PUBLISHER: The Business Research Company | PRODUCT CODE: 1480380
PUBLISHER: The Business Research Company | PRODUCT CODE: 1480380
Healthcare facility management refers to the comprehensive management and oversight of services related to the operation, maintenance and support services within healthcare facilities such as hospitals, clinics, nursing homes and other healthcare-related establishments. This includes managing physical infrastructure, ensuring regulatory compliance, coordinating maintenance activities, overseeing security, managing waste disposal, providing catering services, handling technical support for medical equipment and IT systems and ensuring a clean and safe environment for patients, staff and visitors. It aims to optimize the efficiency, safety and effectiveness of healthcare delivery within the facility.
The healthcare facility management market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing healthcare facility management services such as maintenance services, infection control services, technology management, regulatory compliance and patient care.
The global healthcare facility management market was valued at $140,328.72 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 10.0%.
Growth In Hospital Construction Projects
The growth in hospital construction projects propelled the growth of the healthcare facility management market during the historic period. Hospital construction projects involve the planning, design and construction of healthcare facilities, including hospitals, clinics and medical centers. As more hospitals are built or renovated, there is a greater need for effective facility management to ensure these facilities are efficiently operated, well-maintained and compliant with regulatory standards. This increased demand for facility management services encompasses a wide range of activities, including asset management, maintenance, cleaning, security, energy management and compliance with healthcare regulations. For instance, in May 2023, according to a report published by the American Hospital Association (AHA), a US-based healthcare trade organization representing hospitals and health care networks, the overall number of hospitals constructed reached 6,129, up from 6,093 in 2022. Additionally, total admissions across all U.S. hospitals increased to 34.01 million compared to 33.35 million in 2022. Therefore, the growth in hospital construction projects fueled the expansion of the healthcare facility management market during this historic period.
Practice Management Software's Role In Healthcare Facility Management
Companies in the healthcare facility management market are pioneering innovative solutions, such as practice management software, that is tailored for primary care clinics, to gain a competitive edge and drive revenue growth. This specialized software streamlines administrative tasks and optimizes operations within primary care facilities. For instance, in August 2023, Kumo, a Malaysian-based healthcare technology company, introduced KumoDoc. This software is uniquely designed for primary care clinics, focusing on enhancing efficiency and clinic operations. KumoDoc offers various features, including synchronized appointment scheduling with patient notifications via WhatsApp, effective medical inventory management, a secure telehealth platform, fraud detection algorithms and seamless billing processes. By integrating electronic medical records, KumoDoc promotes real-time collaboration, benefiting both clinics and patients. With a customer-centric approach, KumoDoc aims to improve and simplify healthcare processes for providers, delivering a personalized, convenient and efficient healthcare experience. Its advanced technology and intuitive interface support medical practitioners in managing daily clinic administration, benefiting primary care and medical wellness centers.
The global healthcare facility management market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.3% of the total market in 2022.
Healthcare Facility Management Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global healthcare facility management market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider healthcare facility management market; and compares it with other markets.