Manufacturing automation through computer numerical control (CNC) products is growing in popularity for medical devices.
A recent study from Technavio reports that globally, automated machining tools are expected to reach a market value of $120 billion by 2019. The study also indicates that the entire machine tools market will likely grow beyond $120 billion by 2020. Automated machine tools are estimated to have a six percent compound annual growth rate (CAGR) between 2016 and 2019.
Lead Analyst for Technavio, Anju Ajaykumar states that industries that use automation, including the manufacturing of medical devices, are showing signs of growth. This growth is expected to foster increased activity in the automation machine tools market.
For medical device manufacturers, precision is a key component to ensuring that the devices and their respective parts are able to serve accurately in hospitals, laboratories, research facilities and diagnostic facilities.
Ajaykumar also states that automation within medical device manufacturing adds other benefits.
“Increased productivity is a major factor, which benefits companies that use process automation,” Ajaykumar told Today’s Medical Developments. “Moreover, implementing process automation not only enhances profit margins, but also has a positive impact on resource regulation and loss control.”
The Medical Device Manufacturers Association (MDMA) reports that the medical device manufacturing sector supports between 1.4 and 1.9 million positions and directly employs approximately 500,000 people. The MDMA also reports that the industry has supported enhanced patient care and has provided savings in medical costs.
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