Healthcare Facility Management Market Trends, Growth, Overview, Share Analysis 2033

The Business Research Company recently released a comprehensive report on the Global Healthcare Facility Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare facility management market size has grown rapidly in recent years. It will grow from $195.95 billion in 2023 to $217.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased demand for healthcare services, stringent regulatory compliance, outsourcing of non-core functions, energy efficiency initiatives, aging healthcare infrastructure, increased complexity of healthcare facilities, globalization of healthcare services.

The healthcare facility management market size is expected to see rapid growth in the next few years. It will grow to $337.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to increasing adoption of telemedicine, growing trend of outpatient care centers, enhanced focus on cybersecurity, personalized and precision medicine, population health management initiatives, resilience and disaster recovery planning. Major trends in the forecast period include technology integration and smart facilities, energy efficiency and sustainability, data-driven decision-making, telehealth facilities and technology integration, adoption of green building practices, healthcare facility staff training, patient-centric technology.

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Market Drivers and Trends:

The increasing hospital construction projects are expected to propel the growth of the healthcare facility management market going forward. Hospital construction projects involve the planning, design, and construction of healthcare facilities, including hospitals, clinics, and medical centers. Healthcare facility management is essential for the seamless construction and operation of hospitals, with a focus on maintaining high-quality patient care, safety, and compliance with healthcare industry standards and regulations. For instance, in May 2023, according to a report published by the American Hospital Association (AHA), a US-based healthcare trade organization representing hospitals and health care networks, the total number of hospitals increased to 6,129, compared to 6,093 in 2022. Moreover, total admissions in all U.S. hospitals reached 34,011,386 compared to 33,356,853 in 2022. Therefore, the increasing hospital construction projects will drive the growth of the healthcare facility management market.

Technological advancement is the key trend gaining popularity in the healthcare facility management market. Technological developments are growing at an unprecedented rate and shaping the future of the healthcare industry. For example, in September 2022, CloudWave, a US-based independent cloud and managed services software hosting provider in healthcare, launched OpSus Cloud Services. In the user's data center, CloudWave OpSus Edge provides infrastructure-as-a-service, offering computing, storage, security, backup, recovery, and thorough operations and system upkeep. OpSus Cloud Services offers hospital users a multi-cloud strategy that ensures availability, simplicity of access, and robust security.

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Major Key Players of the Market:

ABM Industries Inc., ISS World Services A/S, Jones Lang LaSalle IP Inc., Medxcel Facility Management LLC, Mitie Group plc, Aramark Corporation, Compass Group plc, Ecolab Inc., Sodexo SVC India Pvt. Ltd., OCS Group Limited., Serco Group plc, Vanguard Resources Inc., Arora Holdings Limited., Cushman & Wakefield, CBRE Group Inc., Johnson Controls International plc, Crothall Healthcare, C&W Facility Services Inc., AM Facilities Management Service Ltd., Aramark Healthcare Support Services LLC, Emcor Facilities Services Inc., Epic Facilities Management, G4S Health Services Limited, Sodexo Healthcare, Stericycle Inc., Vitas Healthcare, WellSky, Yardi Systems Inc.

Healthcare Facility Management Market 2024 Key Insights:

• The healthcare facility management market size is expected to see rapid growth in the next few years. It will grow to $337.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Elevated Healthcare Spending And Growing Patient Population Propel Healthcare Facility Management Market
• Rapid Technological Advancements Reshaping The Healthcare Facility Management Market
• North America was the largest region in the healthcare facility management market in 2023

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