Key Factors Driving the Healthcare Facilities Management Market
The United States healthcare facilities management market is anticipated to grow at a significant rate during the forecast period, 2023-2027, according to a recent report from Research and Markets.
The market growth can be attributed to the increasing prevalence of chronic disorders and rising healthcare expenditure. Besides, the increasing adoption of advanced technologies by the healthcare sector is contributing to the growth of the United States healthcare facilities market. In-tandem with these trends is the need for expanding cleaning services and capabilities — with key manufacturers such as Ecolab and building service contractors (BSCs) including Aramark, Sodexo, and Compass Group all looking to expand their presence in the market.
Due to private and public investments and an increase in the number of patients in need of quality care services, the healthcare industry is one of the most prominent industry verticals in the United States. According to the Centers for Medicare and Medicaid Services (CMS), national healthcare spending is anticipated to grow at an average annual rate of 5.4 percent by 2028, reaching $US 6.2 trillion, and the health share of the economy will rise to 19.7 percent by 2028.
Growing healthcare spending is increasing the healthcare sector's contribution to the country's GDP. Leading authorities' plans to build a large number of hospitals and clinics are expected to fuel the market growth. Growing demand for modern and technologically advanced solutions to improve the quality of services provided by healthcare facilities is accelerating the demand for cloud computing solutions. Cloud-based solutions are increasingly being used in healthcare facilities because they provide greater flexibility and adaptability than on-premises solutions.
These solutions help to increase security and reduce the occurrence of cyber-threats, making them popular among healthcare institutions. Cloud-based healthcare facility management improves collaboration among teams and subsidiaries working in various remote locations, lowering organizations' operational costs significantly.
The increased number of market participants and high availability of innovative cloud-based healthcare facility management solutions are expected to create lucrative growth opportunities for the healthcare facilities management market in the United States over the next five years. The widespread use of the internet and the proliferation of intelligent devices is expected to drive the adoption of remote monitoring healthcare devices. Patients are becoming more aware of the advantages of using advanced technologies and equipment that are more accurate and effective than traditional medical devices.
The introduction of devices capable of tracking medical equipment in real-time, collecting patient data via wearable devices, and effective inventory management using low-cost Bluetooth technology are expected to provide numerous growth avenues for the healthcare facilities management market in the United States over the next five years. The soft service segment is expected to hold the largest share in the United States healthcare facilities management market due to their greater adoption in the workplace to make it more secure, pleasant, and efficient.
The full report can be accessed here.