Market Trends of Healthcare Facilities Management Industry
This section covers the major market trends shaping the Healthcare Facilities Management Market according to our research experts:
Waste Management Expected to Witness Growth in the Market
Healthcare establishments generate a considerable quantity of both hazardous and non-hazardous wastes daily. These wastes are caused due to the diagnosis and treatment of human and animal diseases. When inappropriately managed, these dangerous wastes may compromise patient care quality. These wastes may enhance environmental pollution and spread infectious diseases, including Acquired Immunodeficiency Syndrome (AIDS), hepatitis, tuberculosis, diphtheria, cholera, and many others.
As per the United Nations data published in February 2022, approximately 87,000 tonnes of personal protective equipment was procured between March 2020 and November 2021 and shipped through the UN. At the same time, over 8 billion vaccine doses have been administered, producing 144,000 tonnes of additional waste in the form of syringes, needles, and safety boxes. Such high medical wastage is expected to contribute to the demand for waste management systems, thereby contributing to the growth of the studied segment.
Additionally, according to the Central Pollution Control Board (CPCB) data in 2021, India generated nearly 164 tonnes of COVID-19-related bio-medical waste per day. These healthcare wastes may pose health risks indirectly by releasing pathogens and toxic pollutants into the environment. Thus, healthcare providers are on the verge of establishing and implementing programs to effectively manage healthcare waste, which is likely to contribute to the growth of the studied segment.
North America Expected to Hold a Significant Market Share
North America is anticipated to witness healthy growth in healthcare facilities management in the forecast period due to the robust healthcare infrastructure and the introduction of different technologies for healthcare facilities management.
The overall condition of the healthcare infrastructure also varies widely in the North American region. Also, the steep rise in the volume of hospitals and increasing hospital admissions drives higher demand for healthcare facilities management, thereby boosting the studied market growth. The American Hospital Association (AHA) statistics published in 2022 show that the total number of active hospitals in the United States is around 6,093. According to the PRB Aging in the United States, Americans aged 65 and older are projected to reach 95 million by 2060. The rising geriatric population and increasing chronic diseases across the region are augmenting the growth of the healthcare facilities management market in the forecast period.
Additionally, the rising healthcare expenditures in this region are expected to facilitate market growth. For instance, in the report published by CMS in 2021, on an average over 2021-30, National Health Expenditures and GDP are projected to grow 5.1% per year. High healthcare expenditures are expected to contribute to the market's growth over the forecast period.
Also, the increasing prevalence of chronic diseases is expected to contribute to the demand for the healthcare facilities management market, thereby contributing to the market growth in this region. According to data published by the American Cancer Society, around 1.9 million new cancer cases were diagnosed in the United States in 2022. Such chronic disease prevalence leads to a rise in hospital admissions, ultimately driving the demand for better healthcare facilities in North America, thereby contributing to the market growth in this region.
Thus, the above-mentioned factors are expected to drive the growth of the studied market over the forecast period.
