The healthcare facility management market has garnered USD 88,114.0 million in 2021, and it is projected to rise at the rate of 8.3% from 2021 to 2030, to capture USD 180,397.0 million by 2030, As per the report by market research company, P&S Intelligence.
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This growth can be ascribed to the snowballing investment in healthcare infrastructure growth, booming usage of modern technologies, rising patient numbers, increasing occurrence of chronic diseases and infections, and mounting healthcare costs.
The need for support services is escalating fast in the market, as hospitals and medical institutes are focusing on them in order to provide better-quality cures to patients. An integrated and engaged care service team might support healthcare amenities by removing the burden on healthcare specialists, thus letting patients recover faster, also encouraging a better environment, and improving the satisfaction of families, nurses, and patients.
The outsourcing category had the largest market share, of above 50%, in 2021. The outsourcing of in-house services is being majorly done because of the increasing healthcare expenses, difficulty of sophisticated ICD-10 medical coding systems, and placement of electronic health records.
The growing patient flow, and increasing requirement to check insurance entitlement and consult patient check-in records are making a solid burden on hospitals, which has forced them to outsource a few amenities, like facility management.
Soft services are projected to experience the fastest development in the coming few years, credited to a surge in the demand for waste disposal and recycling, security, outdoor area management, pest control, grounds maintenance, outdoor area management, and sanitization services which guarantees greater standards of safety, cleanliness, customer service, and hygiene. This encourages the best performance and quality of service, while also encouraging proactivity.
Fast technological enhancements are one of the top trends in the healthcare facilities management market. This is projected to offer several openings to healthcare providers in order to improve equipment uptime and working effectiveness. More than half the spending in the healthcare industry is credited to facility maintenance, therefore creating massive opportunities for service providers.
In 2021, the North American region dominated the industry, with a worth of USD 32,645.8 million, and also projected to be on the leading spot, till 2030, with a worth of USD 68,237.9 million in 2030 and a CAGR of 8.5%.
This majority can be credited to the strong healthcare infrastructure and the acceptance of several progressive technologies for healthcare facility management.
Hence, the snowballing investment in healthcare infrastructure growth, booming usage of modern technologies, rising patient number, increasing occurrence of chronic diseases and infections, and mounting healthcare costs are the major factors contributing to the growth of the healthcare facility management industry.
