Healthcare Facility Management Market to Hit $427.13 Billion

COVID-19 and growing elderly population are largely contributing to the growth of the healthcare facility market.

By HFT Staff

The global healthcare facility management industry is anticipated to hit $427.13 billion by 2031, registering a compound annual growth rate (CAGR) of 7.4 percent from 2022 to 2031, according to a report by Allied Market Research. The market reached $208.8 billion in 2021.  

Increase in prevalence of the geriatric population, along with rise in number of patients with chronic diseases and obesity and the introduction of new services by large number of key players, drive the growth of the global healthcare facility management market. At the same time, several initiatives taken by the government to provide accurate services across healthcare facilities and the growing adoption of technological applications in healthcare facility management have supplemented the growth. Moreover, hospitals and healthcare facilities are adding new software and other technology applications that are crucial to evaluate technology trends. This factor has created lucrative opportunities for the key players in the industry. 

Related Content: Healthcare Merger and Acquisitions Down in 2022’s Second Quarter

COVID-19 had a significant impact on the market, as well. There were increased volumes of discarded materials from health protection activities, medical diagnosis, treatment and scientific research during the pandemic. Meanwhile, the surge in demand for proper management of this medical waste gave way to a rise in need of healthcare facility management services, boosting market growth.  

The hospitals and clinics segment generated the major share of growth in 2021, holding nearly two-thirds of the global healthcare facility management market, and is projected to dominate throughout the forecast period. This growth is due to an increasing rise in the number of hospitals and clinics providing advanced healthcare services. The long-term care facilities segment, simultaneously, would cite the fastest CAGR of 9.1 percent by 2031. Growing sophistication of long-term care facilities and their massive expenditure on facility management services drive the segment growth. 

August 16, 2022

Topic Area: Industry News , Maintenance and Operations

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