The Healthcare Technology Management Market Size Is Set To Reach $37.92 Billion In 2028, At A Rate CAGR Of 15.6%

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The projections presented in the Healthcare Technology Management Global Market Report 2024 indicate a major development in the industry. Forecast predicts a steady climb from $18.51 billion in 2023 to $21.26 billion in 2024, with an impressive compound annual growth rate CAGR of 14.9%. Factors contributing to this growth include medical device integration, regulatory compliance, equipment maintenance, cost control, and asset tracking.

How will the Healthcare Technology Management Market Evolve and What will be its Growth Rate by 2024?

The healthcare technology management market size has shown rapid growth in recent years. Continuation of this trend is expected, projecting an increase to $37.92 billion in 2028, at a compound annual growth rate CAGR of 15.6%. This forecasted growth can be attributed to an expansion of telehealth, increasing adoption of value-based care, enhanced cybersecurity and data protection measures, a focus on sustainability, and comprehensive management of the telehealth environment.

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What are the Key Factors Driving the Healthcare Technology Management Market Forward?

Data security is becoming increasingly vital in the healthcare sector, propelling growth in the healthcare technology management market. With hackers targeting patient data for fraudulent gains, it's imperative to safeguard information from unauthorized access and corruption. Healthcare technology management aids in data protection, utilizing production and operations management techniques to detect phishing attempts and report them directly to the user. For instance, a report by U.S. business magazine, Forbes, published in January 2022, highlighted an alarming 71% increase in cyber-attacks within the healthcare sector in 2021. Furthermore, in July 2021, the International Business Machines Corporation, a leading U.S. technology company, reported a healthcare data breach cost escalation to $9.4 million in 2021. It was merely $2 million in 2020 marking a significant increase of $4.24 million in a year.

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Who are the Key Players in the Healthcare Technology Management Market?

Leading players operating in the healthcare technology management market include ABM Industries Inc., Agility Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Crothall Healthcare Inc., Eli Lilly and Company, InterMed Group, Januarynx Medical Systems Inc., Koninklijke Philips NV, Renovo Solutions Ltd., Siemens Healthcare GmbH, SOciété D'EXploitation Hôtelière, TRIMEDX Holdings LLC, Welldoc Inc., Accumen Fund Inc., Advanced Ultrasound Electronics Ltd., Althea Group, Aramark Healthcare Technologies LLC, Asimily India Pvt. Ltd., Atlantic Biomedical Co., and others are leading technological changes and driving market growth.

What Emerging Trends are seen in the Healthcare Technology Management Market?

Innovation and technological advancements are key purported trends within the healthcare technology management market. Many leading companies within the industry are focusing on developing new technologies to maintain their market standing. A 2022 accomplishment includes U.S-based TRIMEDX, who provide clinical engineering, medical device cybersecurity, and clinical asset management solutions, launching RUDR Score, an AI-based technology that aids in unbiased decision-making around clinical asset replacement.

How is the Healthcare Technology Management Market Segmented?

This Market Report explores the market's segmentation as follow;
1 By Type Of Service: Maintenance and Repair, Capital Planning, Integrated Software Platform, Labor Management, Supply Chain Procurement, Cyber Security, Quality and Regulatory Compliance
2 By Facility Type: Acute Care Facility, Post Acute Care Facility, Non Acute Care Facility

Which Region Dominates the Healthcare Technology Management Market?

As of 2023, North America held the largest share in the healthcare technology management market. However, the regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, with each area offering untapped opportunities for potential growth.

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