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 observed in the historical period can be attributed to the increase in healthcare costs, a focus on patient-centric care, the emphasis on regulatory compliance and reporting, the growing demand for data analytics, and the adoption of telehealth.

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 anticipated growth in the forecast period can be attributed to the shift towards value-based care, an increasing focus on preventive healthcare, advancements in interoperability and data exchange, the growth of remote patient monitoring, and ongoing healthcare infrastructure development. Major trends expected in the forecast period include a heightened emphasis on interoperability and data exchange, the application of 5G technology in healthcare, a focus on mental health tech solutions, innovation in health information systems, and increased collaboration with health tech startups.

The healthcare technology market is expected to grow with the rising demand for preventive care solutions. Preventive care solutions aim to detect or prevent serious diseases and medical problems before they become major issues. The provision of free preventative services to a significant number of individuals, as mentioned in an article in First Opinion, indicates a growing emphasis on preventive care. The rising demand for preventive care solutions is expected to drive the growth of the healthcare technology market.

The growth of the healthcare technology market is expected to be propelled by the increasing smartphone penetration and improving internet coverage. Smartphone penetration, measuring the percentage of the population owning smartphones, and internet coverage in accessible geographic regions contribute to the growth of the healthcare technology market. The widespread use of mHealth apps and the need for remote patient monitoring to enhance out-of-hospital care are emerging trends. According to reports by Exploding Topics in November 2023, over 55% of website traffic came from mobile devices, and 92.3% of internet users accessed the internet using a mobile phone. The growing smartphone penetration and improving internet coverage drive the growth of the healthcare technology market.

Major companies in the healthcare technology market are focused on innovating new technologies to maintain their positions. In August 2021, Change Healthcare, a US-based healthcare technology company, unveiled Change Healthcare Stratus Imaging PACS, a comprehensive cloud software as a service (SaaS) solution for radiology practices. Currently in beta testing, this solution is designed to expand to hospitals in the future and enable the customization of workflows. Stratus Imaging PACS is a secure, fast, and zero-footprint solution, utilizing patented Speedread streaming and hybrid rendering technology to provide easy and quick access to medical images.

Major companies in the healthcare technology market are concentrating on innovating new technologies. These include technology-enabled solutions designed to enhance revenue cycle outcomes. Technology-enabled solutions involve leveraging technology to boost efficiency, effectiveness, and accessibility. For instance, in October 2023, Omega Healthcare, a US-based healthcare services and technology-enabled solutions company, introduced the Omega Digital Platform. This platform aims to assist healthcare organizations in streamlining administrative processes and improving financial performance. Omega Healthcare's technology-enabled solutions utilize artificial intelligence (AI), machine learning (ML), natural language processing (NLP), robotic process automation (RPA), bots, and NLP to enhance efficiency and accuracy. The Omega Digital Platform facilitates cost reduction, increased cash flow, and revenue maximization by automating operations and optimizing workflows.

In October 2022, Optum, a US-based pharmacy benefit manager and healthcare provider, acquired Change Healthcare for an undisclosed amount. The acquisition aims to streamline core clinical, administrative, and payment processes within the healthcare system, enhancing efficiency and reducing friction. Change Healthcare, a US-based healthcare technology company, plays a pivotal role in achieving this goal.

Major companies operating in the healthcare technology market report are 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.

North America was the largest region in the healthcare technology market in 2023. 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. The countries covered in the healthcare technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of healthcare technology include healthcare payer solutions, healthcare provider solutions, and HCIT outsourcing solutions. Healthcare payer solutions encompass organizations responsible for determining service prices, collecting payments, and managing claims. Components involved in healthcare payer solutions include software and hardware. These solutions are delivered through on-premises and cloud-based computing, offering applications such as electronic health records, computerized provider order entry systems, electronic prescribing systems, PACS (picture archiving and communication system), laboratory information systems, clinical information systems, and telehealthcare.

The healthcare technology market research report is one of a series of new reports that provides healthcare technology market statistics, including healthcare technology industry global market size, regional shares, competitors with a healthcare technology market share, detailed healthcare technology market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare technology industry. This healthcare technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare technology market includes revenues earned by entities by providing any technology, including medical support services, IT systems services, algorithms, artificial intelligence (AI), cloud computing, and blockchain services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.