by Healthcare facilities management involves various services like cleaning, security, catering, and waste management pertaining to healthcare infrastructure. It aims to provide a hygienic environment and enhance patient experience through high-quality services. The healthcare facilities management market offers a complete solution for non-core healthcare activities including facilities maintenance, asset management, and optimized resource utilization. Growing focus on reducing operational costs through outsourcing non-clinical functions is expected to propel the market growth over the forecast period.
The global healthcare facilities management market is estimated to be valued at US$ 398396.4 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the healthcare facilities management market growth is the increased outsourcing of non-clinical activities by hospitals and healthcare organizations. Growing complexity in regulatory guidelines and intense focus on quality patient care have compelled healthcare providers to outsource non-core functions like facilities management. This allows them to optimize costs and focus capital on clinical care. Outsourcing activities to specialized service providers ensures compliance, optimal resource utilization and quality services through experienced staff and standardized processes. Furthermore, increasing penetration of private healthcare facilities and medical tourism in developing regions has accelerated the demand for holistic facilities management services in the healthcare industry.
Segment Analysis
The healthcare facilities management market can be segmented into general services, ancillary services and technical services. General services include cleaning and disinfection, security services, laundry services, waste management and catering services. It is the dominating segment as these are the basic services required across all healthcare facilities. Ancillary services include clerical services, finance and accounting services, human resources services and supply chain management services. Technical services include facility operations and maintenance services, capital projects, consulting and advisory services, and engineering services. This segment is growing at a fast pace due to increasing complexity of healthcare infrastructure and facilities.
PEST Analysis
Political: Governments across countries are undertaking various initiatives and enacting regulations to improve healthcare infrastructure and patient experience. They are also focusing on efficient management of facilities to reduce operational costs.
Economic: Rising healthcare spending and growing aging population is increasing the demand for advanced healthcare facilities and outsourcing of non-core services. However, high costs associated could hamper market growth.
Social: Increasing incidence of chronic diseases, growing medical tourism and shifting preference towards quality care are prompting people to seek care from advanced facilities. This is driving need for efficient management.
Technological: Adoption of technologies like IoT, AI, cloud and big data are enabling facilities managers to improve operations, optimize resource utilization and enhance patient experience through remote monitoring and predictive maintenance.
Key Takeaways
The Global Healthcare Facilities Management Market Size is expected to witness high growth over the forecast period.
Regional Analysis: North America region dominates the market currently due to large healthcare infrastructure, heavy investments and early adoption of advanced facility management solutions. However, Asia Pacific region is expected to grow at the fastest pace owing to improving healthcare conditions, growing medical tourism and increasing investments by public-private players in countries like India, China and Japan.
Key players operating in the healthcare facilities management market are Sony, Samsung, OmniVision, ON Semiconductor, Canon, SK Hynix, STMicroelectronics, Panasonic, Teledyne Technologies and Hamamatsu Photonics. They are focused on developing advanced sensor technologies, IoT integrated devices and AI powered facility management platforms to gain competitive edge. Infineon Technologies, ams, Himax Technologies, Gpixel and New Imaging Technologies are other prominent players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
