Healthcare facilities management includes a wide range of services focused on maintaining and managing healthcare infrastructure and operations effectively. This includes non-clinical support services such as facility operations management, maintenance, cleaning, food services, security, and support services management. With growing pressure to reduce operational costs and enhance patient experience, healthcare providers are increasingly outsourcing facilities management tasks to third-party service providers. This helps healthcare organizations focus on their core clinical competencies while leveraging expertise of facilities management companies to streamline support services.
Facilities management services help healthcare facilities improve operational efficiency, comply with stringent regulations, and enhance quality of care delivery. Routine maintenance activities along with preventive services ensure hospital equipment and infrastructure are in good working condition to support clinical workflows. Outsourcing non-core support functions enables hospitals to reduce capital expenses on facility upkeep and rechannel resources towards direct patient care and service expansion.
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:
Adoption of smart technologies is a key trend in the global healthcare facilities management market. The integration of Internet of Things (IoT) sensors, automation systems, and analytics is helping facilities managers gain real-time visibility into building operations. This enables predictive maintenance of equipment and proactive management of support services. For example, sensor-based systems can continuously monitor air quality, temperature, humidity etc. and trigger alerts in case of deviations. This significantly improves safety, quality, and efficiency of healthcare infrastructure management. Automation solutions are also streamlining manual, repetitive monitoring tasks to help facilities management teams focus on strategic planning and service improvements.
Porter’s Analysis
Threat of new entrants: The healthcare facilities management market requires significant initial capital investments and compliance with strict regulations which pose barriers to entry for new companies.
Bargaining power of buyers: Large healthcare providers are able to exert bargaining power over facilities management companies by selecting from a variety of service providers.
Bargaining power of suppliers: Facilities management companies face low bargaining power from suppliers of basic utilities and services due to standardized offerings across the industry.
Threat of new substitutes: There are limited product substitutes for facilities management services as healthcare operations require a dedicated on-site management presence.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous international and regional players competing for large healthcare clients.
Key Takeaways
The Global Healthcare Facilities Management Market Size is expected to witness high growth.
Regional analysis: North America dominates the global healthcare facilities management market currently due to high healthcare expenditures and developed healthcare infrastructure in countries like the US and Canada. Asia Pacific is expected to grow at the fastest rate during the forecast period led by China and India’s large patient pool and increasing investments in healthcare facilities development.
Key players: 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. Sony holds a leading position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it