Growth in the Healthcare Facility Management Market-US Forecast is primarily driven by 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.
The growth of the Healthcare Facility Management Market-US Forecast has declined due to the sudden outbreak of the COVID-19 pandemic. In the first quarter of 2020, companies faced certain operational and logistic challenges due to the imposition of lockdowns.
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.
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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 use of automation in healthcare energy management solutions is on the rise. Power quality is a critical need for hospitals and healthcare facilities. The AI and IoT would help in the energy optimization and the energy flow of the healthcare building.
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.
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.
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.
Key Market Players
The Healthcare Facility Management Market-US Forecast is fragmented, with a few leading market players and numerous small players. Some of the major companies operating in this market are Jones Lang LaSalle IP, Inc. (US), CBRE (US), Sodexo (France), ABM (US), and ISS (Denmark).