LONDON, April 04, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Healthcare Facility Management Global Market Report 2024, the healthcare facility management market is witnessing robust expansion, driven by digital transformation initiatives within the healthcare sector. With a compound annual growth rate (CAGR) of 11.2%, the healthcare facility management market is set to reach $217.83 billion in 2024 from $195.95 billion in 2023. The healthcare facility management market size is expected to see rapid growth in the next few years. It will grow to $337.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
Utilization of Advanced Technologies
Digital transformation involves integrating digital technologies to enhance healthcare service delivery, streamline operations, and improve patient outcomes. Healthcare facility management leverages technologies like AI and communication tools to optimize resource allocation and patient care.
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Investments in Technology
A survey conducted by Koninklijke Philips N.V. revealed that 83% of healthcare leaders plan to invest in AI by 2025. Additionally, 80% of healthcare providers intend to enhance technology investments over the next five years, according to a report by the Healthcare Information and Management Systems Society (HIMSS).
Integration of Smart Technologies
Companies in the healthcare facility management market are prioritizing the integration of smart technologies to enhance operational efficiency and patient satisfaction. Schneider Electric SE unveiled the Live Healthcare Lab, featuring intelligent patient rooms, to transform the patient experience through digital innovation.
Market Segmentation
The healthcare facility management market is segmented by type, service type, business model, and end-user. These segments encompass hard services, soft services, property management, cleaning, security, catering, support, environmental management, outsourced and in-house models, and hospitals and clinics, among others.
Fragmented Market Landscape
The global healthcare facility management market is fragmented, with numerous players operating worldwide. Elevance Health Inc., Sodexo India Services Pvt. Ltd., and ISS World Services AS are among the leading competitors in the market.
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Regional Outlook
North America led the healthcare facility management market in 2023, followed by Asia-Pacific and Western Europe. Asia-Pacific and North America are expected to be the fastest-growing regions, with CAGRs of 13.03% and 11.09%, respectively.
The healthcare facility management market's rapid growth underscores the importance of digital transformation in enhancing healthcare service delivery. As companies continue to integrate smart technologies and invest in innovative solutions, the market is poised for sustained expansion, particularly in regions prioritizing healthcare infrastructure development and technological advancement.
Healthcare Facility Management Global Market Report 2024 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.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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