A new report from Transparency Market Research (TMR) says the global healthcare facilities management market is prospering, and that demand will continue to increment at an impressive CAGR of 13.4% between 2017 and 2025.
The report estimates the global market for healthcare facilities management to be worth US$577.92 billion by the end of 2025, significantly up from US$187.35 bn in 2016, with the competitive landscape anticipated to offer new opportunities for both prominent as well emerging players.
TMR segments the global healthcare facilities management market into hard services including plumbing, air conditioning maintenance, fire protection systems, mechanical & electrical maintenance and fabric maintenance, plus soft services including cleaning and pest control, laundry, catering, waste management, security and administrative services.
Among all these, the soft services sub-segment of cleaning and pest control is currently experiencing high demand, and is expected by TMR to remain most lucrative throughout the forecast period, based on the fact that maintaining a clean environment in the potentially highly contaminated surroundings of healthcare facilities is paramount.
Geographically, the report rates North America and Europe as most profitable regions, wherein a number of developed countries have robust healthcare infrastructure. However, the vastly populated region of Asia Pacific, which houses a number of emerging economies, is projected for the most prominent growth rate during the forecast period.
TMR cites the popularity of medical tourism and increasing disposable income of the urban population as the primary reasons why a number of key companies in the healthcare facilities management market are having a foray in Asia Pacific.