Healthcare Facility Management Market to Reach $427.13 Bn, Globally, by 2031 at 7.4% CAGR: Allied Market Research
Increase in prevalence of the geriatric population along with rise in number of patients with chronic diseases & obesity, and introduction of new services by large number of key players drive the growth of the global healthcare facility management market.
PORTLAND, Ore., Aug. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Facility Management Market by Service Type (Hard Services, Soft Services), by End User (Hospitals and Clinics, Long Term Care Facilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global healthcare facility management industry was estimated at $208.80 billion in 2021, and is anticipated to hit $427.13 billion by 2031, registering a CAGR of 7.4% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
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Pre-determinant of growth-
Increase in prevalence of the geriatric population along with rise in number of patients with chronic diseases & obesity, and introduction of new services by large number of key players drive the growth of the global healthcare facility management market. At the same time, several initiatives taken by the government to provide accurate services across healthcare facilities and growing adoption of technological applications in healthcare facility management have supplemented the growth even more. Moreover, hospitals and healthcare facilities are adding new software and other technology applications which are crucial to evaluate technology trends. This factor has created lucrative opportunities for the key players in the industry.
Impact of Covid-19 on Healthcare Facility Management Market-
- There were increased volumes of discarded materials from health protection activities, medical diagnosis, treatment, and scientific research during the pandemic. Thus, efficient disposal of medical waste was highly needed.
- Surge in demand for proper management of this medical waste gave way to rise in need of healthcare facility management services, thus boosting the market growth.
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The soft services segment to dominate by 2031-
Based on service type, the soft services segment held nearly three-fifths of the global healthcare facility management market revenue in 2021, and is expected to lead the trail by 2031, due to increasing investment in waste management, cleaning services, catering services, and others. The hard services segment, nevertheless, would manifest the fastest CAGR of 8.2% from 2022 to 2031, owing to rise in construction of healthcare centers.
The hospitals and clinics segment to maintain the lion's share-
Based on end user, the hospitals and clinics segment generated the major share in 2021, holding nearly two-thirds of the global healthcare facility management market, and is projected to dominate throughout the forecast period. This is due to increasing rise in number of hospitals and clinics to provide advanced healthcare services. The long-term care facilities segment, simultaneously, would cite the fastest CAGR of 9.1% by 2031. Growing sophistication of long-term care facilities and its massive expenditure on facility management services drive the segment growth.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating nearly two-fifths of the global healthcare facility management market. Robust infrastructure provided for research activities and the presence of key players across the region fuel the market growth. Asia-Pacific, simultaneously, would garner the fastest CAGR of 9.3% by 2031, due to shifting focus of the market players on partnership with local players across the province. The other regions analyzed through the report include LAMEA and Europe.
Key players in the industry-
- Armark Corporation
- CBRE Group, Inc.
- ABM Industries Inc.
- Sodexo
- Accruent
- Jones Lang LaSalle Incorporated
- ISS
- Johnson Controls
- 3M COMPANY
- Medxcel
The report analyzes these key players in the global healthcare facility management market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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