The healthcare technology management market size is expected to advance at a CAGR of 15.10% during 2022–2030, to reach USD 21.32 billion by 2030. This can be ascribed to the surging demand for better patient care and the rising government initiatives to support the adoption of advanced technologies in the healthcare sector. Additionally, the increasing development of advanced medical instruments and technologies is driving the growth of this industry.
In order to improve patient care and safety, healthcare facilities are putting more emphasis on preventative maintenance of medical equipment. The maintenance software is able to design programs for scheduling maintenance tasks to avoid expensive repairs, save overall budgetary costs, and guarantee compliance. Moreover, it aids in extending the lifespan of medical equipment, improving daily operations, and boosting gadget dependability. In the upcoming years, the market is likely to have more development prospects, due to the increased emphasis on the adoption of preventative maintenance practices among healthcare facilities.
In addition, healthcare technologies are guiding the diagnosis part in support of medical professionals through deep learning algorithms. Through these, healthcare professionals are able to get additional insight and assistance to correctly assist the diagnosis of patients.
The use of artificial intelligence in healthcare technology management has great potential to support healthcare service providers in various aspects of patient care and administration procedures. It helps in improving prevailing solutions and overcoming challenges more rapidly. Artificial intelligence also helps step up the workflow, enhance staff scheduling, and improve connected infrastructure, devices, and systems to speed up accuracy and equitable clinical services.
Furthermore, artificial intelligence can support healthcare professionals in diagnosing disorders by performing a lot of initial analysis on the basis of trained models, and therefore, adding up a unique value in detecting any abnormality in medical images, which are difficult for the human eyes to identify.
Furthermore, the latest application of artificial intelligence technology comprises speech recognition, natural language generation, virtual agents, deep learning platforms, biometrics, decision management, machine learning, peer-to-peer network, robotic process automation, and optimized hardware. These applications are extensively used by healthcare organizations to eliminate biases and errors.
The North American healthcare technology management sector is projected to witness healthy growth rate, around 16%, during the forecast period. The surging marketing expenditures, the growing healthcare sector, the increasing utilization of HIT solutions, and the rising funding for the development of these solutions are strengthening the popularity and sales of healthcare technology management solutions in the region.
In North America, the U.S. is contributing to a larger revenue share. This is attributed to the technological advancements and government measures influencing the use of digital platforms in the life sciences sector. Additionally, the rising buying power, easy access to digital technologies, increasing perspicacity of internet, and growing adoption of smart devices are other factors boosting the demand for healthcare technology management solutions in the country.
Some of the major players operating in the healthcare technology management market are Siemens Healthineers, Allscripts Healthcare Solutions Inc., General Electric Company, Oracle Corporation, Koninklijke Philips N.V., Renovo Solutions, Epic Systems Corporation, Agfa-Gevaert Group, Greenway Health LLC, and BigHealth.