by Healthcare facilities management includes hard services such as security, catering, housekeeping, and technical services, as well as soft services such as medical equipment maintenance and facility maintenance, among others. Healthcare facilities management has gained prominence in recent years as healthcare institutions are increasingly outsourcing non-core services to specialized third-party facilities management companies. This provides healthcare organizations with enhanced efficiency, cost savings, and the ability to focus on their core clinical operations.
The global Healthcare Facilities Management Market is estimated to be valued at US$ 398,396.4 Mn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increased outsourcing of non-core services has been a key trend driving the healthcare facilities management market in recent years. As healthcare costs continue to rise globally, facilities management companies help reduce the operating expenses of healthcare organizations through integrated solutions, efficiency improvements, and economies of scale achieved across multiple client portfolios. Their specialized expertise also ensures compliance with regulations and maintenance of high service quality standards. This has encouraged more healthcare providers to rely on third-party facilities management for various support functions and redeploy resources to patient care activities.
SWOT Analysis
Strength: The healthcare facilities management market has high growth opportunities due to rising healthcare infrastructure across the globe. Technological advancements in services also strengthen the market.
Weakness: High initial investment and maintenance costs associated with facilities management services pose challenges to market growth. Lack of a skilled workforce is another weakness.
Opportunity: Emerging economies are increasing investments in healthcare infrastructure which will drive the demand for facilities management services in coming years. The adoption of green building initiatives by hospitals also presents opportunities.
Threats: Budget constraints of hospitals can restrict the scope of facilities management services. Stringent government regulations regarding healthcare infrastructure may also threaten market growth.
Key Takeaways
The global Healthcare Facilities Management Market Growth is expected to witness high growth. North America dominates the market currently due to the presence of major players and advanced healthcare infrastructure in countries like the US and Canada. Asia Pacific is expected to witness the fastest growth due to rising medical tourism and government initiatives to strengthen healthcare systems in developing economies of the region.
Key players operating in the healthcare facilities management market are Cushman & Wakefield, Tenon Group, Apollo Sindoori, Compass Group PLC, Sodexo, Serco Group PLC, OCS Group, Jones Lang LaSalle, ISS World Services AS, Ecolab Inc., ABM Industries Inc., Aramark Corporation, Vanguard Resources Inc., and Medxcel Facilities Management, among others. These players are focusing on mergers & acquisitions and new service launches to expand their geographical presence and service portfolios.
The global healthcare facilities management market size for 2023 is estimated at US$ 398,396.4 Mn. With advancements in the healthcare sector, the market is projected to grow at a CAGR of 12.% during the forecast period of 2023 to 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
