Healthcare Technology Market Report 2024 - Healthcare Technology Market Trends, Growth And Insights

"The Business Research Company recently released a comprehensive report on the Global Healthcare Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare technology market size has grown rapidly in recent years. It will grow from $439.09 billion in 2023 to $518.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increasing healthcare costs, focus on patient-centric care, regulatory compliance and reporting, demand for data analytics, telehealth adoption.

The healthcare technology market size is expected to see rapid growth in the next few years. It will grow to $1029.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to shift towards value-based care, rising focus on preventive healthcare, interoperability and data exchange, growth of remote patient monitoring, healthcare infrastructure development. Major trends in the forecast period include emphasis on interoperability and data exchange, application of 5G technology in healthcare, focus on mental health tech solutions, innovation in health information systems, collaboration with health tech startups.

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Market Drivers and Trends:
The rising demand for preventive care solutions is expected to propel the growth of the healthcare technology market going forward. Preventive care solutions refer to helping detect or prevent serious diseases and medical problems before they can become major. Annual check-ups, immunizations, and flu shots, as well as certain tests and screenings, are a few examples of preventive care. For instance, in September 2022, according to an article published in First Opinion, a weekly podcast on the people, issues, and ideas that are shaping healthcare, free preventative services will now be available to 152 million people with private health insurance. This policy is also extended to 61 million Medicare beneficiaries and 20 million people covered by Medicaid expansion under the ACA, as well as 52 evidence-based preventive services recommended by the United States Preventive Services Task Force, a group of nationally recognized experts in prevention, evidence-based medicine, and primary care. Therefore, rising demand for preventive care solutions is driving the growth of the healthcare technology market.

Major companies operating in the healthcare technology market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2021, Change Healthcare, a US-based healthcare technology company, introduced a new technology called Change Healthcare Stratus Imaging PACS, a new comprehensive cloud software as a service (SaaS) solution for radiology practices that is currently in beta testing with plans to expand to hospitals in the future and to build customized workflows and easily adopt new functionality that will provide long-term efficiency benefits. The Stratus Imaging PACS is a secure, fast, and zero-footprint solution that helps healthcare organizations avoid high maintenance costs. The Stratus Imaging PACS uses patented Speedread streaming and hybrid rendering technology, allowing for easy and fast access to medical images.

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Major Key Players of the Market:
McKesson Corporation, IBM Watson Health, Oracle Corporation, Hewlett-Packard Enterprise Company, Siemens Healthineers AG, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., General Electric Company (GE Healthcare), Cerner Corporation, Epic Systems Corporation, Infor Corporation, Teladoc Health Inc., Agfa-Gevaert Group NV, Athenahealth Inc., Nuance Communications Inc., Carestream Health Inc., Change Healthcare Corporation, Allscripts Healthcare Solutions Inc., eClinicalWorks Inc., NextGen Healthcare Inc., Health Catalyst, Imprivata Inc., NantHealth Inc., E-MDS Inc., Prognos Health Inc., Airstrip Technologies Inc., Ambra Health LLC, Zebra Medical Vision Inc., Validic Inc., 3M Health Information Systems

Healthcare Technology Market 2024 Key Insights:
• The healthcare technology market size is expected to see rapid growth in the next few years. It will grow to $1029.07 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%.
• Expanding Access To Preventive Care Catalyst For The Surge In Healthcare Technology Market Growth
• Innovative Advancements In Healthcare Technology With Stratus Imaging PACS For Radiology Practices
• North America was the largest region in the healthcare technology market in 2023

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