PUBLISHER: The Business Research Company | PRODUCT CODE: 1425523
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425523
Healthcare Facility Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare facility management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare facility management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare facility management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare facility management encompasses the holistic oversight and maintenance of healthcare infrastructure, ensuring its development, security, and operational efficiency to create a safe environment for patient care within the healthcare sector. This practice is integral for facilitating seamless services by supervising the upkeep, operations, and security protocols within healthcare facilities.
The primary categories within healthcare facility management are hard services, soft services, and additional specialized services. Hard services primarily focus on the physical aspects of the building, mandated to meet health, hygiene, and safety regulations. These services are dedicated to preserving and enhancing the structural environment. Within healthcare facility management, services include property management, cleaning, security, catering, support services, and environmental management. The delivery models for these services comprise both outsourced and in-house arrangements, tailored to meet the specific needs of hospitals, clinics, and long-term healthcare facilities.
The healthcare facility management market research report is one of a series of new reports from The Business Research Company that provides healthcare facility management market statistics, including the healthcare facility management industry's global market size, regional shares, competitors with a healthcare facility management market share, detailed healthcare facility management market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare facility management industry. This healthcare facility management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare facility management market size has grown rapidly in recent years. It will grow from $195.95 billion in 2023 to $217.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historical era can be linked to heightened healthcare service demand, rigorous adherence to regulatory standards, the delegation of non-essential functions, initiatives toward energy efficiency, aging infrastructure within the healthcare sector, heightened complexity of healthcare facilities, and the global expansion of healthcare services.
The healthcare facility management market size is expected to see rapid growth in the next few years. It will grow to $337.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period is driven by the rising acceptance of telemedicine, the increasing prevalence of outpatient care centers, heightened emphasis on cybersecurity, the advancement of personalized and precision medicine, initiatives in population health management, and proactive planning for resilience and disaster recovery. Notable trends expected during this period encompass the integration of technology and smart infrastructure, a focus on energy efficiency and sustainability, decision-making based on data insights, the integration of telehealth facilities and technology, the uptake of environmentally friendly building practices, training for healthcare facility staff, and the implementation of patient-centric technology.
The burgeoning patient population coupled with amplified healthcare expenditure by both public and private entities is steering the growth of the healthcare facility management market. Increased investment from governments and private sectors in various countries bolsters healthcare systems, elevating service standards for patients and consequently fostering the wider adoption of healthcare facility management within these systems. As reported by the UK's Office for National Statistics in May 2023, healthcare spending in the UK surged by 9.4% in nominal terms and 9.7% in real terms. In 2021, the UK's total healthcare expenditure stood at $367.25 billion (£280.7 billion), with pharmaceutical spending at $51.84 billion (£39.6 billion) and preventive care expenditure soaring to $45.93 billion (£35.1 billion), more than doubling from the preceding year. Hence, the substantial investments by public and private participants in healthcare systems propel the expansion of the healthcare facility management market.
The escalating number of hospital construction projects is anticipated to propel the growth of the healthcare facility management market. These projects encompass the comprehensive lifecycle from planning and design to the actual construction of healthcare facilities such as hospitals, clinics, and medical centers. Healthcare facility management plays a pivotal role in ensuring the smooth construction and operation of hospitals, emphasizing high-quality patient care, safety standards, and compliance with healthcare regulations. According to a report by the American Hospital Association (AHA) in May 2023, the total count of hospitals in the US increased to 6,129 compared to 6,093 in 2022, with total admissions across all US hospitals reaching 34,011,386 compared to 33,356,853 in 2022. Consequently, the surge in hospital construction endeavors is poised to drive the healthcare facility management market's expansion.
Technological advancements emerge as a prominent trend gaining traction within the healthcare facility management landscape. Rapid technological developments are reshaping the future of the healthcare industry. For instance, in September 2022, CloudWave, a US-based independent cloud and managed services software hosting provider in healthcare, unveiled OpSus Cloud Services. OpSus Cloud Services, housed in the user's data center, presents infrastructure-as-a-service, offering computing, storage, security, backup, recovery, and comprehensive operations and system maintenance. This multi-cloud strategy ensures availability, ease of access, and robust security for hospital users, marking a pivotal shift in healthcare technology.
Major players in the healthcare facility management arena are innovating solutions like practice management software tailored for primary care clinics to gain a competitive edge and enhance revenue streams. This specialized software aims to streamline administrative and operational tasks within primary care clinics or medical practices. For instance, in August 2023, Kumo, a Malaysia-based healthcare company, introduced KumoDoc, a practice management software dedicated to primary care clinics. KumoDoc optimizes clinic operations with features like synchronized appointment scheduling and patient notifications via WhatsApp, efficient medical inventory management, a secure telehealth platform, fraud detection algorithms, and seamless billing processes. By amalgamating electronic medical records, it fosters real-time collaboration, benefiting both clinics and patients. KumoDoc's customer-centric approach aims to simplify healthcare processes, making them efficient, personalized, and convenient, ultimately supporting medical practitioners in managing daily clinic administration, benefiting primary care and medical wellness centers.
In April 2021, Sodexo, a prominent France-based company specializing in food services and facilities management, successfully acquired MTS Health Limited in a transaction of undisclosed value. This strategic move marks Sodexo's intention to establish and strengthen its foothold in the healthcare sector by leveraging MTS Health Limited's technical expertise and operational proficiency. The acquisition aims to enhance service provisions for clients across key regions such as the UK, Ireland, USA, and Asia-Pacific. MTS Health Limited, based in the UK, holds a leading position in Medical Equipment Asset Management, boasting extensive experience in clinical engineering and a track record encompassing over 30 major hospital re-developments across the UK. This acquisition is poised to significantly enrich Sodexo's capabilities within the healthcare industry and elevate its service offerings to clientele globally. MTS Health Limited is a UK-based leading provider of medical equipment asset management.
Major companies operating in the healthcare facility management market report are ABM Industries Inc., ISS World Services A/S, Jones Lang LaSalle IP Inc., Medxcel Facility Management LLC, Mitie Group plc, Aramark Corporation, Compass Group plc, Ecolab Inc., Sodexo SVC India Pvt. Ltd., OCS Group Limited., Serco Group plc, Vanguard Resources Inc., Arora Holdings Limited., Cushman & Wakefield, CBRE Group Inc., Johnson Controls International plc, Crothall Healthcare, C&W Facility Services Inc., AM Facilities Management Service Ltd., Aramark Healthcare Support Services LLC, Emcor Facilities Services Inc., Epic Facilities Management, G4S Health Services Limited, Sodexo Healthcare, Stericycle Inc., Vitas Healthcare, WellSky, and Yardi Systems Inc.
North America was the largest region in the healthcare facility management market in 2023. The regions covered in the healthcare facility management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare facility management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare facility management market includes revenues earned by entities from mechanical and electrical maintenance, plumbing, air conditioning maintenance, fire protection systems, laundry, and waste management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.