Healthcare

Healthcare Buildings Market: Key Drivers, Trends, Growth, Outlook 2024-2033

The Healthcare Buildings by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Healthcare Buildings, The healthcare buildings market size has grown steadily in recent years. It will grow from $260.94 billion in 2023 to $266.82 billion in 2024 at a compound annual growth rate (CAGR) of 2.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased healthcare spending, rising number of patients, rise in the number of medical tourists and rise in government support.

The healthcare buildings market size is expected to see steady growth in the next few years. It will grow to $294.71 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to an increasing aging population, increasing chronic diseases, rapid urbanization and a rising population. Major trends in the forecast period include integrated building systems to enhance patient care, safety and operational efficiency, sustainability and green building practices to reduce environmental impact, increasing investments in healthcare buildings to improve facilities and strategic partnerships and collaborations among market players to expand their product portfolio and geographic presence.

The growing detection of acute and chronic disorders is expected to propel the growth of the healthcare-building market in the coming years. Acute disorders are diseases that frequently last for just a few days or weeks and usually start unexpectedly. Chronic illnesses take months or years to develop and may get worse throughout that time. Hospital supplements and related activities enhance the performance of many other components of the healthcare system by providing ongoing access to treatments for both acute and complicated diseases. Thus, the increased number of acute and chronic disorders increases the demand for healthcare infrastructure, leading to the growth of the healthcare-building market. For instance, in March 2022, the Australian Bureau of Statistics, an Australia-based independent statutory body, found that nearly three-quarters of Australians (78.6%) had at least one long-term health issue. About half of the population (46.6% or 11.6 million) had at least one chronic illness. Therefore, the growing detection of acute and chronic disorders is driving the healthcare-building market.

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The healthcare buildings market covered in this report is segmented –

1) By Facility Type: Hospitals, Ambulatory Surgery Centers, Long Term Care Facilities And Nursing Homes, Academic Institutes, Other Facility Types

2) By Service Type: New Construction, Refurbishment

3) By Healthcare Type: Public Healthcare, Private Healthcare

Product innovation is the key trend gaining popularity in the hospital buildings market. Major companies operating in the hospital buildings market are focused on developing innovative products to strengthen their position in the market. For instance, in February 2023, RSC Architects, a USA-based architectural firm unveiled Helena Theurer Pavilion, a 530,000-square-foot Helena Theurer Pavilion at Hackensack University Medical Center. This innovative nine-story surgical and intensive care tower is increasing the bar for patient care expertise in the New York metropolitan area. The Pavilion has all-private patient rooms and the newest ‘smart hospital’ technology, and every aspect has been carefully considered to provide patients with a fantastic experience.

The healthcare buildings market report table of contents includes: