US 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) - Global US Forecast to 2028
The global US healthcare technology management market in terms of revenue was estimated to be worth $8.4 billion in 2023 and is poised to reach $17.3 billion by 2028, growing at a CAGR of 15.6% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. An increasing focus on preventative maintenance of medical equipment and the need for better asset management in hospitals are two factors driving market expansion. The advantages that ISOs provide and the growing demand for data security both promote this market's expansion. But over the projected period, a shortage of qualified technicians and clinical/biomedical engineers is anticipated to limit market growth.
US Healthcare technology management Market Trend
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US Healthcare Technology Management Market Dynamics
Driver: Rising focus on preventive medical equipment maintenance
Healthcare providers are increasingly adopting preventive maintenance services to ensure the reliability of their medical equipment. This is important because medical equipment downtime can lead to patient safety incidents, lost revenue, and increased costs. Preventive maintenance services can help to identify and correct potential problems before they cause equipment downtime. This can help to improve patient safety, reduce costs, and increase the uptime of medical equipment.
The adoption of new medical technologies is also driving the growth of the US healthcare technology management services market. New medical technologies are often more complex and require more specialized maintenance. Healthcare providers need to partner with healthcare technology management service providers to ensure that they have the expertise to maintain these new technologies.
Restraint: Dearth Of Skilled Technicians and Clinical/Biomedical Engineers
The dearth of skilled technicians and clinical/biomedical engineers is a restraining factor for the US healthcare technology management market because these professionals are essential for the proper maintenance and operation of healthcare technology. Without them, healthcare facilities may experience equipment downtime, which can lead to patient safety risks and financial losses.
Here are some of the specific ways in which the dearth of skilled technicians and clinical/biomedical engineers can restrain the US healthcare technology management market:
- Increased equipment downtime:
- Reduced efficiency:
- Increased risk of errors:
The lack of trained professionals is a major challenge for the healthcare technology management market. This shortage of specialists is expected to create a supply-side crisis that would threaten patient access to quality care.
Opportunity: Increasing consolidation in the US healthcare industry
The growing trend of consolidation within the US healthcare industry presents a significant opportunity for the US healthcare technology management (HTM) market. As healthcare organizations merge and integrate, they seek streamlined operations and standardized technology solutions across their expanded networks. This demand for efficiency and uniformity creates a fertile ground for HTM companies to offer their expertise in optimizing, maintaining, and managing complex healthcare technology infrastructures. By providing comprehensive services that ensure seamless integration of technology systems, regulatory compliance, and data-driven insights, HTM firms can play a pivotal role in enabling consolidated healthcare systems to harness the benefits of scale while delivering high-quality patient care through advanced and well-maintained technological resources.
Challenge: Preference for multi-vendor contracts
Healthcare institutions that own advanced medical equipment modalities from different manufacturers prefer multi-vendor service contracts despite the availability of multi-vendor services from ISOs. Healthcare providers tend to opt for multi-vendor services offered by OEMs due to the following reasons:
- Availability of support services, including on-call support and 24x7 technical assistance
- Well-integrated global presence, connecting different types of maintenance services (such as remote monitoring, parts repair, and exchange) and onsite field maintenance technical support
- Strong technical knowledge regarding advanced maintenance services, such as remote monitoring services for high-end diagnostic imaging modalities (CT, MRI, gamma cameras, PET-CT, and angiography systems)
- A strong in-house team of biomedical engineers trained to service all major equipment brands
- Availability of inventory for the stock of pre-tested OEM spare parts
Multi-vendor service providers also provide healthcare providers with rental equipment to minimize financial losses associated with equipment downtime. Therefore, it becomes difficult for ISOs to gain a competitive edge.
US Healthcare Technology Management Ecosystem
The maintenance & repair segment accounted for the largest share of the US healthcare technology management industry.
Based on the type of service, the US healthcare technology management market is segmented into cyber security, maintenance & repair, quality & regulatory compliance, integrated software platform, labor management, capital planning, and supply chain (procurement). The maintenance & repair segment accounted for the largest share of 35.9% of the market in 2022. factors impacting the growth of this market include a drive for better patient safety, the increasing use of innovative medical supplies and technologies across a range of healthcare facilities, and government initiatives that support the use of imaging systems.
Acute care facilities accounted for the largest share of the US healthcare technology management industry in 2022.
Based on facility types, the US healthcare technology management market is segmented into post-acute care, acute care, and non-acute care facilities. In 2022, acute care facilities accounted for the largest share of the market and are expected to grow at the highest CAGR during the forecast period. The significant market share and rapid growth of the acute care facilities segment can be largely attributed to elements like the general rise in patient volumes, the demand for better clinical asset management, and the need to raise patient care standards, all of which are driving up demand for healthcare technology management services.
Strategic Choices by Healthcare Organizations will drive the US healthcare technology management industry.
The US healthcare provider sector is constantly challenged by industry-wide improvements. Health organizations need to be strategic in their preference, implementation, and utilization of medical assets if their organisations are to maximise the clinical, financial, and operational return on investments. This has lead to various healthcare organizations to get associated with healthcare technology management firms for the overall asset management (quality & regulatory compliance, labor management, cybersecurity, supply chain, repair, and maintenance) of hospital facilities to improve organizational performance.
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Some major 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).
Scope of the US Healthcare Technology Management Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$8.4 billion |
|
Projected Revenue by 2028 |
$17.3 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 15.6% |
|
Market Driver |
Rising focus on preventive medical equipment maintenance |
|
Market Opportunity |
Increasing consolidation in the US healthcare industry |
The study categorizes the US healthcare technology management market to forecast revenue and analyze trends in each of the following submarkets:
By Type Of Service
- Maintenance & Repair
- Capital Planning
- Integrated Software Platform
- Labor Management
- Supply Chain (Procurement)
- Cyber Security
- Quality & Regulatory Compliance
By Facility Type
- Acute care facility
- Acute Hospitals
- Childrens Hospitals
- Academic Medical Center
- Military Treatment Facility
- Ambulatory Surgery Center
- Post Acute Care Facility
- Long-term acute facility
- Skilled Nursing Facility
- Other
- Non-Acute Care Facility
- Physicians Offices & Clinics
- Other Non-Acute Facilities
Recent Developments of US Healthcare Technology Management Industry
- 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.
- In 2022, Orale (US) launched Oracle Fusion Cloud Enterprise Performance Management (EPM) solution that allows healthcare organizations to quickly model scenarios, optimize resources, determine future demand, and make better financial, workforce, and patient care decisions.
- In 2022, Siemens Healthineers (Germany) launched Technology Optimization. Technology Optimization Partnerships are a strategic approach to multivendor service that leverages connected solutions to help hospitals and health systems make data-driven decisions, enhance financial performance, and improve equipment utilization across the enterprise.
- In 2021, Sodexo (France) launched a unique global brand, “Sodexo Live,” to unify and leverage all of the Group’s expertise across the world in sectors of sports events and hospitality.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global US healthcare technology management market?
The global US healthcare technology management market boasts a total revenue value of $17.3 billion by 2028.
What is the estimated growth rate (CAGR) of the global US healthcare technology management market?
The global US healthcare technology management market has an estimated compound annual growth rate (CAGR) of 15.6% and a revenue size in the region of $8.4 billion in 2023.
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The study involved four major activities in estimating the current size of the US Healthcare Technology management market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering US Healthcare Technology Management and information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the US Healthcare Technology Management Market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the US Healthcare Technology management market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across the US. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from US Healthcare Technology Management manufacturers; distributors; and key opinion leaders.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side and customer/end users who are using US Healthcare Technology Management were interviewed to understand the buyer’s perspective on the suppliers, products, and their current usage of US Healthcare Technology Management and the future outlook of their business, which will affect the overall market.
Breakdown of Primary Interviews: Supply-Side Participants, By Company Type and Designation
Note 1: C-level primaries include CEOs, COOs, CTOs, and VPs.
Note 2: Other primaries include sales managers, marketing managers, and product managers.
Note 3: Companies are classified into tiers based on their total revenue. As of 2020: Tier 1=>USD 1 billion, Tier 2 USD 500 million to USD 1 billion, Tier 3=<USD 500 million.
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Market Size Estimation
The research methodology used to estimate the size of the US Healthcare Technology Management Market includes the following details.
The market sizing of the market was undertaken from the US side.
The size of the US Healthcare Technology Management Market was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of products and services in the overall US Healthcare Technology Management Market was obtained from secondary data and validated by primary participants to arrive at the total US Healthcare Technology Management Market. Primary participants further validated the numbers.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the US healthcare technology management market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research.
- The revenue generated from the sale of healthcare technology management by leading players has been determined through primary and secondary research.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
At each point, the assumptions and approaches were validated through industry experts contacted during primary research. Considering the limitations of data available from secondary research, revenue estimates for individual companies were ascertained based on a detailed analysis of their respective product offerings and geographic reach/strength (direct or through distributors or suppliers.
Top Down Approach
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Bottom-Up Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Healthcare technology management (HTM), on a broad level, refers to professionals (clinical or biomedical engineers) or firms that specialize in providing healthcare technology management services to the healthcare provider or healthcare facilities in areas such as capital planning, cybersecurity, quality & compliance, and maintenance & repair, among others.
Key Stakeholders
- Senior Management
- Doctors/surgeons
- Finance/Procurement Department
Report Objectives
- To define, describe, and forecast the US healthcare technology management market based on the type of service and facility type
- To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall US healthcare technology management market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically analyze the market structure and profile the key players in the US healthcare technology management market and comprehensively analyze their core competencies2
- To track and analyze competitive developments such as product launches, acquisitions, partnerships, agreements, and collaborations in the US healthcare technology management market during the forecast period
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Company information
- Detailed analysis and profiling of additional market players
Generating Response ...
Growth opportunities and latent adjacency in US Healthcare Technology Management Market