Healthcare Environmental Services Market To Generate $25,008.7 Million Revenue by 2030
- Published: February 2023
The global healthcare environmental services market revenue is expected to reach USD 25,008.7 million by 2030, exhibiting a CAGR of 8.0% during 2022–2030. This can be attributed to the increase in the count of hospital admissions, a lack of internal cleaning expertise, strategic acquisitions, partnerships, and alliances among the top players, and a growth in the need to lower healthcare costs.
The significant rise in the cases of infections over the past few years has resulted in a substantial growth in hospital admissions. In order to prevent further hospital-acquired infections among patients and even employees, the inclination of the healthcare sector toward these services has increased. Furthermore, the awareness among people about the importance of a hygienic environment at hospitals, in regard to disease control, has risen. The above-mentioned factors have significantly boosted the healthcare environmental service demand around the world.
Moreover, there has been an increasing focus on reducing healthcare costs. The effective utilization of these services can significantly reduce the threat of healthcare-associated infection, which, in turn, would prove to be cost-effective for patients by eliminating the need for longer hospitalizations and repeated visits.
Additionally, the industry’s leading players have grown stronger over time, which is attributable to the frequent product introductions. Additionally, these competitors have increased their prospects through strategic alliances, acquisitions, and collaborations. For instance, Able Services was purchased by AMB Industries in 2021. ABM's larger plans are in line with Able's sizable janitorial service business in key countries and long-standing partnerships with large corporate clients. With this acquisition, ABM increased its janitorial service income by more than USD 400 million.
Moreover, the 18th territorial master franchise of Corvus Janitorial Systems, Corvus of Nashville LLC, was established in October 2021. In keeping with Corvus' national brand, Corvus of Nashville will assist local franchisees in offering quality janitorial and office cleaning services.
Infection Control and Prevention Services To Hold Significant Revenue Share
The infection control and prevention services category held a substantial share, around 60%, in 2022. This can be attributed to the coronavirus pandemic, which led to a massive increase in the burden of infected patients on hospitals and other healthcare institutions. Therefore, in 2021, the U.S. healthcare sector received a USD 2.1-billion investment for infection control and prevention, as announced by the Biden–Harris administration in September. The Centers for Disease Control and Prevention (CDC), in collaboration with the Biden–Harris Administration, directed the American Rescue Plan funding to strengthen and provide state, local, and territorial public health departments with the necessary tools to more-effectively combat infections in healthcare facilities, including COVID-19 and other well-known and newly emerging infectious diseases.
Asia-Pacific To Witness Fastest Growth during This Decade
APAC is projected to witness the highest growth rate during the forecast period. This can be credited to the rising medical tourism activities and increasing expenditure on healthcare infrastructure in this region. This is because medical care is less expensive in developing nations than in developed nations. Thus, seeing the potential of medical tourism, governments in regional countries have started paying more heed to this sector, having launched several initiatives specifically to attract patients from overseas.
China leads the market in the region because of the significant prevalence of pandemic in the nation still, which, in turn, has fueled the production of technologically advanced cleaning equipment, such as disinfection robots, by local companies for healthcare facilities.
Key players in the market include Sodexo, Servicon Systems Inc., Aramark, Hospital Housekeeping Systems, ABM Industries Inc., Xanitos Inc., OctoClean, AVI Foodsystems Inc., Jani-King International Inc., and Healthcare Services Group Inc.