Hyderabad, India -- (SBWIRE) -- 02/22/2023 -- Healthcare Facilities Management Market

Overview:
Healthcare facility management services develop safety policies and maintenance plans, assess the need for repairs or enhancements, and oversee safety and cleanliness awareness campaigns in healthcare environments. These aid in the provision of a safe and sanitary environment for nurses, physicians, outpatients, inpatients, and others. Healthcare facility management is concerned with patients' quality of life and maintains medical facilities by preventing equipment failures so that no surgical operations are disrupted.

Market Growth and Future Apprehension:
The most recent USD Analytics report predicted that the worldwide "Healthcare Facilities Management Market" will expand at a CAGR 8.67% during 2023 to 2030.

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Market Dynamics:

Drivers:
The growth in the incidence of elderly population, as well as the increase in the number of patients with chronic conditions, obesity, and the launch of new services by a large number of key players, are driving the worldwide healthcare facility management market size.

The government's endeavours to deliver accurate services across the healthcare facilities business promote market growth. Furthermore, the development of various healthcare facility providing programmes by the commercial and governmental sectors fuels market growth. In addition, hospitals and healthcare institutions are implementing new software and other technological applications that are critical for assessing technology trends. Healthcare facility management software is a cutting-edge facility management system that assists hospitals and clinics in managing patient care and streamlining everyday operations.

Restraints:
The expense of maintaining healthcare facilities is enormous. It also requires adherence to structural regularity requirements and compliances. The institution is also constantly threatened by vandalism and theft.

Market Opportunities:
-Facility management outsourcing presents a significant opportunity for service providers.

The primary reasons for outsourcing in-house services are growing healthcare costs, the difficulty of advanced ICD-10 medical coding systems, and the implementation of electronic health records. The increasing patient flow, as well as the increased requirement to check insurance eligibility and examine patient check-in data, are putting a strain on hospitals, forcing them to outsource a few services, including facility management.

In order to maintain sanitary working conditions while focusing on patient care, hospitals and other healthcare facilities outsource different non-clinical duties such as medical waste disposal, property management, and cleaning. In addition, hospitals may save a significant amount of money by outsourcing facilities management and other non-clinical tasks.

Covid-19 Impact Analysis:
The COVID-19 epidemic is expected to boost the growth of the global healthcare facility management market. During a pandemic, there was a dramatic surge in demand for medical waste management, cleaning, catering, and other services in order to offer effective treatment to a large patient population, which led to an increase in the use of healthcare facility management services.
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Segmentation Analysis:
The global Healthcare Facilities Management Market segmented based on type, application and, region

By Type:
- Hard Services
- Soft Services
By Application:
- Hospitals
- Long-term healthcare facilities
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa

Major Players:
- Ecolab SA
- Aramark Corporation
- ABM Industries Inc
- Sodexo
- ISS World Services A/S
- Jones Lang LaSalle
- CBRE
- Medxcel
- The 3M Company
- Accruent
Key Developments:

June 2020 - Sodexo collaborated with Bureau Veritas to launch a hygiene verification label for Sodexo services, providing consumers with quality assurance. This collaboration includes on-site facilities management and culinary services. The label was first adopted in the United Kingdom, France, the United States, and Canada, and then progressively expanded to other nations throughout the world.

CBRE Group, Inc. and Turner & Townsend Holdings Limited finalised their transaction in November 2021. CBRE acquired a 60% share in the firm and formed a strategic partnership with Turner & Townsend. Turner & Townsend provides projects and programs, cost consulting, project management, and advisory consulting services to customers in 46 countries. The three business categories are real estate, infrastructure, and natural resources.

Regional Analysis:
North America is expected to lead the global healthcare facilities management market in the coming years. This expansion is due to the excellent healthcare organisation and the adoption of various healthcare technology. The overall state of the healthcare system in North America varies greatly. Currently, some hospitals have established a strong market position, while others have understood the importance of fundamental healthcare facility management. According to the American Cancer Society, around 1.8 million new cancer cases will be discovered in 2020, with approximately 606,520 cancer deaths occurring in the United States. Furthermore, the region's expanding older population and rising chronic illnesses are likely to support the development of the healthcare facilities management market in the near future.
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