The global healthcare facility management market was valued at USD 325 billion in 2021 and it is anticipated to grow further up to USD 1469 billion by 2031, at a CAGR of 16.3% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Healthcare Facility Management Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Medical establishments need to manage their healthcare facilities. Providing the precise clinical care facility and concentrating primarily on the service delivery & support system to various healthcare organizations, it improves the patient experience. Supporting technoscientific administration of services like catering, cleaning, maintenance, and security is the facilities management. IoT (Internet of Things)-based cutting-edge technologies offer the lucrative potential for facility management service providers to deliver improved patient care in healthcare facilities. It is accomplished by careful planning and creatively delivering various functions.
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Market Trends and Drivers
Increasing investment in healthcare infrastructure and the construction of healthcare facilities coupled with rising geriatric population and growing patient volume owing to the rising prevalence of chronic diseases and COVID-19 and the increasing healthcare expenditure. All around the nation, chronic diseases like diabetes, heart disease, and cancer are on the rise. Infectious disease prevalence is also rising alarmingly quickly. The market would expand as a result of expenditures made in the healthcare infrastructure to satisfy patients’ rising demand. Similarly, integration of AI and IoT in healthcare facilities is opening up new opportunities in the global market. Automation is increasingly being used in healthcare energy management systems. For hospitals and other healthcare institutions, power quality is a crucial requirement. The energy optimization and energy flow of the healthcare building would benefit from the use of AI and IoT.
Market Restraints and Challenges
The maintenance issue of healthcare facilities is anticipated to hamper the growth of the market during the forecast period. The upkeep of healthcare facilities is quite expensive. It also forces people to comply with regulatory requirements and rules. Additionally, theft and vandalism continue to be serious threats to the facilities. Likewise, the highly competitive nature of the market is also hindering its growth of the market. Major obstacles may arise as a result of the market’s intense competition. Due to the abundance of small and medium-sized businesses that provide services with a focus on either energy, hard, construction, or a combination of these, the market is extremely competitive. Competition has risen as a result of the market’s large participant base.
Global Healthcare Facility Management Market Segmental Overview
The report analyses the global healthcare facility management market based on product type, end user, and region.
Global Healthcare Facility Management Market by Product Type
Based on product type, it is segmented into waste management, security services, catering services, cleaning services, technical support services, and others. The waste management is anticipated to witness good growth over the forecast period in the healthcare facilities management market. Healthcare facilities produce a significant amount of wastes every day, both hazardous and non-hazardous. These wastes are produced during the diagnosis and treatment of illnesses in both humans and animals. When handled improperly, these hazardous wastes can degrade the standard of patient care. These wastes have the potential to worsen environmental contamination and transmit infectious diseases like AIDS, hepatitis, tuberculosis, diphtheria, cholera, and a host of others.
Major Players in the Global Healthcare Facility Management Market
The key players studied in the market are Jones Lang LaSalle IP, Inc. (US), CBRE (US), Sodexo (France), ABM (US), ISS (Denmark), Medxcel (US), GSH Group (US), Accruent (US), Johnson Controls (Ireland), 3M (US), Hospital Energy (US), Electro Industries/GaugeTech Inc. (US), BuildingLogiX (US), Energy Management Consulting (US), Neva Corporation (US), Monroe Mechanical, Inc. (US), Torcon (US), and U.S. Engineering Company Holdings (US) among others.
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Reasons to buy Healthcare Facility Management Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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