Healthcare Facility Management Market To Generate Revenue Worth $180,397.0 Million By 2030

The healthcare facility management industry is projected to generate $180,397.0 million revenue by 2030, advancing at a CAGR of 8.3% during 2021–2030. This will be due to the growing occurrence of chronic diseases, higher healthcare expenditure, and the development of healthcare facilities. In addition, the adoption of mHealth, telehealth, and IoT technologies is offering opportunities to companies offering facility management services to healthcare providers.

Rapid Surge in Occurrence of Chronic Diseases

As the prevalence of chronic diseases rises, there will be a tremendous demand for more-technologically sophisticated and better healthcare facilities. Chronic diseases, especially CVDs, cancer, diabetes, and respiratory diseases, account for almost 60% of the fatalities globally. People with chronic illnesses are the most-frequent users of healthcare worldwide, responsible for the majority of the hospital admissions and drug prescriptions, as well as the bulk of the healthcare spending. Thus, the rising incidence of chronic diseases is a key factor propelling the growth of the market.

Outsourcing Facility Management Holds Larger Market Share

The outsourcing category accounted for the larger revenue share, of 53.6%, in the market in 2021, based on business model. One of the most-significant trends observed in recent years is the evolution of outsourced services in the healthcare sector. Outsourced healthcare facility management services are growing in popularity due to the benefits they provide, such as improved patient care, lower overhead costs, the freedom to focus on core competencies, and higher employee efficiency.

Soft services dominated the healthcare facilities management market in 2021, with a value of $51,783.0 million, and they are expected to continue to dominate the market over the forecast period, with a value of $1,07,020.2 million in 2030. This could be due to an increase in the demand for soft services, primarily cleaning, to maintain high standards of safety, sanitation, cleanliness, and customer service.

North America to Witness Fastest Growth

The demand for such services in North America is projected to grow the fastest, with a CAGR of 8.5%. Healthcare centers in the U.S. and Canada are increasingly adopting facilities management services and shifting from traditional to advanced and third-party services, in order to save money. Moreover, the expansion of end-use industries, government initiatives for the implementation of healthcare facility management services, and the surging number of pharmaceutical companies will contribute to the growth of the healthcare facilities management market in North America.

Acquisition Is Most-Effective Strategic Measure

Players in the healthcare facility management market have been involved in acquisitions to remain competitive. For instance, in November 2021, JLL acquired Building Engines, a platform for building operations. The aim of this move was to bring together the fragmented property management software ecosystem into a single, simple-to-use, open platform for real estate investors.

Some of the major players operating in the healthcare facility management market are ABM Industries Inc., Ecolab Inc., Sodexo, ISS World Services A/S, Serco Group PLC, Jones Lang LaSalle IP, Mitie Group plc, and Compass Group PLC.