A new report estimates that the healthcare facilities management market will grow extensively over the next five years.
The value of the market is approximated to have been US$225 million in 2020. It is expected to grow to over $360 million in 2026, with a CAGR of 8.2 per cent over that time.
That’s according to a report from Mordor Intelligence, which predicts that the COVID-19 pandemic will vastly accelerate the growth of the healthcare facilities market across the world.
Factors contributing to the growth also include rising global healthcare expenses, an increase in the occurrence of chronic diseases, increasing medical tourism in emerging countries, and the increasing population of people aged 65 or older. In America, that demographic is projected to almost double from 52 million in 2018 to 95 million by 2060.
In the United States, healthcare expenditures are estimated to grow at an average rate of 5.5 per cent per year through 2027, according to the U.S. Centers for Medicare and Medicaid Services (CMS). This is projected to increase 0.8 per cent faster than GDP per year in the same time frame.
Due to the growth of the healthcare facilities management market, facility waste management is also anticipated to see considerable growth over the next several years. Of particular concern is the increase of discarded personal protective equipment, according to the World Health Organization.
The Centers for Disease Control and Prevention (CDC) stresses that as the market expands, healthcare facilities must be sure to provide care for all patients in the safest way possible for patients and healthcare personnel as a response to COVID-19.