According to a new research report by Precedence Research, The healthcare facilities management market size is forecast to exceed US$ 6 billion by 2027 from USD 5 billion in 2019 and is expected to grow at the highest CAGR of 7% from 2020-2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Healthcare facilities management is a broad area that covers several services provided across hospitals wards, waiting areas, and other zones. Healthcare facility management services are non-core services of a healthcare facility have appeared as in dispensable services in the expedition to deliver good in-patient care and competent running of a healthcare capacity. Healthcare facility management service suppliers are approving innovative ICT to address the growing prospects of healthcare organizations.
Health facilities management has existed as its own specialization inside the facility management industry. Medical buildings like hospitals would subcontract non-clinical tasks to generate sterile working circumstances whereas they dedicated on offering patient care. At present, health and FM are no longer identical with Health Facilities Management (HFM) associated with the medical industry but as one of the budding novel trends within facility management that manages facilities for wellbeing and health.
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Major Market Influencers:
- Launch of new and innovative equipments
- Increasing number of healthcare facilities
Growth Factors
- Increasing Number of Healthcare Facilities
- Growing focus on health and wellness will infuse more facets of business and private life during coming years
- Occurrences of chronic and rare diseases and elevated geriatric population in Europe and North America
- IoT and supplementary new ICT (Information and Communication Technology)
Restraints
- Lack of Technical Expertise
- High cost associated with cleaning and disinfection equipment
Report Highlights
- The global market for the Soft Services was valued at USD 98.66 billion in 2019 and is expected to reach USD 256.53 billion by 2027, growing at a CAGR of 12.74% from 2020 to 2027.
- The global market for the Hard Services was valued at USD 79.85 billion in 2019 and is expected to reach USD 216.65 billion by 2027, growing at a CAGR of 13.34% from 2020 to 2027.
- Recognized companies are centering on intensifying their service base with by acquisitions of small-sized and niche companies functioning in the market. This benefits established players to incorporate novel technologies adopted by niche businesses.
- Real Time Location System for tracking of medical equipment, inventory management via low-cost Bluetooth Low Energy technology, collecting in-patient data via wearable and sensors and usage of mobile technology to distantly assess patient data are certain of the IoT-enabled services that are accepted by facility management service suppliers.
Regional Snapshots
In 2020, North America dominated the healthcare facilities management on account of vigorous healthcare infrastructure and the introduction of diverse technologies for healthcare facilities management. North America is expected to further mirror this dominance throughout the forecast period on account rising awareness regarding healthcare sector growth in the region.
Healthcare institutions produce a huge amount of both non-hazardous and hazardous wastes daily. These wastes are produced as a result of the treatment, diagnosis, and research on animal and human diseases. These hazardous wastes, when incorrectly managed may compromise the worth of patient care. These wastes may increase environmental pollution and spread infectious illnesses such as hepatitis, acquired immunodeficiency syndrome (AIDS), diphtheria, cholera, and tuberculosis among others.
Major highlights of report:
- Figures related to sales volume, market remuneration, and segmental shares
- Featuring market dynamics
- Growth prospects and expansion graph
- PROCON study of direct & indirect sales channels
- Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
- Industry forecasts based on region and at country level
- Data about sales volume recorded, industry share held, and profit margins amassed
- Overall remuneration and estimated growth rate for each regional market
Key Players
Some of the foremost players functioning in the healthcare facility management marketplace are Manutencoop Facility Management S.p.A. (MFM), ABM Industries Inc., Compass Group plc, Ecolab, Inc., ISS World Services A/S, Aramark Corporation, Jones Lang LaSalle, IP, Inc., Medxcel Facility Management, Mitie Group plc, Sodexo, Vanguard Resources, and UEM EdgentaBerhad, OCS Group, Secro Group plc and others.
Market Segmentation
By Service Type
- Hard Services
- Soft Services
By Hard Service Type
- Mechanical and Electrical Maintenance
- Plumbing, Air Conditioning Maintenance
- Fire Protection Systems
- Others
By Soft Service Type
- Laundry
- Waste Management
- Cleaning & Pest Control
- Catering
- Security
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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