PUBLISHER: Grand View Research | PRODUCT CODE: 1493510
PUBLISHER: Grand View Research | PRODUCT CODE: 1493510
The global medical office buildings market size is anticipated to reach USD 62.18 billion by 2030, registering a CAGR of 6.64% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the increasing demand for healthcare services globally. With growing populations and aging demographics, the need for accessible and modern healthcare facilities is increasing. Growing demand and access to outpatient services globally due to its cost-effective and patient-centered approach to healthcare delivery is expected to drive market growth. This shift is driven by advancements in medical technology, which allow for more procedures to be performed on an outpatient basis, and efforts to reduce healthcare expenditures by avoiding costly inpatient stays.
Therefore, the demand for outpatient clinics and medical office spaces is growing, which can accommodate a wide range of medical specialties and services, from primary care and diagnostics to specialty consultations and minor procedures. This shift toward outpatient care is expected to boost the demand for on-campus and off-campus MOBs. According to Jones Lang LaSalle IP, Inc. (JLL) report published in April 2024, since 2020, the occupancy rate of traditional offices has declined in the U.S. However, the occupancy rate of MOBs increased from 2019 to 2023, with a 1% increase in on-campus and 1.9% in off-campus.