US Healthcare Technology Management Market: Growth, Size, Share, and Trends

The US healthcare technology management market, valued at US$7.3 billion in 2022, is forecasted to grow at a robust CAGR of 15.6%, reaching US$8.4 billion in 2023 and an impressive US$17.3 billion by 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

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):

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