New Study from StrategyR Highlights a $222.9 Billion Global Market for Healthcare Facilities Management by 2026

SAN FRANCISCO, July 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare Facilities Management - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Edition: 18; Released: June 2022
Executive Pool: 1812
Companies: 118 - Players covered include ABM; AmeriPride Services Inc.; ARAMARK Corporation; Compass Group PLC; Ecolab, Inc.; Founders 3 Real Estate Services; ISS A/S; Jones Lang LaSalle, Inc.; Medxcel; Mitie Group PLC; OCS Group Ltd.; Sodexo, Inc.; Vanguard Resources Inc. and Others.
Coverage: All major geographies and key segments
Segments: Service Type (Soft Services, Hard Services); End-Use (Hospitals & Clinics, Long-Term Healthcare Facilities, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

Amid the COVID-19 crisis, the global market for Healthcare Facilities Management estimated at US$165.1 Billion in the year 2022, is projected to reach a revised size of US$222.9 Billion by 2026, growing at a CAGR of 7.2% over the analysis period. Soft Services, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR, while growth in the Hard Services segment is readjusted to a revised 8.3% CAGR. Healthcare FM market worldwide continues to grow at a promising rate. With world confronting challenges in the form of rising incidence of lifestyle related diseases, focus is shifting towards health and better lifestyle that is also expected to bear an impact on the FM market. The growing focus on healthcare sector is thus contributing to the increase in FM revenues. Specifically in regions such as Europe, where governments are slashing healthcare budgets, there is growing demand for outsourced FM services. The rising threat of lifestyle diseases is also expected to foster improvements in building designs, in order to promote comfortable, productive and active lifestyles. Increasing prevalence of chronic illnesses, rising disposable incomes of urban people, technological advancements designed to improve healthcare, rapid growth of medical tourism, and support for healthcare sector from government departments in developed and emerging economies are also supporting growth of the healthcare FM market.

The market is also benefitting from the rising expenditure on healthcare and associated infrastructure, growing focus on the aspect of hygiene, and the increasing emergence and use of technologies for maintaining sustainability. Increasing priority being given to patient wellness and safety also bodes well for the market. Private healthcare institutions are generally more focused on implementing healthcare facility management. The growing demand for outsourced FM services remains a key growth driver for the overall healthcare FM market. The market is being driven in part by the increasing trend of hospitals and other healthcare units outsourcing facilities management. Several non-clinical tasks such as cleaning, property management, and disposal of medical waste are generally outsourced by healthcare institutions while they concentrate on patient care. Outsourcing is gaining pace on account of the rising patient footfall in hospitals and the increase in associated paperwork and formalities, growing healthcare expenditures, implementation of electronic health records, and the difficulty involved in ICD-10 medical coding systems. Cost savings is an important factor behind the outsourcing of facility management processes.

Also driving growth are factors such as rising adoption of IoT and increasing proliferation of cloud-based solutions are expected to open up new avenues of growth in the healthcare FM market. Latest technologies such as Internet of Things (IoT) and automated guided vehicles, among others enable the providers of such services to offer improved customer service. IoT provides a steady flow of data in real-time, which allows better decision making and optimization of processes. Automation is also increasingly being witnessed in energy management systems of hospitals. IoT and AI support energy flow and its optimization in healthcare facilities. There has also been the emergence of several smart products due to the growing IoT adoption. Smart technology can be used to improve door locks, HVAC, alarms, and security cameras, among others, and facilitates the use of mobile devices to control them, which makes remote management of a facility possible and less time-taking.

Another factor fostering market growth is the rising use of healthcare facility management software, which enables clinics and hospitals to perform routine operations smoothly and enhance patient care. It allows healthcare facilities to use their physical resources and perform automation of management functions. This results in streamlining of processes, greater efficiency, and higher ROI. The use of such software ensures service continuity and improved outcomes. The market also gained from the COVID-19 pandemic, given the significant patient numbers and the intensity of care and services that was required for them while keeping the healthcare personnel safe. Maintenance of hygiene and cleanliness was among the most important focus areas during this crisis period.

Facilities management services are of two broad types, soft services and hard services. Hard facility management services refer to those that are integrated into facility or building. These are vital to the workplace environment and cannot be removed. Hard services are known to impact all people in the facility, albeit at different levels. Heating, lighting/electrical, plumbing, fire safety systems, air conditioning, and mechanical are some types of hard services. On the other hand, soft facility management services refer to services and actions that can be changed. These services are not integrated into the facility. Appropriate execution of these services can significantly elevate the workspace. Few of the examples of soft services include building security, cleaning, landscaping, office decorating, and catering among others.

Soft services category, especially cleaning and pest control segments, accounts for a major share and is likely to grow at a healthy rate driven by the growing importance of maintain clean environments given the highly contaminated surroundings of various healthcare facilities. The cleaning and pest control segment has considerable importance in the healthcare FM market, due to the high degree of contamination in healthcare settings. Cleaning is of huge significance for the healthcare sector, as maintaining a hygienic and healthy atmosphere is critical for providing proper care. While soft services continue to expand rapidly, hard services generate the most revenues for players in the healthcare FM market. The need to cut energy costs and lower operating expenditure are driving demand for hard services.

Medical waste management is expected to register strong growth in the forthcoming years. Healthcare facilities produce a significant quantity of non-hazardous and hazardous waste on a daily basis that arises from the diagnosis and treatment of diseases. Such waste needs to be carefully and safely managed to prevent the spread of infections and diseases and to lower impact on the environment. During the Coronavirus pandemic, the quantum of such waste that resulted from research activities, medical diagnosis and treatment, and protective measures, was significant. Effective management of such waste materials is crucial to contain the spread of the virus and such efforts are expected to positively impact market growth. More

MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
[email protected]

SOURCE Global Industry Analysts, Inc.