Healthcare Facilities Management Market to Reach $68 Billion by 2026

Emerging technologies is playing a key role in the growth of the healthcare facilities management market.

By HFT Staff

The healthcare facilities management market is expected to increase by $68.46 billion from 2021 to 2026. But the growth momentum is likely to decelerate at a CAGR of 7.40 percent according to the latest research report from Technavio.  

North America will make up 37 percent of the market’s growth. The increased adoption of healthcare facilities management services by end-user industries, the shift of conventional management services to advanced and third-party healthcare facilities management services, growth of end-user industries, increased government initiatives for the implementation of healthcare facilities management services, and the growing number of pharmaceutical companies will facilitate the healthcare facilities management market growth in North America over the forecast period 

The key factor driving growth in the healthcare facilities management market is the increasing demand for cloud-based healthcare facility management solutions. The growing demand for modern, technologically advanced solutions in the global healthcare facilities management market has led to a significant rise in the number of cloud computing solutions. Cloud-based solutions are increasingly being used to integrate healthcare facilities management services, as they offer a reliable means of hosting healthcare facilities management software. These solutions allow companies to increase security and collaboration among their teams and subsidiaries present in multiple locations, thereby reducing the operating costs incurred by the organization.  The increase in the adoption of a cloud-based solution for healthcare facilities management can drive the growth of healthcare facilities management services across multiple end-user segments, thereby driving the market growth. 

The healthcare facilities management market share growth by the hospitals and clinics segment will be significant for revenue generation The function of healthcare facilities management in hospitals and clinics is to enable caregiving to patients in all forms, at the highest level. The other functions of healthcare facilities management in hospitals and clinics include facilitating a safe environment with minimal cross-exposure, controlling costs associated with complex business lines, maintaining patient privacy, comfort, and accessibility during their stay, coordinating the use of shared equipment and resources to ensure timely care, and simplify navigation for professionals, patients, and visitors. All such factors increase the demand for healthcare facilities management in hospitals and clinics, which will drive the market's growth during the forecast period. 

February 28, 2022

Topic Area: Industry News , Information Technology , Maintenance and Operations

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