by The Healthcare Facilities Management Market is estimated to be valued at US$ 354,138.7 Mn in 2022 and is expected to exhibit a CAGR of 12.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Healthcare facilities management involves the outsourcing of non-core activities in the healthcare sector to improve operational efficiency and focus on core healthcare services. The services offered under healthcare facilities management include cleaning and maintenance, security, catering, waste management, and technical services such as HVAC and electromechanical maintenance. Increasing pressure on healthcare facilities to reduce operational costs and enhance patient experience is driving the demand for healthcare facilities management solutions. Outsourcing these services can help healthcare facilities to optimize costs, improve service quality, enhance regulatory compliance, and ensure patient satisfaction.
Market Dynamics:
The high growth of the healthcare facilities management market can be attributed to two main drivers. Firstly, increasing budgetary constraints faced by healthcare facilities are prompting them to outsource non-core activities to specialized service providers. This allows healthcare providers to focus on delivering quality care to patients while reducing operational costs. Secondly, the growing emphasis on patient safety and satisfaction is driving healthcare facilities to seek professional management services that can ensure a clean, safe, and well-maintained environment. Outsourcing these services to experienced providers enables healthcare facilities to maintain compliance with stringent regulations and deliver an optimal patient experience.
Segment Analysis:
The healthcare facilities management market can be segmented based on the service type, end-user, and region. In terms of service type, the market can be divided into hard services and soft services. Hard services dominate the market and are expected to continue to do so in the forecast period. Hard services include activities such as maintenance and repair of medical equipment, infrastructure management, and building management. These services are essential for the smooth functioning of healthcare facilities and ensure the safety and comfort of patients.
PEST Analysis:
Political: The Healthcare Facilities Management Market is largely influenced by government regulations and policies related to healthcare infrastructure. Government initiatives to improve healthcare facilities and enhance patient care drive the demand for facilities management services.
Economic: The economic growth of a country plays a significant role in the development of healthcare facilities. Increasing healthcare spending and investments in healthcare infrastructure contribute to the growth of the market.
Social: The rising population, along with the increasing prevalence of chronic diseases, creates a need for better healthcare facilities. The demand for facilities management services is driven by the need for efficient and well-maintained healthcare facilities.
Technological: Advancements in technology have revolutionized the healthcare industry. The integration of smart technologies and automation in healthcare facilities management improves operational efficiency and enhances patient experience.
Key Takeaways:
The global healthcare facilities management market is expected to witness high growth, exhibiting a CAGR of 12.9% between 2023 and 2030. This growth is primarily driven by factors such as increasing healthcare spending, government initiatives to improve healthcare infrastructure, and the rising prevalence of chronic diseases.
In terms of regional analysis, North America is the fastest-growing and dominating region in the healthcare facilities management market. The region has well-established healthcare infrastructure and a high awareness among healthcare providers about the importance of efficient facilities management.
Key players operating in the healthcare facilities management market include Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. These players have a strong presence in the market and offer a wide range of facilities management services to healthcare facilities worldwide.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
