Health Care Facilities Market Poised to Grow to $360B in 5 Years

An increase in the occurrence of chronic diseases has led to a US$360.25 billion projected growth in the health care facilities management market by 2026, according to a Mordor Intelligence report. In 2020, it was valued at $223.83 billion. 

The projected growth will feature a compound annual growth rate (CAGR) of 8.2% over the forecast interval, Healthcare Facilities Today reports. Other reasons for the growth in the health care facilities management market include rising global healthcare expenses and increasing medical tourism in countries such as China and India. Age is also a factor, with the number of Americans aged 65 and older projected to almost double from 52 million in 2018 to 95 million by 2060. 

In the United States, health care expenditures are estimated to grow at an average rate of 5.5% per year through 2027, according to the U.S. Centers for Medicare and Medicaid Services (CMS). This spending is projected to increase 0.8% faster than the gross domestic product (GDP) per year in the same time frame. The United States leads the world in health spending as a percentage of GDP.

Due to COVID-19 and other diseases, facility waste management is also anticipated to see considerable growth over the next several years with the increase of discarded personal protective equipment, according to the World Health Organization.