How Is The Healthcare Technology Management Market Expected To Grow Through 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
According to The Business Research Company’s Healthcare Technology Management Global Market Report 2024, the healthcare technology management market is expected to show promising growth in the forecast period.
The healthcare technology management market has experienced remarkable growth, reaching $18.51 billion in 2023 and projecting a surge to $21.26 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 14.9%. This expansion in the historic period can be attributed to factors such as medical device integration, regulatory compliance, equipment maintenance, cost control, and asset tracking.
A Promising Trajectory
The healthcare technology management market is poised for rapid growth in the upcoming years, anticipating a climb to $37.92 billion in 2028, with a CAGR of 15.6%. This surge in the forecast period is driven by factors like telehealth expansion, increasing emphasis on value-based care, cybersecurity, data protection, and a growing commitment to sustainability in healthcare.
Key trends in the forecast period include a focus on telehealth technology management, IoT device management, adoption of AI and machine learning, embracing cloud-based solutions, and efficient mobile device management.
Catalysts for Growth
- Growing Telemedicine Services
The expansion of telemedicine services is a significant driver propelling the growth of the healthcare technology management market. As telemedicine gains prominence in healthcare, with 37.0% of adults reported utilizing telemedicine services in 2021, there is a heightened demand for healthcare technology management to maintain and support the associated devices. The surge in telemedicine usage is evident across demographics, with women exhibiting a higher likelihood of use, and usage rates increasing with age.
- Major Market Players
Leading companies in the healthcare technology management market include ABM Industries Inc., Agility Inc., Allscripts Healthcare Solutions Inc., Siemens Healthcare GmbH, and many others. These companies play a pivotal role in providing essential technology management services to healthcare organizations.
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Strategies for Evolution
Innovation and Product Diversification
Major companies operating in the market are actively engaged in developing new products, focusing on automated management solutions to cater to larger customer bases, increase sales, and boost revenue. An automated management solution streamlines administrative and operational processes within an organization, reducing the need for manual intervention. For example, TeleVox Software Inc. launched an automated reputation management solution, enabling healthcare entities to manage and enhance their online visibility and reputation. This technology facilitates automated patient notifications, feedback collection, and sentiment analysis.
Strategic Acquisitions: Sodexo and TOPMED Information Technology Co. Ltd.
In February 2022, Sodexo, a France-based technology management company, made a significant move by acquiring Shanghai TOPMED Information Technology Co. Ltd. for an undisclosed amount. This strategic acquisition expanded Sodexo’s reach in the Chinese market, reinforcing its healthcare technology management services and product portfolio.
The healthcare technology management market is segmented based on the type of service and facility type:
- Type of Service: Includes Maintenance and Repair, Capital Planning, Integrated Software Platform, Labor Management, Supply Chain (Procurement), Cyber Security, Quality and Regulatory Compliance.
- Facility Type: Encompasses Acute Care Facility, Post Acute Care Facility, Non Acute Care Facility.
North America emerged as the largest region in the healthcare technology management market in 2023, underscoring its pivotal role in steering the market’s trajectory.
In conclusion, the healthcare technology management market is on an upward trajectory, fueled by the increasing adoption of telemedicine services, technological advancements, and strategic innovations. As healthcare organizations continue to embrace cutting-edge solutions, the role of technology management becomes increasingly crucial, ensuring seamless operations, regulatory compliance, and the efficient integration of evolving technologies.
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