Healthcare Facilities Management Market is Expected to Elevate to a Value of US$ 416,929.2 Mn by the End of 2026

According to a new market report published by Transparency Market Research titled 'Healthcare Facilities Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026,' the global healthcare facility management market is expected to reach US$ 416,929.2 Mn by 2026, expanding at a CAGR of 8.8% from 2018 to 2026. North America held a prominent share of the global healthcare facility management market in2017.

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Innovative technologies such as, IoT (Internet of Things) present lucrative opportunities for facility management service providers to offer better customer service in healthcare facilities. There is a huge potential to provide integrated facility management (IFM) business models, along with innovative technologies such as IoT in facility management services to the healthcare industry.

Development of innovative ICT technologies such as IoT, healthcare facility management software, and KPI (Key Performance Indices) matrix for measuring facility services is expected to increase the adoption of integrated facility management business models in the healthcare industry.

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Globally, there has been a rise in outsourcing of facility management services by the healthcare industry (hospitals, nursing homes, etc.) to third party professional facility management providers. This has augmented the demand for facility management services in the healthcare sector.

Outsourcing of facility management services by hospitals, nursing homes, etc. help them to reduce cost of operation and focus more on their core healthcare activities.

In Asia Pacific, rise in outsourcing of facility management services by the healthcare industry is boosting the growth of the healthcare facility management market.

Based on the type of service, the global healthcare facility management market is segmented into hard and soft services. Hard services can again be sub-segmented into various non-core healthcare services such as plumbing and air conditioning maintenance, fire protection systems, mechanical and electrical maintenance, and other hard services such as fabric maintenance. Similarly, soft services can be sub-segmented into cleaning and pest control, laundry, catering, security, waste management, and other soft services such as administrative services. Although the global market size of soft healthcare facility management services is expected be more than hard healthcare facility management services, nevertheless, hard services are anticipated to witness a higher growth rate than soft services during the forecast period.

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The market in Asia Pacific is expected to expand at a rapid CAGR as compared to other regions due to increasing trend by hospitals to outsource non-core medical services to professional facility management organizations. The healthcare facility management market in China is expected to be valued at US$ 28,549.2 Mn by 2026 and is expected to expand at a CAGR of 16.7% during the forecast period.

IoT and other new ICT (Information and Communication Technology) are driving the present healthcare facility management market.

Healthcare facility management services which are non-core services of a healthcare facility have emerged as essential services in the quest to provide good in-patient care and efficient running of a healthcare facility. Healthcare facility management service providers are adopting advanced ICT to meet the rising expectations of healthcare organizations.

The healthcare facility management market is witnessing a shift in technology to improve facility monitoring, cost effectiveness, and efficiency. Adoption of new ICT such as IoT by facility management service providers is expected to enable healthcare facilities access real-time information through interconnected sensors that will help them to better manage their business. RTLS (Real Time Location System) for tracking of medical equipment, inventory management through low-cost Bluetooth Low Energy (BLE) technology, gathering in-patient data through wearable and sensors, and use of mobile technology to remotely access patient data are some of the IoT-enabled technologies and services that are adopted by facility management service providers. IoT is also expected to revolutionize the present healthcare BAS (Building Automation System).

Additionally, being highly fragmented, the health care facility management market comprises several small-sized companies. Established companies are focusing on expanding their service base with the help of mergers and acquisitions of small-sized and niche companies operating in the market. This helps established players not only in expansion but also in incorporation of new technologies adopted by niche companies.

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Emerging markets such as Asia Pacific and Middle East & Africa offer new growth opportunities for health care facility management service providers. These regions are experiencing entry of small players in the market.

Company profiles of major players operating in the healthcare facility management market include overview of company, major business strategies, and key developments. The companies profiled in the global healthcare facility management market include ABM Industries Inc., Aramark Corporation, Compass Group plc, Ecolab, Inc., ISS World Services A/S, Jones Lang LaSalle, IP, Inc., Manutencoop Facility Management S.p.A. (MFM), Medxcel Facility Management, Mitie Group plc, OCS Group, Secro Group plc, Sodexo, Vanguard Resources and UEM Edgenta Berhad.

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