Healthcare Facility Management Market Expected To Reach $8.3 billion by 2026

Healthcare Facility Management Market Expected To Reach $8.3 billion by 2026

According to a new market research report, "Healthcare Facility Management Market by Service, (Hard Services (Fire Protection), Construction Services (Building, Repair), Energy Services (Energy Management)), Location (On Site, Off site), Settings (Acute, Post-acute, Non-acute) - US Forecast to 2026" The Healthcare Facility Management Market-US Forecast is projected to reach USD 8.3 billion by 2026 from USD 6.0 billion in 2021, at a CAGR of 6.7% during the forecast periodThe 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.

Construction service segment account for the largest share of the Healthcare Facility Management Market-US Forecast in 2020.

Based on services, the Healthcare Facility Management 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.  

 

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The chronic diseases such as diabetes, cardiovascular diseases and cancer are on rise across the country. The prevalence of infectious disease is also increasing at an alarming rate. The investments into the healthcare infrastructure to meet the increasing demand of the patients would push the growth of the market. 

 

The maintenance of the healthcare facilities incurs immense cost. It also compels to follow struct regulatory rules and compliances. The facility also remains under the constant threat of vandalism and theft. 

 

The highly competitive nature of the market can pose major challenges. The market is highly competitive as there are numerous small and medium-sized enterprises that offer services having specialization in either energy, hard, or construction, or in combination. The presence of many players in the market has increased competition.