Healthcare facilities management involves managing operations and infrastructure of hospitals, clinics, and other healthcare facilities. It includes services such as cleaning, food services, security, infrastructure maintenance and repair, materials management and supply chain operations. With rising healthcare costs and shortage of healthcare professionals, demand for remote patient monitoring solutions has increased significantly which utilizes devices such as vital sign monitoring equipment, glucose monitors, and cardiovascular disease monitoring devices. These remote monitoring devices automatically collect and transfer data to healthcare providers for easy access which helps in better management of patients’ health without requiring visits to facilities.
The global Healthcare Facilities Management Market is estimated to be valued at US$ 458952.66 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for remote patient monitoring solutions is being driven by growing need to reduce healthcare costs and rising geriatric population suffering from chronic conditions who require frequent medical supervision. Remote patient monitoring allows continuous monitoring of patients at home and enables early detection of health issues before they worsen. This reduces costs associated with frequent hospital visits and length of stays. It provides convenience to elderly population and those living in rural areas with limited access to healthcare facilities. Remote monitoring solutions are thus expected to gain more prominence in healthcare facilities management over the forecast period.
Strength: The Global Healthcare Facilities Management Market Size possesses various strengths such as effective organizational management, improved operational efficiency, and reduced costs.
Weakness: High initial investments and maintenance costs associated with facilities management solutions act as a weakness for the market. Lack of awareness about the benefits of facilities management services also poses a challenge.
Opportunity: Growing need to improve patient experience and emphasis on workplace safety and environmental sustainability present opportunities for market growth. Rise in aging population globally increases the demand for quality healthcare infrastructure and facilities management.
Threats: Threats include budget constraints faced by healthcare providers and the presence of in-house facilities management teams at some organizations. Stringent regulations associated with healthcare infrastructure also restrict market expansion.
The global healthcare facilities management market is expected to witness high growth.
Regional analysis comprises Asia Pacific region is expected to grow at the fastest rate during the forecast period. This can be attributed to growing medical tourism sector, rising healthcare expenditure, and increasing need for advanced healthcare facilities in major Asian economies like India and China.
Key players operating in the healthcare facilities management market are Sony, Samsung, OmniVision, ON Semiconductor, Canon, SK Hynix, STMicroelectronics, Panasonic, Teledyne Technologies, Hamamatsu Photonics, Infineon Technologies, ams, Himax Technologies, Gpixel, New Imaging Technologies, Sharp, Lite-On Technology Corporation, Winbond Electronics Corporation, Holst Centre/imec, Made-in-China.com. These leading players are focusing on new product launches and partnerships with hospitals to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it