IT Systems (Spain), and Pie Medical Imaging (Netherlands) are the major players operating in the market.

The Medical Workstations market is segmented as follows:

The Medical Workstations market scope can be tabulated as below: