Healthcare Facilities Management Market Size to Hit USD
New York, United States , Nov. 07, 2024 (GLOBE NEWSWIRE) — “Healthcare facilities management” includes administering and maintaining a healthcare facility’s infrastructure. Coordination and organization of the healthcare environment to ensure its efficacy, safety, and optimal performance. It comprises hard and soft services, including mechanical and electrical necessities, cleaning, security, and administrative tasks. The healthcare facility management services establish safety policies and maintenance programs, evaluate the need for repairs or improvements, and oversee safety and cleanliness awareness programs in healthcare settings. These contribute to a safe and clean environment for nurses, physicians, outpatients, inpatients, and others.
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Market Dynamics
Growth in Healthcare Expenditures Drives the Global Market
In recent years, both developed and developing nations have experienced a significant increase in healthcare expenditures. For instance, based on the data released by the World Health Organization (WHO) in 2021, there has been a significant increase in worldwide expenditure on healthcare over the last twenty years. In real terms, this expenditure has more than doubled, reaching a total of USD 8.5 trillion in 2019, which accounts for around 9.8% of the global Gross Domestic Product (GDP). However, there was an unequal distribution of wealth, with around 80% of it held by high-income countries. Therefore, the decade-long increase in healthcare expenditures resulted in a robust healthcare ecosystem in which public and private healthcare players can outsource their work to third-party service providers such as facilities management firms. This will likely foster market growth during the forecast period.
Increasing Occurrence of Chronic Diseases Creates Tremendous Opportunities
Many people across the globe suffer from chronic diseases. Patients with chronic disease conditions, like diabetes, cancer, cardiovascular diseases, or age-related dementias, frequently experience a decline in quality of life due to an inability to manage their condition properly. In such cases, they are admitted to healthcare facilities that provide long-term care.
In such long-term care facilities or hospitals, skilled facilities management services are necessary to support hospital staff. For instance, facilities that house people with chronic diseases highly demand catering, waste management, and cleaning services. According to data published by the World Health Organization (WHO) in April 2021, chronic illnesses are expected to kill 41 million people annually, or 71% of all deaths worldwide. This expands market opportunities for facilities management companies, thereby fostering market expansion.
Regional Analysis
North America is the most significant global healthcare facilities management market shareholder and is anticipated to exhibit a CAGR of 12.85% during the forecast period. Due to high healthcare expenditures, North America is anticipated to dominate the global healthcare facilities management market throughout the forecast period. As per the Centers for Medicare & Medicaid Services, national health expenditures are anticipated to increase at an average annual rate of 5.4% between 2019 and 2028, reaching USD 6.2 trillion by 2028. This is expected to accelerate the market expansion.
In addition, the growing prevalence of chronic diseases and the aging population will drive market growth over the forecast period. According to the article “Prevalence of Chronic Diseases and Risk Factors among Canadians Aged 65 and Older,” published by the Government of Canada in December 2020, there is a high prevalence of chronic diseases in the country, including periodontal disease (52%), osteoarthritis (38%), osteoporosis (25.1%), cancer (21.5%), and asthma (10.1%). The nation’s high prevalence of chronic diseases increases hospital admission, thereby boosting the market for healthcare facilities management services.
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Key Highlights
- The global healthcare facilities management market size was valued at USD 449.44 billion in 2024 And is projected to reach from USD 505.93 billion in 2025 to USD 1468.58 billion by 2033, growing at a CAGR of 12.57% during the forecast period (2025–2033).
- Based on product type, the global healthcare facilities management market is divided into waste management, catering services, cleaning services, security services, technical support services, and other products. The cleaning services segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 13.80% throughout the forecast period.
- Based on the end-user, the global healthcare facilities management market is segmented into hospitals and clinics, long-term healthcare facilities, and other end-users. The hospitals and clinics segment owns the highest market share and is estimated to exhibit a CAGR of 12.80% during the forecast period.
- North America is the most significant global healthcare facilities management market shareholder and is anticipated to exhibit a CAGR of 12.85% during the forecast period.
Competitive Players
- ABM Industries Inc.
- Aramark
- Iss World Services AS
- Ecolab Inc.
- Jones Lang Lasalle Incorporated
- Medxcel Facilities Management LLC
- Serco Group PLC
- Sodexo
- Vanguard Resources Inc.
- Tenon Group
- Compass Group PLC.
Recent Developments
- March 2023- Royal Philips, a global leader in health technology, announced the launch of Philips Virtual Care Management, an extensive portfolio of flexible solutions and services that enables health systems, providers, payers, and employer groups to motivate and connect with patients from virtually anywhere more meaningfully.
- February 2023- Diversified Maintenance, a leading provider of quality facilities maintenance services, acquired Perennial Medical Cleaning Solutions, a Florida-based provider of comprehensive medical cleaning services.
Segmentation
- By Product Type
- Waste Management
- Security Services
- Catering Services
- Cleaning Services
- Technical Support Services
- Other Product Types
- By End-User
- Hospitals And Clinics
- Long-term Healthcare Facilities
- Other end-users
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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