Expanding Access To Preventive Care Catalyst For The Surge In Healthcare Technology Market Growth: Powering Innovation and Expansion in the Healthcare Technology Market by 2025

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Healthcare Technology Market Size Growth Forecast: What to Expect by 2025?
The market size of healthcare technology has seen swift expansion in the past few years. The forecast predicts that it will inflate from $507.25 billion in 2024 to $592.49 billion in 2025, with a compound annual growth rate (CAGR) of 16.8%. The historical growth is the result of heightened healthcare costs, emphasis on patient-centric care, adherence to regulatory compliance and reporting, a surge in demand for data analytics, and adoption of telehealth.

How Will the Healthcare Technology Market Size Evolve and Grow by 2029?
The scale of the healthcare technology sector is anticipated to undergo considerable acceleration in the coming years, inflating to $1251.38 billion by 2029 alongside a 20.6% compound annual growth rate (CAGR). This growth during the forecast period can be credited to multiple factors such as the transition towards value-focused healthcare, increased concentration on preventive health measures, interoperability and exchange of data, expansion of remote patient monitoring, and the advancement of healthcare infrastructure. In the forecast duration, the major trends to look out for include emphasis on interoperability and data exchange, the implementation of 5G technology in healthcare, investment in mental health tech solutions, advancements in health information systems and partnership with health tech startups.

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What Drivers Are Propelling the Growth of Healthcare Technology Market Forward?
The surge in demand for preventive care solutions is predicted to fuel the expansion of the healthcare technology market in the future. Preventive care solutions involve early detection or prevention of serious illnesses or medical issues before they escalate. Regular health exams, vaccinations, and flu shots, along with certain tests and screenings, fall under the category of preventive care. For example, in September 2022, as reported in an article in First Opinion, a weekly podcast discussing the personalities, concerns, and concepts shaping healthcare, 152 million individuals with private health insurance now have access to free preventive services. This coverage has also been extended to Medicare's 61 million recipients and the 20 million people covered by Medicaid's expansion under the ACA, as well as the 52 evidence-based preventive services suggested by the United States Preventive Services Task Force, a team of nationally-recognized experts in prevention, evidence-based medicine, and primary care. As such, the escalating demand for preventive care solutions is contributing to the advancement of the healthcare technology market.

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Which Emerging Trends Are Transforming the Healthcare Technology Market in 2025?
Leading organizations within the healthcare technology sector are concentrating on innovating unique technologies like large language model (LLM) solutions to maintain their market standing. LLM solutions entail sophisticated AI systems that employ broad neural networks trained on extensive datasets to comprehend, produce, and manage human language for varying uses, including chatbots, content development, and language conversion. As an example, Cognizant, an IT firm based in the USA, rolled out its initial set of healthcare LLM solutions in June 2024, as a part of its Generative AI alliance with Google Cloud, a platform also based in the US. The novel offerings from Cognizant enhance administrative competence and augment care experiences via key workflows. These AI-enhanced solutions expedite operations like appeals management and contract lifecycle management, addressing vital challenges in the healthcare sector.

What Are the Key Segments in the Healthcare Technology Market?
The healthcare technology market covered in this report is segmented -

1) By Type: Healthcare Payers Solutions, Healthcare Providers Solutions, HCIT Outsourcing Solutions
2) By Component: Software, Hardware
3) By Delivery Mode: On-Premise, Cloud-Based
4) By Application: Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS (Picture Archiving and Communication System), Laboratory Information Systems, Clinical Information Systems, Tele-healthcare

Subsegments:
1) By Healthcare Payers Solutions: Claims Management Systems, Billing And Payment Solutions, Fraud Detection And Prevention Solutions, Member Management Systems, Data Analytics And Reporting Tools
2) By Healthcare Providers Solutions: Electronic Health Records (EHR) Systems, Practice Management Software, Telemedicine Solutions, Patient Engagement Solutions, Clinical Decision Support Systems
3) By HCIT Outsourcing Solutions: IT Infrastructure Management, Application Development And Maintenance, Data Migration Services, IT Helpdesk And Support Services, Business Process Outsourcing (BPO) Services For Healthcare

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Who Are the Key Players Shaping the Healthcare Technology Market's Competitive Landscape?
Major companies operating in the healthcare technology market include 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), 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

What Geographic Markets Are Powering Growth in the Healthcare Technology Market?
North America was the largest region in the healthcare technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global healthcare technology market during the forecast period. The regions covered in the healthcare technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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