Global Healthcare Technology Management Market Size Zooming 2.7X to Reach USD 18.42 Billion by 2029

Published | 17 October 2023

Global healthcare technology management market is flourishing because of the growing demand for telehealth and mHealth solutions, surging implementation of numerous healthcare reforms, and rising adoption of cloud technology and associated human-computer interaction (HCI) services.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global healthcare technology management market size at USD 6.84 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global healthcare technology management market size to grow at a significant CAGR of 15.2% reaching a value of USD 18.42 billion by 2029. Major growth drivers for the global healthcare technology management market include an increasing reliance on advanced medical tech, ongoing technological advancements, and rising patient expectations for quality care. As medical equipment becomes complex and integral to patient care, ensuring proper functionality and regulatory compliance is crucial. Ongoing technological advancements, such as digital health and IoT integration, necessitate skilled HTM professionals. Patient expectations for high-quality healthcare services further propel the HTM market, as accurate diagnostics and treatments depend on well-maintained devices. Stringent regulatory guidelines and compliance requirements contribute to market growth, emphasizing the need for proper device maintenance. Financial considerations play a significant role, with cost containment and resource optimization becoming priorities. Effective HTM practices extend equipment lifespan and reduce operational costs. Globalization and medical tourism also boost international demand for standardized HTM services, ensuring consistent equipment quality and patient safety across locations. However, the lack of skilled professionals in healthcare technology management and data security and privacy concerns are anticipated to restrain the overall market growth during the forecast period.

Global Healthcare Technology Management Market – Overview

Healthcare technology management (HTM) is a multidisciplinary field focused on the efficient management of medical technology within healthcare settings. HTM professionals oversee the entire lifecycle of equipment, collaborating with clinicians, administrators, and manufacturers to select, maintain, troubleshoot, and manage technology obsolescence. Their efforts optimize medical device performance, enhance patient care, and reduce risks, contributing to operational excellence in healthcare institutions. HTM professionals also stay updated on rapid technological advancements in the medical field.

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Impact of COVID-19 on Global Healthcare Technology Management Market

COVID-19 pandemic had a positive impact on the global healthcare technology management market. The crisis had intensified the challenges faced by the healthcare and life sciences industries, prompting innovative responses from industry leaders. These leaders actively developed technology-driven solutions to adapt to the evolving circumstances. A significant shift was expected in health management, with greater integration and collaboration among diverse service providers to deliver holistic patient care. Many healthcare services were anticipated to migrate toward virtual or home-based settings, facilitated by a centralized platform. This transformation underscored the evolving landscape of healthcare delivery, emphasizing the need for flexibility and adaptability in response to global health crises like COVID-19.

Global Healthcare Technology Management Market – By Facility

Based on facility, the global healthcare technology management market is divided into Acute Care Facility, Post Acute Care Facility, and Non-Acute Care Facility segments. The acute care facility segment holds the highest share in the global healthcare technology management market by facility. Acute care constitutes a form of secondary healthcare, wherein patients receive short-term, intensive treatment for severe injuries, critical medical conditions, or post-surgical recovery. Healthcare professionals endeavor to seamlessly integrate this care into a patient's daily life routines. In contrast, long-term care typically occurs within group homes, nursing facilities, or individuals' residences. For immediate and urgent medical attention, acute care is often administered within a hospital or a physician's clinic. The acute care facility includes acute hospitals, children’s hospital, academic medical center, military treatment facility, and ambulatory surgery center.

Competitive Landscape

Major players operating in the global healthcare technology management market include GE Healthcare, Siemens Healthineers, Philips Healthcare, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Oracle Corporation, IBM, Wipro, Dell Technologies, Optum, Cognizant, Change Healthcare, Conduent, and Medtronic. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Healthcare Technology Management Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Healthcare Technology Management Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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