According to Inkwood Research, the Global Healthcare Facilities Management Market is estimated to record a CAGR of 11.80% in terms of revenue during the forecast years of 2022-2030.
“Browse 41 Market Data Tables and 39 Figures spread over 205 Pages, along with an in-depth TOC on the Global Healthcare Facilities Management Market Forecast 2022-2030.”
The healthcare facilities management market has a central role in facilitating a nurturing environment that aids in patient satisfaction and positive treatment outcomes. Also, it helps in better and more efficient utilization of resources.
Growing Prevalence of Chronic Diseases drives Market Growth
Globally, there is a high prevalence of chronic diseases. These include cardiovascular diseases, diabetes, and age-related dementias that hinder day-to-day life activities. Also, these diseases require admission to healthcare institutions and centers for long-term care. Accordingly, such centers need facility management services to supplement the staff and their responsibilities. For instance, cleaning, waste management, and catering services.
In addition, as per the World Health Organization (WHO) 2021 data, chronic diseases are projected to cause 41 million deaths annually. Whereas, as per the same source, chronic diseases account for 77% of deaths in low- and middle-income countries. Also, as per the National Center for Chronic Disease Prevention and Health Promotion 2022 data, chronic kidney disease, diabetes, Alzheimer’s disease, stroke, chronic lung diseases, cancer, and heart diseases are the leading causes of death and disability in the US, incurring $4.1 trillion healthcare costs annually. Besides, cardiovascular diseases constitute most chronic deaths, followed by cancers, respiratory diseases, and diabetes. Such factors aid in raising the global healthcare facilities management market demands.
Security Services are the Prominent Service Type
Security services in healthcare facilities look over the safety and security of the hospitals, patients, and personnel, and regulate traffic within the hospital premises. It encompasses equipment safety, surveillance, and access management. In addition, the rising reliance on technology, the growing adoption of the Internet of Things, and the increasing advanced medical equipment threats are estimated to boost the segment’s growth opportunities.
Further, security and safety in hospitals are indispensable with regard to patient experience and healthcare staff safety. Also, such services protect access to sensitive areas like intensive care areas, OPD (outpatient department), and emergency rooms. Healthcare facilities management offers a range of security services and helps secure the welfare of the property, patients, and staff.
North America is the Largest Revenue-Generating Region
The market growth of the region is attributed to the growing healthcare expenditures, the increasing chronic diseases, and the presence of key firms. According to the Centers for Medicare & Medicaid Services, the national healthcare spending in the US is set to project an annual rate of 5.4% for 2019-2028. Also, chronic diseases like asthma are prevalent among children in the country. For instance, as per the 2022 Asthma and Allergy Foundation of America (AAFA) data, 1 in 13 Americans had asthma. Such aspects contribute to the North American market growth.
The competitive rivalry is evaluated to be moderate to high, with many international and regional players offering a vast range of service offerings. Some of the leading firms in the market include ISS World Services A/S, Jones Lang LaSalle Incorporated, Ecolab Inc, Sodexo, etc.