The size of the North American healthcare facilities management market is predicted to be growing at a remarkable CAGR during the forecast period.
The management of healthcare facilities is constantly necessary to maintain a healthy and clean environment, and it is achieved through proper planning and well-organized delivery of various functions. Facilities management helps in the professional management of services such as cleaning, catering, maintenance, and security. In addition, the management of healthcare facilities is imperative in hospitals and healthcare facilities to meet regulatory standards. The North American healthcare facilities management market is expected to experience rapid growth owing to increasing healthcare expenditure, the growing frequency of chronic diseases, and rising medical tourism.
Health care has become one of the flagship sectors due to the growing number of patients and the increase in health expenditure by both public and private actors in health systems. According to data released by the Centers for Medicare and Medicaid Services, in the United States, national health spending is expected to increase at an average rate of 5.8% per year during the period 2019-2027, to reach nearly $ 6.3 trillion by 2027. Health spending is expected to grow 0.9% faster than GDP per year over 2019-2027. As a result, the share of healthcare in GDP is expected to increase from 18.6% in 2019 to 19.2% in 2027. Thus, there has been exceptional growth in healthcare expenditure, leading to the development of various facilities in hospitals or clinics for the patient. This factor should therefore increase the growth of the studied market.
Technological developments in healthcare services and increasing demand for outsourcing services are driving the growth of the market. Outsourcing saves business costs and expenses, and it also saves time on resources that would be useful for focusing on core business functions. In addition, the increased development of medical tourism and government support enrich the growth of the market.
However, the lack of quality-of-service standards and rising labor costs are likely to hamper the market's growth.
Impact of COVID-19 on the North America healthcare facilities management market:
The COVID-19 pandemic is expected to dramatically accelerate the growth of the North American healthcare facilities market worldwide. With the increase in the number of COVID-19 patients, an increase in the number of diagnoses and treatments for COVID-19 is expected, which is expected to result in the production of large amounts of medical waste. In addition, the management of inpatient and outpatient services during the pandemic is of the utmost importance, given social distancing. In addition, maintaining hygiene plays a fundamental role in the fight against COVID-19 situations. According to the Centers for Disease Control and Prevention, the healthcare facilities provide care to all patients in the safest way for patients and healthcare workers in response to COVID-19. Therefore, considering the above-mentioned factors, the management of health centers is in high demand during the pandemic.
This research report on the North American healthcare facilities management market has been segmented and sub-segmented into the following categories:
Geographically, the U.S. is expected to dominate the North American healthcare facilities management market during the forecast period owing to the strong healthcare infrastructure and the introduction of different technologies for sanitation management, which are expected to drive market growth.
The generic condition of healthcare infrastructure varies considerably in North America. The hospitals present have a strong position on the market, and some hospitals have set up basic management of health establishments. According to the Population Bulletin of the Population Reference Bureau, “Aging in the United States, Americans aged 65 and over are expected to double from 54 million in 2019 to 100 million by 2060. The growing geriatric population and the increased incidences of chronic diseases in the region increase the market's growth during the forecast period.
KEY MARKET PLAYERS:
ABM Industries Inc., Medxcel Facilities Management, Ecolab Inc., Aramark Corporation, Vanguard Resources Inc., ISS World Services A/S, Serco Group plc, Mitie Group plc, Sodexo, OCS Group, and Siegel-Gallagher Management Company, Inc. are a few of the noteworthy companies operating in the North American healthcare facilities management market.
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