Huge Revenue Jump Expected in Healthcare Facility Management Market Between 2022 and 2030

August 25 07:00 2022
Huge Revenue Jump Expected in Healthcare Facility Management Market Between 2022 and 2030
The demand for such services in North America is projected to grow the fastest, with a growth rate of 8.5%. Healthcare centers in the U.S. and Canada are increasingly adopting facilities management services and shifting from traditional to advanced and third-party services, in order to save money.

In 2021, the healthcare facility management market was valued at $88,114 million, and it will advance by above 8% in the years to come, to reach $180,397 million by 2030. According to the market research study published by P&S Intelligence. This is mainly attributed to the snowballing spending on healthcare infra development, booming usage of new technologies, increasing patient volume, increasing occurrence of chronic diseases and infections, and rising healthcare expenditures.

The requirement for support services is increasing quickly in the industry because hospitals and medical organizations are concentrating on them for delivering superior treatment to patients. An involved and integrated support service team might assist healthcare facilities by removing the burden on healthcare specialists, thus allowing patients to recover faster, along with promoting a safer environment and improving the gratification of patients’ nurses, and families.

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Outsourcing had the highest demand at over 50%. The outsourcing of in-house services is mainly done because of the increasing healthcare expenses, intricacy of sophisticated ICD-10 medical coding systems, and disposition of electronic health records. The snowballing patient flow and increasing requirement of checking the eligibility of insurance and referring to patient check-in records are generating a burden on hospitals, which has bound them to farm out a few facilities like facility management.

Soft services will experience the fastest growth in the years to come because of an increase in the requirement for security, recycling, waste disposal, pest control, grounds maintenance outdoor area management, and sanitization services, which guarantee greater standards of sanitation, and hygiene, customer service, and safety. This endorses the ideal performance and superiority of service, while also reassuring proactivity.

Fast technological advances are one of the important trends in the healthcare facilities management market. This will give numerous opportunities to healthcare providers to advance equipment uptime and working efficiency. More than 50% of the expenditure in the healthcare industry is credited to facility maintenance, therefore creating mammoth prospects for service providers.

Automation is progressively implemented in hospital energy management systems. For healthcare institutions and hospitals, power quality is vital. IoT aid and AI are important in the optimization and flow of energy in a healthcare construction. Furthermore, the snowballing acceptance of IoT has led to the growth of numerous smart products, which is, in line, pushing the growth of the industry. These products are hugely prevalent among customers and have several uses in the health industry.

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North America had the highest demand for healthcare facility management with a value of about $32,646 million, and it will continue its dominance in the future as well, with a value of about $68,238 million in 2030 and a growth rate of about 9%. This is chiefly credited to the vigorous healthcare infra and the acceptance of numerous cutting-edge knowhows for healthcare facility management.

Consequently, numerous novel multi-specialty hospital chains have accepted services like healthcare plan formulation, care management, channel management, and risk valuation, with the aim of providing the best healthcare facilities to patients and staff.

With the use of new technologies and the increasing number of patients in healthcare centers and hospitals, the demand for healthcare facility management services is on the rise.

Global Healthcare Facility Management Market Size Breakdown by Segment

By Service

  • Property
  • Cleaning
  • Security
  • Catering
  • Support
  • Environmental Management

By Business Model

  • Outsourced
  • In-House

By Type

  • Hard Services
  • Soft Services
  • Other Services

By End User

  • Hospitals and Clinics
  • Long-Term Healthcare Facilities

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

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