Categories: Healthcare

Healthcare Technology Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Healthcare Technology Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Healthcare Technology Global Market Report 2024, 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.

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.

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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

Major companies operating in the healthcare technology market are focused on innovating new technologies, such as technology-enabled solutions to improve revenue cycle outcomes, as healthcare organizations face mounting financial pressures. Technology-enabled solutions refer to services that leverage technology to improve efficiency, effectiveness, and accessibility. For instance, in October 2023, Omega Healthcare, a US-based healthcare services and technology-enabled solutions company, launched the Omega Digital Platform, designed to help healthcare organizations reduce administrative burdens while improving financial performance. Omega Healthcare’s technology-enabled solutions leverage deep domain and technological knowledge in artificial intelligence (AI), machine learning (ML), natural language processing (NLP), robotic process automation (RPA), bots, and NLP. These solutions increase efficiency and accuracy. The ODP helps healthcare businesses cut administrative expenses, increase cash flow, and maximize revenue by automating operations and optimizing workflows.

The healthcare technology market report table of contents includes: