Healthcare Technology Management Market Growth and Demand Forecast to 2030

Posted by Aryan on February 29th, 2024

As of 2022, the market size for healthcare technology management was USD 6.92 billion, and there is an anticipated growth at a CAGR of 15.10% between 2022 and 2030. The projection is that the market will reach USD 21.32 billion by the year 2030.

This growth of the industry can be credited to the increasing acceptance of cloud tech and linked human-computer interaction facilities, the growing need for mHealth and telehealth solutions, the rising execution of several healthcare reforms like the Patient Protection and Affordable Care Act (PPACA), the rising elderly populace, and the increasing count of chronic illnesses.

The arrival of big data solutions in healthcare is one of the major trends presently being experienced in the industry. Because of quick digitalization, enhanced tech is renovating medical data collection, diagnostic techniques, storage, surgical processes, treatment planning, consultations and remote patient monitoring.

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In 2022, the software segment claimed a substantial market share, primarily attributed to the introduction of innovative applications aimed at enhancing the efficiency of healthcare technology management. The increased adoption of advanced software solutions for streamlining workflow in various healthcare organizations further contributes to the overall growth in this category.

Considering the end-users, the healthcare segment accounts for the largest share of the revenue. This is due to the growing demand for health information technology (HCIT) solutions in hospitals, which address the growing challenges associated with patient data management in healthcare settings. The healthcare professional community includes hospitals, pharmacies, film studios, research and imaging centers, among others.

Hence, the major drivers of the healthcare technology management market include the surging demand for better patient care, the rising government initiatives to support the adoption of advanced technologies in the healthcare sector, and the increasing development of advanced medical instruments and technologies.