June 13, 2024
Healthcare Facilities Management Market

Managing Healthcare Facilities To Enhance Patient Care Is Driven By Digital Transformation

Healthcare facilities management plays a crucial role in ensuring smooth functioning of healthcare infrastructure and delivery of quality patient care. It involves diverse tasks ranging from maintenance and engineering services to security, building operations, catering and landscaping. With growing demand for specialty and super-specialty healthcare services worldwide, the facilities infrastructure needs to cater to complex requirements of advanced medical equipment, digital technologies and automated workflows. This has been driving increased adoption of integrated facilities management approaches focused on enhancing patient experience through digital solutions.

Facilities managers are increasingly leveraging technologies like IoT, AI and cloud-based platforms to remotely monitor physical infrastructure, automate routine maintenance tasks and streamline operations. This enables real-time issue reporting, predictive maintenance of critical medical systems and energy/space optimization. Digital work order systems facilitate coordination between multiple in-house teams as well as external contractors. Advanced analytics of operational data helps identify inefficiencies and instill data-driven decision making. With digitization, hospitals can deliver higher standards of safety, comfort and convenience to patients.

The Global Healthcare Facilities Management Market Size is estimated to be valued at US$ 458952.66 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of smart hospital concept is one of the key trends driving investments towards digitally enabled healthcare facilities management solutions. Smart hospitals leveraging IoT, automation and cloud computing aim to deliver next-generation patient-centric care through seamless data exchange between various operational departments. This facilitates remote patient monitoring, flexible resource allocation, predictive maintenance of critical systems and optimization of space utilization. Growing focus on energy/cost savings is also fueling deployment of smart infrastructure and green building initiatives within the healthcare sector. Initiatives towards paperless facilities management operations through centralized digital work platforms will further boost market revenues over the coming years.

Porter’s Analysis

Threat of new entrants: The healthcare facilities management industry requires high capital investments and established relationships with healthcare providers which acts as a barrier for new entrants.

Bargaining power of buyers: Healthcare facilities have significant bargaining power as buyers due to the large contract values and switching costs involved. However, the need for operational efficiency and focus on core activities helps balance this power.

Bargaining power of suppliers: Major suppliers in the industry include facility management service providers, medical equipment suppliers, and construction companies. Their bargaining power is moderate due to the availability of substitutes.

Threat of new substitutes: Alternate facility management models like insourcing pose a mild threat; however, economies of scale benefits give contracted FM an advantage.

Competitive rivalry: The industry has numerous global and regional players competing on service quality, technology, and pricing. Competition is high due to the fragmented nature of the industry.

Key Takeaways

The global Healthcare Facilities Management Market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America dominates currently due to higher healthcare spending and more number of hospitals in the region. However, Asia Pacific is expected to grow at the fastest pace due to rising medical tourism and government initiatives to modernize healthcare infrastructure in countries like China and India.

Key players: Key players operating in the Healthcare Facilities Management Market are Sony, Samsung, OmniVision, ON Semiconductor, Canon, SK Hynix, STMicroelectronics, Panasonic, Teledyne Technologies, Hamamatsu Photonics, Infineon Technologies, ams, Himax Technologies, Gpixel, New Imaging Technologies, Sharp, Lite-On Technology Corporation, and Winbond Electronics Corporation. Their focus on innovation and digital solutions is expected to strengthen their position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it