Healthcare Facility Management Market Size, Share, Growth, Trends, Analysis
The increasing investments in healthcare infrastructure and the construction of healthcare facilities in the US, rising geriatric population, growing patient volume due to the rising prevalence of chronic diseases and COVID-19, and increasing healthcare expenditure are the major factors driving the growth of the US healthcare facilities management services market.
In 2020, the on-site facility management segment accounted for the largest market share in the Healthcare Facility Management Market-US Forecast and is expected to grow at the highest CAGR during the forecast period.
Based on the location, the Healthcare Facility Management Market-US Forecast is segmented into on site and off site facility management. In 2020, the on-site facility management segment accounted for the largest market share. This segment is projected to register the highest growth during the forecast period. The growth in this segment can be attributed to the increasing demand for better health facilities and the increasing adoption of outsourcing facility management services. Moreover, a majority of healthcare facilities management services are efficiently performed on-site.
The healthcare facility management market size is projected to reach USD 8.3 billion by 2026, at a CAGR of 6.7% during the forecast period. The healthcare facility management market is growing with the increasing investments into the healthcare infrastructure and healthcare facility construction projects in the US, the rising geriatric population base, increasing patient volume along with the rising prevalence of chronic diseases and infections (COVID-19), and their increasing healthcare expenditure. The market growth is restrained by the maintenance related challenges of the healthcare facilities during the forecast period.
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Construction service segment account for the largest share of the Healthcare Facility Management Market-US Forecast in 2020.
Based on services, the Market-US Forecast is segmented into construction services, hard services, and energy services. In 2020, the construction services segment accounted for the largest market share, owing to the high expenditure of construction services such as building repair, construction, maintenance, relocation, and renovation. The hard services segment, on the other hand, is expected to grow at the highest CAGR during the forecast period, owing to the increasing focus on healthcare HVAC, ventilation, and mechanical and electrical services and the integration of advanced technologies to perform these services.
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Acute setting account for the largest share of the Healthcare Facility Management Market-US Forecast in 2020. The post acute setting is expected to grow at the fastest CAGR.
Based on settings, the Market-US Forecast is segmented into acute, post-acute, and non-acute settings. In 2020, the acute settings segment accounted for the largest market share. This can be attributed to the rising demand for high-end facility management services for acute care settings, which are large in area and are highly sophisticated facilities. The hard, energy, and construction services required for acute settings incur more expenditure than other settings, owing to the high cost and effort of maintenance of acute facilities.
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