Healthcare Technology Management Market

Healthcare Technology Management Market Outlook for 2024 to 2034

The healthcare technology management market is estimated to be worth USD 8.2 billion in 2024. The market is projected to develop at a CAGR of 15.1% from 2024 to 2034. By the end of the forecast period, the market value is forecasted to reach USD 33.1 billion.

Healthcare Technology Management Market Analysis

• With advancements in healthcare equipment aided by technology, hospitals are in need of a system to handle the volume of equipment, and healthcare technology management is stepping up to the task.
• Preventive maintenance of hospital equipment has emerged as a key concern, with equipment failure during crunch times or emergencies feared. Thus, healthcare technology management is being sought to better regulate and maintain hospital equipment.
• Hospitals possess sensitive patient information, and to secure such data, hospital technology management is resorted to.
• Technology in healthcare allows for the remote monitoring and examination of patients. To ensure the proper implementation of such devices, for which hospital staff might lack experience, healthcare technology management is sought.
• With the types of diseases plaguing people ever-widening, hospital equipment is also keeping up with technological innovations. Healthcare technology management is being integrated to handle the rapidly changing nature of technological hospital equipment.

Attributes	Details
Healthcare Technology Management Market Value for 2024	USD 8.2 billion
Projected Market Value for 2034	USD 33.1 billion
Value-based Forecasted CAGR of Market from 2024 to 2034	15.1%

Healthcare Technology Management Market Trends

• Imaging systems have emerged as a prominent part of modern hospitals. With imaging systems proving to be such an asset, healthcare technology management is in demand to protect them.
• With government schemes for the modernization of healthcare, more hospitals are embracing technology, driving up the demand in the healthcare technology management market.
• Patient safety is the priority for hospitals, and healthcare technology management is helping doctors ensure that the technological equipment serving them is proper and safe.
• Hospital equipment equipped with technology is pricey, and improperly maintained machines force hospitals to replace them, involving a significant outlay of money. Healthcare tech management maintains machines, saving hospitals from frequent equipment replacements.
• Healthcare technology management assists medical professionals in effectively managing and advancing technology tailored to specific requirements.
• Hospitals in developing nations, not wanting to be left behind in the digitization wave and technology adoption, are gaining prominence as a consumer base for the market.

Category-wise Outlook

It is healthcare providers, especially hospitals, that often utilize healthcare technology management, as patients are not well-versed in the management system. Even though the adoption of cloud-based management is increasing, on-premises delivery remains the top mode in the healthcare technology management market.

Rapid Modernization of Hospital Equipment is Making Healthcare Technology Management a Must for Healthcare Providers

Attributes	Details
Top End User	Healthcare Providers
Forecasted CAGR (2024 to 2034)	14.8%

For the period from 2024 to 2034, the adoption of healthcare technology management by healthcare providers is expected to advance at a CAGR of 14.8%. Some of the key drivers for the increased use of the management system by healthcare providers include:

• To ensure that their treatment capabilities are not left behind, healthcare providers strive to adopt the latest technologies. Thus, healthcare technology management becomes essential for them.
• Healthcare providers are increasingly recognizing the need for healthcare technology management for data handling. As patient data volume increases, healthcare providers require better data-handling solutions.

On-premises Delivery Mode Stands out as the Leading Choice within the Healthcare Technology Management Market

Attributes	Details
Top Delivery Mode	On-premises
Forecasted CAGR (2024 to 2034)	14.6%

On-premises delivery of healthcare technology management is expected to advance at a CAGR of 14.6% over the forecast period. Some of the key drivers for its progression include:

• A significant portion of hospitals do not have systems advanced enough for cloud deployment. Thus, they prefer on-premise healthcare technology management.
• Hospitals, especially public ones, often operate under tight budgets. Thus, cloud deployment, which is generally costlier than on-premise deployment, is out of the hospitals' budgets. They opt for on-premise healthcare technology management instead.

Country-wise Analysis

Europe is at the forefront of healthcare technology. Thus, the healthcare technology management market has abundant opportunities in the region. Cutting-edge technology in healthcare is also boosting the market's prospects in North America.

The Asia Pacific has emerged as a prominent region for the market's progress. The ever-increasing population of the region, combined with modernization drives, is furthering the market's purpose in the region.

Countries	Forecasted CAGR (2024 to 2034)
South Korea	16.6%
Japan	16.3%
China	15.8%
United Kingdom	16.0%
United States	15.4%

Japan's Rapidly Aging Population Spurs Innovation in Healthcare Technology Management Solutions

The healthcare technology management market is poised to register a CAGR of 16.3% in Japan for the forecast period. The key drivers for growth are:

• Japan's population is aging rapidly, leading to a significant patient base for hospitals. However, this geriatric population is also comfortable with technology, and thus, doctors are not hesitant to utilize it in treating patients. Consequently, technology adoption, and in turn, healthcare technology management, is being bolstered in the country.
• Hospitals in Japan are undergoing digitization at a prominent rate. However, this digitization also generates considerable amounts of data. Healthcare technology management is being utilized in Japan to manage this data effectively.

China Emerges as Hotspot for Healthcare Tech Management amidst Rapid Modernization Initiatives

The CAGR for healthcare technology management demand in China is projected to be 15.8% over the forecast period. Some of the key factors driving this growth are:

• The government is developing schemes and taking initiatives for the modernization of healthcare. Consequently, the demand for healthcare technology management is increasing in the country.
• China's healthcare industry is one of the leading in the world, making it a lucrative market for healthcare technology management.

South Korea's Tech-forward Healthcare Spurs Growth in Healthcare Technology Management Market

The market is expected to register a CAGR of 16.6% in South Korea. Some of the key trends include:

• South Korea is often the first recipient of advances in technology, such as 5G. The healthcare sector also benefits from the country’s technological marvels, and to handle this technology, healthcare technology management is utilized.
• South Korea’s medical professionals are not hesitant to use AI for research and treatment purposes. As a result, healthcare technology management for managing AI is being implemented in South Korean healthcare institutions.

Healthcare Technology Management Gains Traction in the United Kingdom’s Research Institutions

The market is expected to progress at a CAGR of 16.0% in the United Kingdom. Key factors driving this growth are:

• Research involving technology is prominent in healthcare institutions in the United Kingdom. Thus, healthcare technology management is finding its way into research-oriented healthcare institutions in the country.
• Hospitals in the United Kingdom are receiving grants from both private and public sources for the adoption of technology. Thus, the future of the healthcare technology management industry looks bright in the country.

Strategic Partnerships Propel the Healthcare Technology Management Market in the United States

The market is anticipated to register a CAGR of 15.4% in the United States over the forecast period. Some prominent factors driving growth are:

• Healthcare institutions in the United States are inclined toward collaboration. A consequence of these partnerships is the merging of technological capabilities. Healthcare technology management is sought to streamline the process of technology handling for employees. Additionally, significant amounts of data generated by these collaborations are also managed by healthcare technology management.
• Preventive maintenance of medical equipment is given importance in United States medical facilities. Healthcare technology management is aiding the cause of preventive maintenance.

Competitive Landscape in the Healthcare Technology Management Market

Collaborations are common in the market. As the development of healthcare technology management systems is an extensive process, the collaboration route is attractive to market players as a way to speed up the process.

The market for healthcare technology management is highly competitive, with room for entities of all sizes to operate. Thus, start-ups and small-scale enterprises also have the opportunity to thrive in this landscape.

Recent Developments

• In October 2022, Orale launched its Oracle Fusion Cloud Enterprise. The enterprise is useful for providing model scenarios as well as predicting future trends in healthcare technology.
• In April 2023, RENOVO Solutions forged a partnership with Censinet. The purpose of the partnership is to work together to reduce cyber threats related to technology in healthcare.

Key Companies in the Healthcare Technology Management Market

• Oracle Corporation
• Koninklijke Philips N.V.
• Renovo Solutions
• Epic Systems Corporation
• Agfa-Gevaert Group

Key Segments

By End User:

• Healthcare Providers
  • Hospitals
  • Pharmacies
  • Diagnostic and imaging centers
  • Ambulatory clinical units
• Healthcare Payers

By Delivery Mode:

• On-premises
• Cloud-based

By Component:

• Services
• Software
• Hardware

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Healthcare Technology Management Market?

The healthcare technology management market size is expected to be worth USD 8.2 billion in 2024.

How Big will the Healthcare Technology Management Market be by 2034?

The market is estimated to get as big as USD 33.1 billion by 2034.

How will the Healthcare Technology Management Market Progress in the United States?

The CAGR for the market in the United States is estimated to be 15.4% during the forecast period.

What are the Segments of the Healthcare Technology Management Market?

The market can be divided into the following segments: end-user, delivery mode, and component.

What is the Scope of the Healthcare Technology Management Market?

The market is expected to develop at a CAGR of 15.1% from 2024 to 2034.