Healthcare Facility Management Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product Type (Waste Management, Security Services, Catering Services, Cleaning Services, Technical Support Services, And Others); End User (Hospitals and Clinics, Long-Term Healthcare Facilities, Others); Region/Country (North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World)
Detailed Analysis of COVID-19 Impact on the Healthcare Facility Management Market
Healthcare Facility Management Market is anticipated to display a CAGR of around 10% over the forecast period (2021-2027). The global healthcare facility management market is expected to witness robust growth mainly due to the rising prevalence of chronic diseases and expanding medical tourism in developing countries is also contributing to the growth in the global market over the forecast period. Moreover, the increase in the availability of more advanced technologies, growing awareness about these diseases and their hygiene management, and the rising aging population base are some of the factors likely to boost the global healthcare facility management market during the forecast period. For instance, as per the world health organization (WHO), about 4 in 10 patients are harmed in primary and outpatient health care. Up to 80% of harm is preventable. In addition, to realize the benefits of quality health care, health services must be timely, equitable, integrated, and efficient that’s driving healthcare facility management market growth.
The ongoing COVID-19 pandemic across the world has had a tremendous impact on different spectra of society, the market for Healthcare Facility Management no less. The market for Healthcare Facility Management faced a positive impact due to the movement of bulk needs, and there has been a huge incline in the hospital and clinic visits. Due to this, there has been a positive impact on the product sales, need for the health workers, and the supply chains of numerous sectors. As per the CDC update, Managing Healthcare Operations During COVID-19 is isolation and work restriction guidance for healthcare personnel. This has positively affected the trade of Healthcare Facility Management products due to the high demand and widespread financial distress.
Insights Presented in the Report
“Amongst Product Type, Respiratory Devices segment dominated the market in 2020”
Based on product type, the market is bifurcated into waste management, security services, catering services, cleaning services, technical support services, and others. Among these, the waste management category accounted for the major share in the global healthcare facility management. Due to this waste may improve environmental health and this leads to an increase in healthcare expenditure, and growing occurrences of lifestyle-associated diseases such as asthma, diabetes, HIV, and other chronic diseases. According to the World Health Organization, the total amount of waste generated by healthcare activities, about 85% is general, non-hazardous waste. The high prevalence of chronic diseases coupled with a high treatment rate, the presence of advanced technology, and government initiatives to increase the treatment rate and sanitation of the environment is estimated to drive the market at a higher growth rate.
“Amongst End User, Diagnostic Centers category to witness fastest growth rate”
Based on the end user, the market is bifurcated into hospitals and clinics, long-term healthcare facilities, and others In 2020, the hospitals and clinics category accounted for the majority share in the global market. Furthermore, the availability of advanced equipment, which has higher accuracy and features to perform multiple tests, is another vital driver for the growth. According to the World Health Organization, each year 134 million adverse events occur in hospitals in low- and middle-income countries (LMICs), due to unsafe care, resulting in 2.6 million deaths. Furthermore, the presence of well-established infrastructure in hospitals, better reimbursement policies, and availability of advanced technologies and well-trained healthcare professionals for the well-being of patients is also one of the main reasons why patients prefer hospitals & clinics for good facilities.
“North America will Dominate the Market During the Forecast Period”
For a better understanding of the demand for healthcare facility management market, the market is analyzed for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. Currently, North America dominated the market in 2020; however, Asia-Pacific is expected to witness the highest CAGR growth owing to rising healthcare expenditure in countries such as China, India, and other developing Asian countries. Some of the major players operating in the market include ABM Industries Inc., Aramark Corporation, Ecolab Inc., ISS A/S Group, Sodexo Group, Compass Group Plc., Jones Lang LaSalle Inc., Medxcel Facilities Management LLC, Mitie Group plc., Serco Group Plc.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Healthcare Facility Management Market|
|2.2.||Research Methodology of the Healthcare Facility Management Market|
|2.5.||Main Objective of the Healthcare Facility Management Market Study|
|5.||HEALTHCARE FACILITY MANAGEMENT MARKET COVID-19 IMPACT|
|6.||HEALTHCARE FACILITY MANAGEMENT MARKET REVENUE, 2019-2027F|
|7.5.||Technical Support Services|
|8.1.||Hospitals and Clinics|
|8.2.||Long-term Healthcare Facilities|
|9.1.3. Rest of North America||Rest of North America|
|9.2.6. Germany||Rest of Europe|
|9.3.5.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||HEALTHCARE FACILITY MANAGEMENT MARKET OPPORTUNITIES|
|12.||HEALTHCARE FACILITY MANAGEMENT MARKET TRENDS|
|13.||LEGAL & REGULATORY FRAMEWORK|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15.1.1.||Porter’s Five Forces Analysis|
|16.1.||ABM Industries Inc.|
|16.3.||ISS AS Group|
|16.6.||Compass Group Plc|
|16.7.||Jones Lang LaSalle Inc.|
|16.8.||Medxcel Facilities Management LLC|
|16.9.||Mitie Group Plc.|
|16.10.||Serco Group Plc|
Analyzing the historical market, estimation of the current market, and forecasting the future of the healthcare facility management market were the three major steps undertaken to create and analyze the demand and sales of healthcare facility management across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. The detailed methodology is explained below.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the healthcare facility management through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the healthcare facility management, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product type, end-user, and regions. Further regional level analyses were conducted to evaluate the overall demand for healthcare facility management in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as industry trends, product application, understanding of consumer demands, competitive landscape, brand positioning, and pricing analysis. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenarios were also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the demand for healthcare facility management across the major regions globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the healthcare facility management market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the healthcare facility management market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, end-user, and regions.
The main objective of the Healthcare Facility Management Market Study
The current & future market trends of the healthcare facility management market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of healthcare facility management in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
- Segments in the study include product type, end-user, and regions
- Defined analysis of the regulatory framework for the healthcare facility management industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
- Analyze the current and forecast market size of the healthcare facility management across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the healthcare facility management sector and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry