Pune, July 16, 2024 (GLOBE NEWSWIRE) -- Healthcare Technology Management Market Size & Growth:
“According to SNS Insider Research, The Healthcare Technology Management Market size was valued at US$ 7.44 Billion in 2023 and is anticipated to surpass US$ 26.04 Billion, with a compound annual growth rate (CAGR) of 15.70% over the forecast period 2024-2032.”
One of the types of services used more and more now by healthcare providers is preventative maintenance to ensure that medical equipment is maintained in a continuous reliable working order. This is especially important as downtime in medical equipment can lead to patient safety issues, revenue losses, and higher costs. In the USA, medical errors are of course one of our leading causes of death due in large part to problems with equipment. Equipment breakdowns can be reduced by up to 60%, according to the National Center for Biotechnology Information (NCBI) by applying predictive maintenance services.
With the US healthcare business increasingly consolidated, there is a significant market for health technology management (HTM) in the United States. As healthcare consolidates and integrates, they also want standardized IT solutions as well as efficiency through their larger networks. But this quest for an efficient and compliant ecosystem also provides the perfect opportunity domain in which HTM firms can contribute their expertise to streamline, secure, and sustain convoluted health technology infrastructure. Healthcare technology management (HTM) firms are well positioned to support integrations that allow large health systems advantages of economies-of-scale but performance-as-a-specificity by providing a full spectrum of services, which can ensure integrated technologies from an operational and technical sense in tandem with the compliance necessities as benchmarked under data-centric governance.
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Major Players Analysis Listed in this Report are:
- JANNX Medical Systems, Inc.
- ABM Industries, Inc.
- Crothall Healthcare, Inc.
- Koninklijke Philips N.V.
- Sodexo S.A.
- Agility, Inc.
- TriMedx, LLC
- Siemens Healthineers AG
- Renovo Solutions
- General Electric (GE) Co.
- Other Players
Healthcare Technology Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.44 Billion |
| Market Size by 2032 | US$ 26.04 Billion |
| CAGR | CAGR of 15.70% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Ke Growth Drivers | •Surged Aging Population is responsible for the Increasing Demand for Healthcare Technology Management Solutions. •The Raising Chronic Diseases Led to Increased Demand for Healthcare Technology Management Solutions Which is Boosting the Market Growth. |
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Segmentation Dynamics
With an ever-increasing volume and cleverness of cyber-threats attacking medical organizations, cybersecurity is more important than at any additional time in history to heal tech function. Recently, the healthcare sector experienced a marked increase in data breaches with more than 700 incidents impacting millions of patient records being reported per year by the U.S. Department for Health and Human Services (USDHHS). These breaches leak not only private patient data but also cost millions an average of $10.93 million for a healthcare sector breach, the highest figure across all industries still more on criminal recovery fees paying them off into the client’s company if it comes to that! Against the backdrop of stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA) compliance, it emphasizes another crucial aspect - namely that healthcare is possibly one area where cybersecurity can have significant implications in terms of protecting patient data within a regulatory standard.
Healthcare Technology Management Market Key Segmentation:
By Services Type
- Maintenance & Repair
- Integrated Software Platform
- Cyber Security
- Capital Planning
- Quality & Regulatory Compliance
- Labor Management
- Supply Chain (Procurement)
By Facility
- Acute care facility
- Post-Acute Care Facility
- Non-Acute Care Facility
Regional Analysis
North America had a dominant market share of 40% in 2023. Factors contributing to the dominance of North America include a well-established healthcare industry, high adoption rates for digital health technologies, and strong regulations necessitating robust cybersecurity implementations. The United States is most invested in healthcare IT security, with widespread attention on the issue following well-publicized data breaches exemplifying a typically weaker point within the sector. These breeds of occurrence have stirred a pro-active reaction including major funding towards cybersecurity solutions and staff training. This is further supported by the fact that many of the leading cybersecurity firms and healthcare-focused researchers are located in North America as well.
Regulations like HIPAA add stringent data protection requirements on healthcare providers, making them spend tons more resources in keeping patient records secure to avoid fines and maintain confidentiality. The result is an environment of compliance and forward movement in good security practices everywhere.
North America enjoys clear dominance in the health sectors of cybersecurity - all these are a direct consequence of its proactive attitude, stringent regulatory requirements, and substantial investments related to protecting confidential patient data as well as ensuring trustworthiness (trust) about digital healthcare solutions.
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Recent Developments
- In April 2023, RENOVO Solutions Expands Use of Censinet, RENOVO Solutions (US) has partnered with the healthcare industry's first-party cyber risk management platform. This initiative will work to elevate the level of cybersecurity via medical devices and healthcare Internet (IoT). Renovo will provide Censinet's Risk Exchange as a Service, securing the RENOVOSecure that fully automates third-party risk management workflows in the cloud.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Healthcare Technology Management Market Segmentation, By Services Type
8. Healthcare Technology Management Market Segmentation, By Facility
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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