Global Healthcare Technology Management Market Size, Share & Industry Trends Analysis Report By Type of Services, By Facility Type (Acute care facility, Post-Acute Care Facility, and Non-Acute care Facility), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Healthcare Technology Management Market
Market Report Description
The Global Healthcare Technology Management Market size is expected to reach $53.4 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period.
Healthcare technology management (HTM) is the sector in charge of overseeing the procurement, administration, and safe use of all medical and healthcare technology. Engineers and technicians that work in hospitals help with the procurement, repair and maintenance of health technology are known as HTM professionals. They are completely integrated components of the public healthcare team and have great influence over the hospital's health technology management. Medical equipment is rarely developed or manufactured by HTM personnel.
Technology is an integral element of today's healthcare system, and the individuals who keep it running are crucial. Working with the medical workers to determine the correct, secure, and optimum use of electronic devices, is able to bridge the gap between technologies and patient care. Medical equipment, such as monitors, dialysis units, nerve stimulators, imaging systems, infusion pumps, and heart-lung bypass devices, would require applying knowledge of device mechanics, hydraulic systems, pneumatic cylinders, and networking.
Technology is highly important in today's connected society, both in business and in personal life. Healthcare technology is unquestionably one of the most important areas in which technology plays a significant role. Healthcare practitioners and organizations are depended on developing technologies to improve and save countless lives across the world. The reliance on health technology in the healthcare business is growing, and as a result of healthcare's latest innovations, practitioners can continue to improve their profession, from better diagnosis to better patient care.
COVID-19 Impact Analysis
The coronavirus pandemic has put a huge pressure on the healthcare and life sciences industries' ability to function. The COVID-19 crisis has centred on the healthcare industry. These developments are already being recognised by the industry's forward-thinking players, developing tech-enabled solutions to meet them. Health management is expected to become increasingly integrated in the future, with diverse service providers collaborating to provide customers with the care they require. Several services are likely to migrate to a virtual environment or consumers' homes, with a platform connecting them.
Market Growth Factors
Growing importance of preventative medical devices maintenance and flexibility
As healthcare organizations strive to improve patient safety and care quality, the focus on regular maintenance of hospital devices has evolved. This entails a meticulously planned program in which maintenance activities are completed regularly to avoid larger and more expensive repairs down the road. People can communicate with health experts in various ways due to telemedicine and patient portals. Wearable technology, such as heart monitors, allows clinicians more means to assess their patients' well-being and gives them more alternatives for recording and evaluating symptoms as they go about their daily lives.
Medical errors now are gradually reduced
Medical errors are a growing source of public concern since they occur frequently and are an unavoidable element of human performance. Medical errors in hospitals and healthcare facilities are the third biggest cause of death in the United States, according to official Starfield and the American Institute of Medicine (IOM). Thankfully, technological advancements have facilitated the creation of systems that have been shown to minimize medical mistakes and save more lives. Patients and their caretakers are undoubtedly the most important resource for healthcare workers in improving patient safety since they have a strong personal commitment in it.
Market Restraining Factors
Concerns about data privacy and security are rapidly growing
Data maintained by different vendors is not as protected as data housed on-premise, which is a big worry with cloud solutions. Patient information is considered sensitive, and a greater standard of privacy must be maintained so that only authorised people have access to it. Patient information has come under the scrutiny of regulatory frameworks in a number of nations, including the US's Health Insurance Portability and Accountability Act (HIPAA). Additionally, the EU has a number of data protection directives. Patients' Protected Health Information (PHI) cannot be transported out of their home nation in several countries. Personal information gathered, used, or disclosed in Canada is protected by the Personal Information Protection and Electronic Documents Act (PIPEDA).
Type of Services Outlook
Based on Type of Services, the market is segmented into Maintenance & Repair, Integrated Software Platform, Cyber Security, Capital Planning, Quality & Regulatory Compliance, Labor Management, and Supply Chain (Procurement). An integration platform is a piece of software that connects many applications and services. It sets itself apart from enterprise application integration, which is primarily concerned with supply chain management. It creates an atmosphere for engineers by employing the concept of system integration to work smoothly on the healthcare pieces of equipment and technologies.
Facility Type Outlook
Based on Facility Type, the market is segmented into Acute care facility, Post-Acute Care Facility, and Non-Acute care Facility. Acute care is a type of secondary health care in which a patient receives active but brief therapy for a serious accident or disease, an immediate medical condition, or during surgery recovery. Practitioners strive to integrate this care into a patient's daily routine as much as possible. Long-term care is frequently provided in a group home, nursing home, or an individual's home. For immediate, urgent treatment, acute care is frequently provided in a hospital or doctor's office.
|Market size value in 2021||USD 26.2 Billion|
|Market size forecast in 2028||USD 53.3 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 10.9% from 2022 to 2028|
|Number of Pages||211|
|Number of Tables||303|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Type of Services, Facility Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. For the procurement of medical devices and equipment, Canadian healthcare organizations use a variety of competitive tendering processes. For information on buying choices offered in each province, U.S. suppliers interested in exporting to Canada should visit the individual provinces' tendering websites. More than 80% of medical device companies are located in Québec and Ontario, with buyers ranging from private to public health facilities.
Free Valuable Insights: Global Healthcare Technology Management Market size to reach USD 53.3 Billion by 2028
KBV Cardinal Matrix - Healthcare Technology Management Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Koninklijke Philips N.V. is the major forerunner in the Healthcare Technology Management Market. Companies such as Crothall Healthcare, Inc., General Electric (GE) Co. and TriMedx, LLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., ABM Industries, Inc., Siemens Healthineers AG, Koninklijke Philips N.V., Sodexo S.A., Crothall Healthcare, Inc., TriMedx, LLC, Agility, Inc., Renovo Solutions, and JANNX Medical Systems, Inc.
Recent Strategies Deployed in Healthcare Technology Management Market
» Partnerships, Collaborations and Agreements:
- Apr-2022: GE Healthcare and Medtronic, an American-Irish registered medical device company, announce a collaboration focused on the unique needs and demand for care at Ambulatory Surgery Centers (ASCs) and Office Based Labs (OBLs). Our collaboration with Medtronic is one aspect of our efforts to strengthen efficiency, workflow, and clinical outcomes for ASCs and OBLs who work with GE Healthcare.
- Mar-2022: Sodexo entered into a partnership with University Hospitals, providing comprehensive primary and community-based care. Through this partnership, Sodexo aimed to deliver wide services such as patient diet and retail food, resources and construction administration, and healthcare technical control.
- Jan-2022: GE Healthcare came into a 10-year partnership agreement with Circle Health Group, a private healthcare provider. This agreement would authorize Circle’s clinicians to make more targeted, quick, and informed judgments in treatment, observance, and diagnosis of patients.
- Jul-2021: Philips joined hands with Cognizant, an American multinational information technology services and consulting enterprise. Together, the companies aimed to design end-to-end digital health solutions that would allow the healthcare industry and life sciences organizations to enhance patient health and boost clinical testing.
- Jun-2021: GE Healthcare came into a partnership with the American College of Cardiology, a nonprofit medical association established in 1949. This partnership aimed to face the problems related to atrial fibrillation control along with other precaution trails in cardiology, such as valvular heart disease, and heart failure, and coronary artery disease.
- Feb-2021: Sodexo formed a partnership with PartsSource, an automotive parts retail chain enterprise. Together, the companies aimed to improve healthcare suppliers' financial fitness and the health of patients and care teams by assuring adequate machinery accessibility and maintenance.
- Sep-2020: Siemens Healthineers came into a partnership with Atos, a French multinational information technology service and consulting enterprise. Through this partnership, the companies aimed to boost Siemens’ digital manifesto in the areas of services digitalization and modernization, data-guided digital, cloud cybersecurity and transformation.
- Jul-2020: TRIMEDX formed a partnership with Medigate, a medical device security and asset management solution enterprise. Together, the companies aimed to provide a combined solution that fuses TRIMEDX CAM Advanced & CYBER Advanced solutions within Medigate’s real-time clarity, implementation threat, and data/susceptibility detection.
- Jun-2020: Crothall Healthcare came into a partnership with Asimily, a leader in connected medical device inventory. Together the companies aimed to control and oversight include safety, risk and help management, financial stewardship, cybersecurity, and technical support.
» Product Launches and Product Expansions:
- Mar-2022: Trimedx introduced a trio of medical device cybersecurity improvements in its Reallocation Platform. The new feature would assist healthcare systems minimize medical device cybersecurity risks, reinforce patient safety, and advance medical tools around all locality of care. Additionally, new feature uplift TRIMEDX partners with healthcare providers, which are fronted with ongoing financial burden, the migration of healthcare conveyance to ambulatory settings, increased supply chain and labor expenditure, and increasing cybersecurity risks.
- Nov-2021: Healthcare Technology Solutions division of Crothall Healthcare introduced teamQUEST, a committed web-based Quality Management System. The platform delivers Healthcare Technology Solutions the capabilities to collate and collect quality data to rapidly deliver insight, trends, and reports utilizing automation to assist employees work efficient and smarter.
- Apr-2021: Crothall Healthcare today announced that its Healthcare Technology Solutions (HTS) division has launched teamCHAMPS, a modern, cloud-based Computerized Maintenance Management System (CMMS). The teamCHAMPS platform provides modern, easy to use and mobile-ready capabilities in areas of data and analytics, robust, easy to create reporting and dashboarding, and flexible workflow management.
» Acquisitions and Mergers:
- Mar-2022: Crothall Healthcare took over ABM's Clinical Engineering organization. Through this acquisition, Crothall would expand Healthcare Technology Solutions providing a certified record of clinical engineering innovation, expertise, and quality to health systems.
- Dec-2021: GE Healthcare took over BK Medical, a surgical visualization company. Through this acquisition, GE Healthcare adjoin the booming and comparably new ground of actual surgical conception to GE’s pre- and post-operative Ultrasound abilities, generating end point suite across the full continuum of care from examination through treatment and beyond.
- Sep-2021: ABM Industries took over Able Services, a leading facilities services enterprise. This acquisition aimed to escalate ABM’s core enterprise and major geographies and strengthen ABM’s technical services and engineering. Additionally, ABM and Able would completely address buyer demands for cost-effective and innovative solutions, supported by a national footprint, broad facility services competence, and a committed team of more than 100,000 workers.
- Apr-2021: Sodexo completed the acquisition of MTS Health, provider of Medical Equipment Asset Management. Through this acquisition, the company aimed to develop its current enterprise in the Asia Pacific and USA regions. Additionally, MTS Health’s abundance of technical operational and knowledge experience would improve services for consumers in the Ireland and UK.
- Feb-2021: Philips acquired BioTelemetry, a leading U.S.-based supplier of remote cardiac monitoring and diagnostics. Through this acquisition, the combined offering along with healthcare services and informatics platforms would be in an adequate state to enhance patient health around care background for various illnesses and medical situations.
Scope of the Study
Market Segments Covered in the Report:
By Type of Services
- Maintenance & Repair
- Integrated Software Platform
- Cyber Security
- Capital Planning
- Quality & Regulatory Compliance
- Labor Management
- Supply Chain (Procurement)
By Facility Type
- Acute care facility
- Post-Acute Care Facility
- Non-Acute care Facility
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co.
- ABM Industries, Inc.
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Sodexo S.A.
- Crothall Healthcare, Inc.
- TriMedx, LLC
- Agility, Inc.
- Renovo Solutions
- JANNX Medical Systems, Inc.
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North America Healthcare Technology Management Market Report 2022-2028
Europe Healthcare Technology Management Market Report 2022-2028
Asia Pacific Healthcare Technology Management Market Report 2022-2028
LAMEA Healthcare Technology Management Market Report 2022-2028
What would be the value of the global healthcare technology management market by 2028?
The healthcare technology management market size is projected to reach USD 53.4 billion by 2028.
What are the key driving factors and challenges in the healthcare technology management market?
Medical errors now are gradually reduced are increasing are driving the market in coming years, however, concerns about data privacy and security are rapidly growing growth of the market.
What are the major top companies in the competitive landscape?
General Electric (GE) Co., ABM Industries, Inc., Siemens Healthineers AG, Koninklijke Philips N.V., Sodexo S.A., Crothall Healthcare, Inc., TriMedx, LLC, Agility, Inc., Renovo Solutions, and JANNX Medical Systems, Inc.
Which segment shows a high revenue share of the healthcare technology management market in 2021?
The Maintenance & Repair segment acquired maximum revenue share in the Global Healthcare Technology Management Market by Type of Services in 2021, thereby, achieving a market value of $13.1 billion by 2028.
Which region dominated the healthcare technology management market in 2021?
The North America market dominated the Global Healthcare Technology Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $18.9 billion by 2028.