The Healthcare Facilities Management Market size is valued at approximately USD 315.07 billion in 2021 and is expected to reach USD 681 billion in 2027, with a CAGR of nearly 13.93% over the forecast period.
The COVID-19 pandemic is expected to extensively widen the growth of the healthcare facilities market globally. With the rise in the number of COVID-19 patients, an increase in the number of diagnostics and treatments for COVID-19 is expected, which in turn is predicted to result in the production of huge amounts of medical waste. Additionally, the management of in-patient and out-patient services during pandemic is of utmost importance, given social distancing. Additionally, hygiene maintenance plays a critical role to combat the COVID-19 situations. According to the Centers for Disease Control and Prevention (CDC), healthcare facilities need to provide care for all patients in the safest way possible for patients and healthcare personnel as a response to COVID-19. Hence, given the above-mentioned factors, healthcare facilities management is in great demand during the pandemic.
The healthcare facilities management market is predicted to witness rapid growth due to rising global healthcare expenditures, along with an increase in the occurrence of chronic diseases, and increasing medical tourism in emerging countries.
Healthcare has become one of the leading sectors, owing to the increasing number of patients and rising healthcare expenditure by the public, as well as private players in healthcare systems. As per the data published by the Centers for Medicare and Medicaid Services (CMS), in the United States, national healthcare spending is projected to grow at an average rate of 5.5% per year during 2018-2027, to reach nearly USD 6.0 trillion by 2027. Healthcare spending is projected to grow 0.8% faster than the GDP per year, over 2018-2027. As a result, the healthcare share of GDP is expected to rise from 17.9% in 2017 to 19.4% by 2027. Thus there has been exceptional growth in the healthcare expenditures that have led to the development of various facilities in hospitals or clinics for the well-being of patients, and thus, this factor is expected to augment the growth of the market studied.
Thus, the aforementioned factors are expected to fuel the growth of the healthcare facilities management market over the forecast period. However, gap beween providers and payers and lack of investment in facilities management in low-income countries are the factors restraining the growth of the market.
Key Market Trends
Waste Management is Expected to Witness Good Growth Over the Forecast Period in the Healthcare Facilities Management Market
Healthcare establishments generate a huge quantity of both hazardous and non-hazardous wastes daily. These wastes are generated as a result of the diagnosis, and treatment of human and animal diseases. These hazardous wastes, when inappropriately managed may compromise the quality of patient care. These wastes may enhance environmental pollution and spread infectious diseases, including acquired immunodeficiency syndrome (AIDS), hepatitis, tuberculosis, diphtheria, cholera, and many others.
According to the World Health Organization, 2020, there are increased volumes of discarded materials from health protection activities, medical diagnosis, treatment, and scientific research during the COVID-19 pandemic and the safe, efficient disposal of this medical waste is a critical component in the effective management of COVID-19 globally. Hence COVID-19 is expected to have a significant impact on the growth of the studied segment during the pandemic.
Additionally, as per the Central Pollution Control Board (CPCB), India had generated nearly 28,468.85 tonnes of COVID-19 related bio-medical waste from June to November 2020. These healthcare wastes may pose health risks, indirectly through the release of pathogens and toxic pollutants into the environment. Thus the healthcare providers are on verge of establishing and implementing programs for the effective management of healthcare wastes, which is likely to impact the growth of the market.
North America is Expected to Hold a Major Share of the Market in the Forecast Period
North America is anticipated to dominate the healthcare facilities management in the forecast period due to the robust healthcare infrastructure and the introduction of different technologies for healthcare facilities management that is expected to fuel the growth of the market.
The overall condition of the healthcare infrastructure also varies widely in the North American region. Hospitals present are found to have with strong market position and some hospitals have established a basic healthcare facility management. According to the "Population Reference Bureau’s Population Bulletin"Aging in the United States the Americans aged 65 and older is projected to reach 95 million by 2060. The rising geriatric population and increasing chronic diseases across the region are augmenting the growth of the healthcare facilities management market in the forecast period.
Though there is an increasing demand for waste management during the COVID-19 pandemic, according to the research article published in Waste360, 2020, the United States has experienced a reduction of medical waste production due to the cancellation or delay of the elective surgeries as well as a reduction in hospitalizations. Hence, Covid-19 is expected to have a significant impact on the management of waste generated in the treatment of COVID-19 patients alone in the region.
The Healthcare Facilities Management Market is highly competitive and consists of several major players. The key players of the studied market comprise ABM Industries Inc., Aramark Corporation, Ecolab Inc., Iss World Services A/S, Serco Group plc, and Sodexo among others. The players involved in the global market of healthcare facilities management are found focusing on providing recent technologies and cost-effective services. The key players present in the market are also in the process of introducing advanced products to improve treatment efficiency, in turn, capturing a higher market share.
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By The Business Research Company
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