LONDON, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the healthcare facility management market forecasts the growing number of patients and increasing healthcare spending by the private and public participants in healthcare systems as a major driver for the healthcare facility management market. The government and private healthcare spending in various countries support the growth of healthcare systems by providing better service to patients. That leads to the increased adoption of healthcare facility management in the healthcare system. For instance, in 2020, according to the Centers for Medicare and Medicaid Services (CMMS) report, spending on healthcare in the US grew by nearly $365 billion in 2020 compared to 2019, and health spending per capita increased by 9.3% between 2019 and 2020. Therefore, healthcare spending by the private and public participants in healthcare systems is driving the healthcare facility management market growth.
The global healthcare facility management market size is expected to grow from $176.83 billion in 2022 to $199.78 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare facility management market size is expected to grow to $298.16 billion in 2027 at a compound annual growth rate (CAGR) of 10.5%.
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Technological advancement is the key trend gaining popularity in the healthcare facility management market. Technological developments are growing at an unprecedented rate and shaping the future of the healthcare industry. For example, in September 2022, CloudWave, a US-based independent cloud and managed services software hosting provider in healthcare, launched OpSus Cloud Services. In the user's data center, CloudWave OpSus Edge provides infrastructure-as-a-service, offering computing, storage, security, backup, recovery, and thorough operations and system upkeep. OpSus Cloud Services offers hospital users a multi-cloud strategy that ensures availability, simplicity of access, and robust security.
The global healthcare facility management market is segmented by type into hard services, soft services, and other services; by service type into property, cleaning, security, catering, support, environmental management; by business model into outsourced, in-house; by end user into hospitals and clinics, long-term healthcare facilities.
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Major players in the healthcare facility management market are ABM Industries Inc., ISS World Services A/S, Jones Lang LaSalle, IP, Inc., Medxcel Facility Management, Mitie Group plc, Aramark Corporation, Compass Group plc, Ecolab, Inc., OCS Group, Secro Group plc, Sodexo, Vanguard Resources, UEM Edgenta Berhad, Manutencoop Facility Management S.p.A., B38 Group, SMS Integrated Facility Services Private Limited, Oracle Corporation, Planon, Founders 3 Real Estate Services, Accruent, and IBM Corporation.
North America was the largest region in the healthcare facility management market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Healthcare Facility Management Market Global Report 2023 by The Business Research Company provides insights on the healthcare facility management market size, healthcare facility management market segments, healthcare facility management market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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