February 22, 2024
Healthcare and technology

Healthcare Facilities Management Market Propelled by the Growing Need for Reduced Operational Costs

Healthcare facilities management includes maintenance, upkeep and support services such as landscaping, facility maintenance, catering, security and laundry services for healthcare facilities like hospitals, assisted living facilities, rehabilitation centers and retirement homes. These services help healthcare providers focus on their core function of treating patients by managing non-clinical support services more efficiently. With the rising healthcare costs and demand for better patient outcomes, there is a growing need for cost optimization across healthcare operations through facilities management.

The global Healthcare Facilities Management Market is estimated to be valued at US$ 398396.4 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of integrated facilities management (IFM) in healthcare facilities is one of the key trends propelling market growth. IFM aims to deliver multiple services through a single point of contact by integrating functions such as facility maintenance, security, catering and cleaning services. This single point of accountability leads to improved productivity, cost efficiency and enhanced patient satisfaction through seamless service delivery. Modern IFM technologies allow remote monitoring of healthcare infrastructure and assets, enabling proactive maintenance through predictive analytics. This is reducing operational disruptions and costs in the healthcare facilities management market.

SWOT Analysis
Strength: The healthcare facilities management market provides various services like hard services, soft services and technical services which help in smooth functioning of healthcare facilities.

Weakness: This market requires significant initial investments and operational costs which may impact the profits of firms operating in this domain.

Opportunity: Growing geriatric population globally and increasing prevalence of chronic diseases are driving the demand for more hospitals and healthcare infrastructure which opens up opportunities for healthcare facilities management services.

Threats: Stringent regulations associated with healthcare industry compliance and privacy laws pose challenges. Additionally, price-sensitive customers also threaten the profit margins of service providers.

Key Takeaways
The Global Healthcare Facilities Management Market Size is expected to witness high growth.

The Asia Pacific region is projected to grow at the fastest rate during the forecast period. Countries like China, India are witnessing rapid economic expansion and healthcare infrastructure development which is fuelling the growth of facilities management services in this region.
North America currently dominates the market and is expected to maintain its leading position over the forecast period. Well-established healthcare infrastructure and presence of large private and public players drive the growth of facilities management market in the region.

Key players operating in the healthcare facilities management market are Sony, Samsung, OmniVision, ON Semiconductor, Canon, SK Hynix, STMicroelectronics, Panasonic, Teledyne Technologies, Hamamatsu Photonics, Infineon Technologies, ams, Himax Technologies, Gpixel, New Imaging Technologies, Sharp, Lite-On Technology Corporation, Winbond Electronics Corporation, Holst Centre/imec, Made-in-China.com. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

\*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it