Burlingame, July 14, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global green hospitals market was valued at US$ 41.68 Billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% to reach US$ 106.93 Billion by end of 2030.
Green hospital is a healthcare facility incorporating environmentally-friendly technologies and practices into their medical operations. These comprise use of renewable energy sources, waste disposal, and reduction in water consumption, as well as adoption of eco-friendly building materials in the construction. Shifting to green technology is essential step for hospitals, as it offers reduction in all the environmental impact of hospitals further promoting patient health and lowering costs of operations.
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Key Trends and Analysis of the Global Green Hospitals Market:
Trending sustainable building designs of healthcare facilities and hospitals is anticipated to boost growth of the global green hospitals market during the forecast period. Green hospitals have sustainable designs that are created with the use of environmentally-friendly materials, and construction techniques. These buildings incorporate features such as rainwater harvesting systems and green roofs. With growing awareness regarding environmental effect of healthcare operations as well as need for reducing carbon footprints of these facilities, sustainable building designs are increasingly being adopted. This trend is likely to continue in the global green hospitals market over the forecast period.
Global Green Hospitals Market – Drivers
Rising environmental impact of healthcare operations to boost the market growth
Healthcare operations significantly affect the environment, as the sector uses water and energy and produces emissions and waste. The waste and emissions produced by healthcare operations create severe impact on surroundings of these facilities. The awareness regarding this concerns is increasing among people. As a result, the demand for environmentally-friendly as and sustainable healthcare facilities is increasing rapidly all over the world. Thus, this factor is expected to propel growth of the global green hospitals market over the forecast period.
Green Hospitals Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 41.68 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 12.5% | 2030 Value Projection: | US$ 106.93 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Siemens Healthineers AG, Medline Industries, Inc., Owens Corning, Stericycle, Inc., Philips Healthcare, Trane Technologies plc, Johnson Controls International plc, Hitachi, Ltd., Honeywell International Inc., Schneider Electric SE, Johnson & Johnson, Gundersen Health System, Stryker Corporation, HDR, Inc., Dignity Health | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Need for reducing healthcare costs to augment the market growth
With the adoption of green hospitals, healthcare costs can be reduced through waste reduction and enhancement in energy efficiency. Due to this, these facilities can obtain cost savings over time, which further can be offered to patients in the form of lowered healthcare costs. Due to this, adoption of sustainable and eco-friendly designs for hospitals is increasing globally. As a result, the global green hospitals market is expected to show major growth in the coming future.
Global Green Hospitals Market – Restrain
High costs and lack of financing and funding options to limit the market growth
The development and implementation of green hospital practices require high initial investments, which includes renovating facilities, upgrading equipment, an implementation of waste reduction programs. Along with this, financing options for these green hospital projects are limited particularly in emerging regions, which makes it difficult for healthcare facilities to gain funding required for development of sustainable facilities and practices. Thus, this factor is projected to hinder growth of the global green hospitals market over the forecast period.
Global Green Hospitals Market – Opportunities
Rise in adoption of renewable energy sources is anticipated to create multiple opportunities in the global green hospitals market over the forecast period. The adoption of renewable energy sources such as wind, solar, and geothermal power is increasing in healthcare facilities for reducing their dependency on fossil fuels and reducing carbon footprints. Such sustainable activities among these facilities are creating lucrative opportunities in the global green hospitals market.
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Global Green Hospitals Market - Key Developments
In 2020, Owens Corning introduced EcoTouch insulation. The novel product is developed from minimum 58% recycled content and is created to aid in reduction of carbon footprint and carbon footprint of healthcare facilities.
In 2020, Philips introduced the Green Hospital Guide that offers information and guidance to healthcare facilities on ways to cut down their environmental impact and improving their practices of sustainability.
In 2020, Medline and Javlin Capital entered into partnership for development and financing sustainable infrastructure of healthcare, which will include green hospitals.
Key Market Takeaways:
Global green hospitals market is expected to exhibit a CAGR of 12.5% during the forecast period. The green hospitals market is growing rapidly in response to the growing initiatives from governments across the globe toward sustainable healthcare facilities. Government of several countries are focusing on imposing regulations and taking initiatives for promoting sustainable healthcare practices. These initiatives are also encouraging development of green hospitals.
On the basis of Type of Green Technology, Energy-Efficient Lighting Segment is expected to dominate the market during the forecast period and this is attributed to the increasing use of energy-efficient lighting in hospitals, clinics, and other healthcare facilities. These solutions help to cut down cost energy consumption and offer enhanced performance.
On the basis of Application, Hospital Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of sustainable practices and healthcare operations in hospitals across several regions. Hospitals have various applications for sustainable solutions including healthcare practices and waste management. With increasing adoption of green technologies in these facilities, the segment is likely to show significant growth in the near future.
On the basis Certification, Energy Star Certification Segment is expected to dominate the market during the forecast period and this is attributed to the rise in demand among hospital buildings and other healthcare facilities, the energy star certification helps save energy, money, and reduced emissions of greenhouse gases. Buildings that are certified with this are considered environment friendly. Thus, the various benefits of fulfilling criteria of energy star certification, the demand is increasing across healthcare industry.
On the basis Service, Medical Services Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for sustainable medical practices driving the adoption of green technologies in medical services.
On the basis Ownership, Government-owned Facilities Segment is expected to dominate the market during the forecast period and this is attributed to the increasing government initiatives promoting use of sustainable practices and eco-friendly infrastructure in healthcare.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in adoption of sustainable healthcare practices across the region. Due to presence of large healthcare industry as well as increasing focus on sustainable practices, specifically in the U.S., the demand for green hospital practices is increasing the region. This in turn is likely to fuel the market growth in North America.
Competitive Landscape:
Key players operating in the global green hospitals market include Dignity Health, Siemens Healthineers AG, HDR, Inc., Medline Industries, Inc., Stryker Corporation, Owens Corning, Gundersen Health System, Stericycle, Inc., Johnson & Johnson, Philips Healthcare, Schneider Electric SE, Trane Technologies plc., Honeywell International Inc., Johnson Controls International plc., and Hitachi, Ltd.
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Detailed Segmentation:
Global Green Hospitals Market, By Type of Green Technology:
- Energy-Efficient Lighting
- Renewable Energy Sources
- Waste Reduction Programs
Global Green Hospitals Market, By Application:
- Hospitals
- Clinics
- Long-Term Care Facilities
Global Green Hospitals Market, By Certification:
- LEED Certification
- Green Globes Certification
- Energy Star Certification
Global Green Hospitals Market, By Services:
- Medical Services
- Surgical Services
- Emergency Services
Global Green Hospitals Market, By Ownership:
- Government-Owned Facilities
- Private Facilities
- Non-Profit Facilities
Global Green Hospitals Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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