Global HealthTech market projected to reach USD $33.1 billion by 2034

The healthcare technology management (HTM) market is valued at USD $8.2 billion in 2024, and this figure is expected to grow at a compound annual growth rate (CAGR) of 15.1%, reaching USD $33.1 billion by 2034. The market's evolution is driven by advancements in healthcare equipment technology and the increasing demand for efficient systems to manage the volume of equipment in medical facilities.

Preventive maintenance has emerged as a significant aspect of HTM, aiming to minimise equipment failure during crucial times or emergencies. The sector is turning to HTM to ensure the regulation and maintenance of hospital equipment. Furthermore, hospitals manage sensitive patient information, and HTM is employed to secure this data effectively.

Remote patient monitoring and examination have become more prevalent with technological advancements. However, ensuring proper implementation of these technologies often requires expertise that hospital staff may lack. Here, healthcare technology management steps in.

The constant evolution of diseases has necessitated corresponding advancements in hospital equipment. The integration of HTM systems is essential to manage the increasingly sophisticated technological landscape in medical settings. Imaging systems have become a crucial component of modern hospitals, prompting a rise in the demand for HTM to protect these valuable assets.

Government initiatives aimed at modernising healthcare systems further accelerate the demand for HTM. Patient safety remains a priority for hospitals, and HTM contributes to ensuring that technological equipment is reliable and secure. Additionally, the high cost of advanced hospital machinery underscores the importance of proper maintenance. HTM saves hospitals from frequent and costly equipment replacements by ensuring machines are well-maintained.

Healthcare technology management also aids medical professionals in effectively managing and advancing technology tailored to specific needs. Developing nations are increasingly adopting digital and technological innovations in healthcare, boosting the HTM market in these regions as well.

Regionally, Japan is witnessing a significant rise in HTM due to its rapidly ageing population, which constitutes a substantial patient base. This demographic is comfortable with technological tools, thereby encouraging doctors to integrate technology into patient care. Japan is likely to see HTM market growth at a CAGR of 16.3%. The country's digitisation efforts in healthcare generate large amounts of data that necessitate effective management through HTM systems.

China is another key market for HTM, with a projected CAGR of 15.8%. Government-driven schemes to modernise healthcare are key growth drivers. As one of the leading healthcare industries globally, China represents a lucrative market for HTM services.

In South Korea, the market is expected to grow at a CAGR of 16.6%. The country often pioneers new technologies like 5G, which benefit healthcare sectors. South Korean medical professionals increasingly utilise artificial intelligence (AI) for research and treatment, making HTM crucial for managing these innovations.

The United Kingdom's HTM market is projected to grow at a CAGR of 16.0%, driven by technological research in healthcare institutions. Hospitals are also receiving grants from public and private sources to adopt new technologies, which maintains a favourable outlook for the HTM sector in the country.

In the United States, the market is anticipated to grow at a CAGR of 15.4%. Healthcare institutions in the US often engage in strategic collaborations that merge technological capabilities. HTM plays a significant role in streamlining these processes and managing the substantial data generated. Preventive maintenance of medical equipment is a priority, and HTM supports these efforts.

Recent developments in the HTM sector include Oracle's launch of Oracle Fusion Cloud Enterprise in October 2022, which offers model scenarios and predicts future trends in healthcare technology. Additionally, RENOVO Solutions partnered with Censinet in April 2023 to address cyber threats related to healthcare technology.