The global healthcare facilities management market size is predicted to hit around US$ 473.2 bn by 2027 from US$ 178.5 billion in 2019, growing with a CAGR of 13.01% over forecast period 2020 to 2027.
Growing focus on health and wellness will infuse more facets of business and private life during coming years. Healthcare facility management market is observing a change in technology to advance facility monitoring, efficiency and cost effectiveness. IoT is anticipated to transform the current healthcare BAS (Building Automation System). Implementation of new ICT such as IoT by facility management service providers is anticipated to empower healthcare facilities access real-time information via interconnected sensors that may aid them to enhance manage their business.
Healthcare has emerged as one of the most promising sectors due to growing number of patients and increasing healthcare spending by the private and public participants in healthcare systems. In 2017, according to the CMS (Office of the Actuary) report, the U.S. spent around USD 3.5 trillion on healthcare sector and this number was augmented to around USD 3.8 trillion in 2019. Thus there has been excellent growth in the healthcare expenses that has led to the expansion of numerous facilities in clinics or hospitals for the welfare of patients. These factors are propelling the growth of healthcare facilities management market across the world. Hospitals and clinics are expected to observe profitable progress because of the growing awareness about the cleanliness required to evade scattering of diseases and responsiveness concerning the requirement for controlling the pollution of the environment. However, lack of technical expertise may impede the growth of the market in few regions.
· Lack of Technical Expertise
· High cost of associated with cleaning and disinfection equipment
· Technological Advancements
· High Investment in research and developments activities
· Challenges in regulation framework
· Challenges related to logistics
Different services involved in the healthcare facilities management market include hard services and soft services. The hard services segment has been further bifurcated into many non-core healthcare services including air conditioning maintenance, plumbing, electrical maintenance, fire protection systems, mechanical and electrical maintenance, and other hard services like fabric maintenance.
The soft services section has been further classified as laundry, medical waste management, catering, cleaning and pest control, security, and other soft services including administrative services. In 2019, soft healthcare facility management services segment occupied majority of the market share compared to hard healthcare facility management services. However, the hard services segment is foreseen to develop at a sophisticated growth rate years to come.
North America is projected to lead the global healthcare facilities management market during years to come. This growth is on account of the strong healthcare organization and the introduction of diverse technologies for healthcare facilities. The complete circumstance of the healthcare structure varies extensively in North American. Presently, some of the hospitals have formed robust market position and certain hospitals have recognized a basic healthcare facility management. In 2020, American Cancer Society projected that there will be about 1.8 million new cancer cases detected and around 606,520 cancer deaths will occur in the U.S. Additionally, growing elderly population and rising chronic diseases throughout the region is expected to supplement the development of the healthcare facilities management market in the near future.
In Europe, over 30% of integrated FM revenue is produced by the healthcare industry. Growing pressure on public budgets may alter healthcare institutions thus driving service provision towards decentralized delivery. Quality and specialized services will be obtainable at a finest, motivating healthcare provider and consumer from a cure-based delivery demand to prevention based one.
Developing markets such as Middle East & Africa and Asia Pacific propose alluring market prospects new in case of health care facility management service providers. These nations are undergoing entry of small companies in the marketplace. The quick upsurge in the medical tourism in the developing markets such as China and India act as profitable markets for the companies for investments, thus anticipated to flourish the growth of the healthcare facilities management market in these nations.
Key Companies & Market Share Insights
Many players operational into this market provide variety of superior and value added healthcare facility management facilities such maintenance and warranty in order to upsurge customer base and preserve prevailing customers. Occasionally, healthcare facility management service providers experience few challenges associated to third-party suppliers. For occurrence, the quality of cleaning chemicals might not up to the standard or they might face labor problems.
Global healthcare facilities management market is competitive and fragmented in nature with presence of numerous dominant players. These companies are concentrating on offering modern technologies and economical services. The significant firms present in the market are also in the procedure of presenting cutting-edge products to recover treatment competence, in turn, seizing a higher share of the market. Some of the noteworthy players in the healthcare facilities management market include:
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of end-use and region as follows:
By Service Type
By Hard Service Type
By Soft Service Type
By Regional Outlook
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