Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Global healthcare architecture market size valued at USD 8.17 billion in 2022 and industry is expected to expand USD 11.85 billion by 2030, exhibiting a CAGR of 4.8% over forecast period. The expansion can be credited to growing healthcare infrastructure investment. Moreover, governments of emerging nations are investing huge amounts in healthcare sector.
Fortune Business Insights™ provides this information in its research report, titled “Healthcare Architecture Market, 2023-2030”.
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Key Industry Development:
April 2023- The American Society of Interior Designers (ASID) Foundation offered a grant of USD 30,000 to Perkins & Will to enhance its open-source tool named PRECEDE dashboard. The tool helps designers translate and integrate public health data into design decisions.
Key Takeaways:
- Increasing rate of hospitalization and rising demand for advanced healthcare infrastructure is major driving factor for market growth.
- Growing incidences of traumas, and the increasing demand for preventive medical care is expected to positively influence the market growth.
- North America market is estimated to grow at a substantial CAGR over the forecast period.
- Segment is set to exhibit significant growth during the forecast period.
Discover the Leading Players Featured in the Report:
“Companies leading the global healthcare architecture market are HDR (U.S.), HKS Inc (U.S.), PERKINS & WILL (U.K.), Stantec (Canada), CannonDesign (U.S.), NBBJ (U.S.), Perkins Eastman (U.S.), Smith Group (U.S.), HOK (U.S.), EYP Architecture & Engineering (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.8% |
| 2030 Value Projection | USD 11.85 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 8.52 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 140 |
| Segments covered | By Facility Type, Service Type, and Region |
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Segmentation:
Rising Number of Government-aided Hospitals Led the Segment Expansion
In terms of facility type, the market is segmented into ASCs, long term care facilities & nursing homes, academic institutes, hospitals, and others. The hospitals segment held the largest market share in 2022. The number of government-aided hospitals is increasing for the expansion of healthcare accessibility. This factor is escalating the segment growth.
Surging Demand for Advanced Hospital Architecture to Fuel the New Construction Segment Growth
With respect to service type, the market is bifurcated into refurbishment and new construction. The new construction segment dominated the market in 2022. The growing demand for advanced hospital architecture across the globe is impelling the segment growth.
From the regional perspective, the market has been analyzed across Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.
Facility Type
- Hospitals
- ASCs
- Long Term Care Facilities & Nursing Homes
- Academic Institutes
- Others
By Service Type
- New Construction
- Refurbishment
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Drivers and Restraints:
Growing Hospital Admission Rates to Propel the Market Growth
One of the major factors driving the healthcare architecture market growth is the rising rates of hospital admissions. Moreover, the growing prevalence of trauma, rising demand for preventive medical care, and increasing diagnoses of acute and chronic disorders have increased the number of hospital admissions.
Despite such growth opportunities, regulations in the healthcare architecture space may impede the market growth.
Regional Insights:
North America Dominated the Market Owing to Surging Funding for Healthcare Infrastructure
North America led the healthcare architecture market share in 2022 is projected to register significant growth over the forecast period. The regional growth can be credited to the growing funding for healthcare infrastructure. The region has also witnessed an increased adoption of healthcare architecture in recent years.
The Asia Pacific healthcare architecture market is anticipated to expand at the fastest growth rate during the forecast period. The growing population, coupled with rising demand for technologically- advanced hospital architecture, is driving the regional expansion.
Competitive Landscape:
Prominent Companies Focus on Securing Investments to Strengthen their Industry Positions
Leading companies operating in the market are deploying competitive strategies such as partnerships, joint ventures, mergers and acquisitions, and others. Several industry players are also focusing on securing funding to invest in R&D for launching innovative products.
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FAQs
How big is the healthcare architecture market?
Healthcare Architecture Market size is USD 8.52 billion in 2023.
What is the market demand in healthcare architecture?
The Healthcare Architecture Market is anticipated to grow at USD 11.85 billion and exhibit a CAGR of 4.8% during the forecast period, 2023-2030
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