Healthcare Technology Management Market Size Projection: Comprehensive Industry Analysis and Growth Forecast 2026
In 2023, RENOVO Solutions (US) partnered with Censinet (US). The partnership will work toward reducing the cybersecurity risk of medical devices and healthcare Internet-of-Things (IoT). Renovo will offer Censinet RiskOps, the cloud-based risk exchange that enables total automation of third-party risk management through RENOVOSecure.
Northbrook, IL 60062 -- (SBWire) -- 09/28/2023 --According to the new market research report "Healthcare Technology Management Market by Service(Maintenance & Repair, Integrated Software Platform, Quality & Regulatory compliance, Labour Management, Supply chain, Cyber Security) & Facility Type(Acute, Post Acute & Non Acute) - US Forecasts to 2026", published by MarketsandMarkets™, the US healthcare technology management market is projected to reach USD 12.9 billion by 2026 from USD 6.3 billion in 2021, at a CAGR of 15.5% during the forecast period.
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30 – Tables
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122 – Pages
Key Market Players:
Prominent players in the US healthcare technology management market are GE Healthcare (US), TRIMEDX (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Sodexo (France), Crothall Healthcare (US), Agility Inc (US), RENOVO Solutions (US), ABM Industries Incorporated (US), JANNX Medical System (US) and the InterMed Group (US).
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The Growth in this market is driven by factors such as the need for better asset management in hospitals and a rising focus on preventive medical equipment maintenance. The advantages offered by ISOs and the rising need for data security further contribute to this market's growth. However, the dearth of skilled technicians and clinical/biomedical engineers is expected to restrain the growth of this market during the forecast period.
Impact of Covid-19 On US Healthcare Technology Management Market
The novel coronavirus pandemic has exerted enormous strain on the functioning of healthcare and life sciences industries. As of March 2022, more than 78.5 million confirmed cases were reported in the US (Source: WHO). This situation has compelled the US government to take proactive measures to contain the outbreak. The state of urgency to combat the outbreak has led healthcare provider facilities, life sciences, and government bodies to adopt advanced technologies, solutions, and services, exceeding traditional avenues to improve workflows.
The healthcare sector has been at the center of the COVID-19 crisis. On the one hand, it has been responsible for treating COVID-19 patients, while on the other, it has also faced several challenges, much like the other sectors. The sector has had to continuously innovate and develop new ways of care delivery. The innovative players in the space are already recognizing these trends and are coming out with ways to address them through tech-enabled solutions. Health management is further anticipated to become more integrated, with players offering different services coming together and offering the consumers the care they need. Several services are expected to move to a virtual setting or consumers' homes, with technology platforms pulling them together.
"The maintenance & repair segment accounted for the largest share of the market."
Based on the type of service, the healthcare technology management market is segmented into maintenance & repair, capital planning, integrated software platform, labor management, supply chain (procurement), cyber security, and quality & regulatory compliance. The maintenance & repair segment accounted for the largest share of 36.14% of the US healthcare technology management market in 2020. The need to improve patient safety, the growing adoption of advanced medical devices/equipment across various healthcare facilities, and government initiatives to encourage the implementation of imaging systems are some of the other factors driving the growth of this market.
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"Acute care facilities accounted for the largest share of the US healthcare technology management market in 2020".
Based on facility types, the US healthcare technology management market is segmented into acute care, post-acute care, and non-acute care facilities. Acute care facilities accounted for the largest share of the market in 2020 and are expected to grow at a highest CAGR during the forecast period. The large share and high growth rate of the acute care facilities segment can largely be attributed to factors such as the overall increase in patient volumes, the need for better clinical asset management, and the need to improve the quality of patient care, thus pushing demand for healthcare technology management services.
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