Healthcare Facilities Management Market Demand and Growth Analysis with Forecast up to 2026
The demand within the healthcare facilities management market is increasing at a boisterous pace in recent times. The healthcare industry has gradually shifted from being an absolutist focused on medical procedures to a more diverse industry that prioritises patient safety, utility, and wellness. For this reason, healthcare facilities do not just focus on inducting the latest medical device or technology, going an extra mile to ensure state-of-the-art rooms, beds, and storage systems. Healthcare facilities management is a broad area that covers several services provided across hospitals wards, waiting areas, and other zones. In this context, the growth of the global healthcare facilities management market is expected to attract huge-scale revenues.
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- Provision of medical services, combined with the availability of add-on services such as laundry, air conditioning, and nurse-call have helped in improving the fettle of the healthcare sector. Plumbing and electric repair are some of the most common services used across the domain of healthcare management. The rise in the incidence of chronic diseases has compelled the healthcare fraternity to ensure proper execution of multiple services. Private healthcare institutions have been more active in deploying healthcare facility management services. The increasing spending capacity of private healthcare units has given a thrust to market expansion. The need for continual advancements in the healthcare service fabric has driven market demand.
- The healthcare industry contributes a substantial part to the GDP of a nation, and is responsible for maintaining the human development index. For this reason, investments in healthcare have been at the forefront of regional growth. The presence of a seamless and utility-driven healthcare sector also gives an impetus to accelerated patient recovery. The importance of care delivery has led medical practitioners to focus on improving healthcare facilities. Therefore, the healthcare facilities management market is set to expand in the times to follow.
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Global Healthcare Facility Management Market – Snapshot
Public and private healthcare expenditure is rising in many countries across the world due to an increase in chronic and other diseases. In the era of globalization, private healthcare facilities such as hospitals and nursing homes are striving to provide best in class healthcare services to attract patients and increase their revenue. Healthcare facilities are focused on providing better medical services to patients. Non-core healthcare facility management services also play a vital role in the overall satisfaction of in-patients. This led healthcare facilities to outsource non-core healthcare facility management services to professional healthcare facility management service providers. Through this strategy, healthcare facilities are able to reduce their expenditure on non-core healthcare services. This is driving demand for healthcare facility management services worldwide.
There is a steady rise in the growth of the aging population in countries such as Japan and Singapore and an increase in prolonged diseases in China, India, Vietnam, the Philippines, Thailand, and other countries in Asia Pacific. The geriatric population is also rising in Europe and North America. This is leading to a rise in the number of healthcare facilities, which in turn is boosting demand for healthcare facility management services.
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There has been a rise in the number of national and international facility management contracts across the world. In 2000, there were only a handful of international facility management contracts, which later on increased to double digits by 2010. This included a rise in international healthcare facility management contracts. This factor is driving the global healthcare facility management market. Moreover, there has been a rise in the number of mergers and acquisition among healthcare facility management service providers.
The value chain of the global healthcare facility management market consists of raw material suppliers, healthcare facility management service providers, and end-use industries. Suppliers of raw material to healthcare facility management service providers can be either third party suppliers or in-house personnel, depending on the strategy adopted by a facility management service provider. Healthcare facility management service providers are offering technological and high-quality services to create service differentiation. Companies operating in the market also offer a range of value-added healthcare facility management services, including warranty and maintenance, to increase customer base and retain existing customers. Third-party raw material suppliers operating in the market are providing labor, cleaning chemicals, and maintenance equipment among others. However, sometimes healthcare facility management service providers face certain challenges related to third-party suppliers. For instance, the quality of cleaning chemicals may not up to the standard or they may face labor issues. This ultimately affects the image of a healthcare facility management company. Therefore, the choice of raw material suppliers plays a vital role in the overall quality of the healthcare facility management services provided by a facility management company.
Based on service, the global healthcare facility management market has been segmented into hard and soft services. The hard services segment has been further divided into various non-core healthcare services such as plumbing and air conditioning maintenance, fire protection systems, mechanical and electrical maintenance, and other hard services such as fabric maintenance. The soft services segment has been further categorized into cleaning and pest control, laundry, catering, security, waste management, and other soft services such as administrative services. The soft healthcare facility management services segment is expected to account for a higher market share than the hard healthcare facility management services segment. However, the hard services segment is anticipated to expand at a higher growth rate during the forecast period.
In terms of geography, the global healthcare facility management market has been divided into North America, Europe, Asia Pacific, Middle East &Africa, and South America.
Some of the major players operating in the healthcare facility management market are ABM Industries Inc., Aramark Corporation, Compass Group plc, Ecolab, Inc., ISS World Services A/S, Jones Lang LaSalle, IP, Inc., Manutencoop Facility Management S.p.A. (MFM), Medxcel Facility Management, Mitie Group plc, OCS Group, Secro Group plc, Sodexo, Vanguard Resources, and UEM Edgenta Berhad among others.
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