PUBLISHER: The Business Research Company | PRODUCT CODE: 1429825
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429825
Healthcare buildings are structures designed for medical procedures and related activities. They encompass buildings that house hospitals, along with associated operations such as laboratories, laundries, outpatient departments, nurse homes, training facilities, and central service operations linked to a hospital. Additionally, healthcare buildings include structures that house educational or training programs for medical professionals, serving as an integral component of a hospital.
The primary facility types within healthcare buildings consist of hospitals, Ambulatory Surgical Centers (ASCs), long-term care facilities and nursing homes, academic institutes, and others. Hospitals, specifically, provide specialized medical and nursing care, along with medicinal supplies, through various areas such as halls, waiting rooms, labs, surgical rooms, and other spaces dedicated to treating people's health. Service types for healthcare buildings encompass both new construction and refurbishment, catering to both public healthcare and private healthcare facilities.
The healthcare buildings market research report is one of a series of new reports from The Business Research Company that provides healthcare buildings market statistics, including healthcare buildings industry global market size, regional shares, competitors with healthcare buildings market share, detailed healthcare buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the healthcare buildings industry. This healthcare buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed in the historical period can be attributed to factors such as robust economic growth in emerging markets, increased spending on healthcare, a rising number of patients, an increase in the number of medical tourists, and an uptick in government support for the healthcare sector.
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 anticipated growth in the forecast period can be attributed to factors such as the increasing aging population, a rise in chronic diseases, rapid urbanization, and overall population growth. Noteworthy trends expected in the forecast period include the implementation of integrated building systems to enhance patient care, safety, and operational efficiency within healthcare buildings. Additionally, there is a growing focus on sustainability and green building practices to reduce environmental impact. The forecast period is also characterized by increasing investments in healthcare buildings to improve facilities, as well as strategic partnerships and collaborations among market players aimed at expanding their product portfolio and geographic presence.
The anticipated rise in the detection of both acute and chronic disorders is poised to drive the growth of the healthcare-building market in the coming years. Acute disorders, characterized by their sudden onset and short duration, as well as chronic illnesses that develop over an extended period, contribute to the increasing demand for healthcare infrastructure. The provision of hospital facilities and associated services plays a crucial role in addressing the needs of individuals dealing with both acute and complex health conditions. For example, recent findings from the Australian Bureau of Statistics reveal that nearly 78.6% of Australians have at least one long-term health issue, with 46.6% of the population having at least one chronic illness. This growing detection of health issues underscores the escalating demand for healthcare infrastructure, contributing to the expansion of the healthcare-building market.
The upswing in healthcare expenditure is expected to be a driving force behind the growth of the healthcare buildings market. Healthcare expenditure encompasses the total monetary outlay on healthcare goods and services, encompassing medical equipment, hospital services, physician services, prescription drugs, and public health initiatives. Increased healthcare spending translates to greater investment in healthcare infrastructure and services, benefiting the healthcare buildings sector. As an illustration, recent data from the UK's Office for National Statistics indicates a 9.4% increase in healthcare spending in nominal terms, reaching $367.25 billion (£280.7 billion) in 2021. This investment covered various aspects, including pharmaceutical expenditure, preventive care spending, and overall healthcare infrastructure, propelling the growth of the healthcare building market.
A noteworthy trend in the hospital buildings market is the emphasis on product innovation as major companies strive to bolster their positions through the development of cutting-edge products. Notably, RSC Architects, a USA-based architectural firm, introduced the Helena Theurer Pavilion at Hackensack University Medical Center in February 2023. This innovative nine-story surgical and intensive care tower incorporates the latest 'smart hospital' technology, providing an enhanced patient experience with private rooms and advanced facilities.
The surge in investments in healthcare buildings is a response to the escalating demand for efficient healthcare services and infrastructure. In February 2022, St. David's HealthCare in Austin, Texas, announced a substantial investment of $953 million to establish two new acute care hospitals and a mental health facility, along with expanding services at existing facilities. Furthermore, the Los Angeles County Board of Supervisors approved a $1.7 billion capital project for Harbor-UCLA Medical Center in West Carson, California, in February 2022. This project aims to introduce new healthcare services while ensuring compliance with upgraded earthquake requirements.
In April 2022, Cianbro Corp., a US-based construction company, completed the acquisition of R. C. Stevens Construction Company, a Florida-based commercial construction firm specializing in healthcare buildings. This strategic acquisition positions both companies for sustained growth and market expansion in the Southeast, solidifying their presence in the healthcare construction sector.
Major companies operating in the healthcare buildings market report are Hochtief AG, Skanska AB, Balfour Beatty PLC, DPR Construction, Royal BAM Group,AECOM Technology, Kier Group PLC, McCarthy Holdings Inc., Vaughn Construction, JE Dunn Construction, Hiranandani Constructions, Taisei Corporation, Mitsui Fudosan Co. Ltd., Sungdo Engineering & Construction Co. Ltd., Hansen Yuncken, Shimao Group Holdings Limited, China National Building Material Group (CNBM) Co. Ltd., Greenland Holdings Corp. Ltd., Morgan Sindall Group PLC, HPP Architects, Henning Larsen, Marco Casamonti and Partners, PORR, Bouygues Construction, Eiffage, Turner Construction, Brasfield & Gorrie, The Boldt Company, Bechtel, Techint Engineering & Construction, Acciona, Cencosud Construction, Arabtec Construction LLC, Cofely Besix Mannai Facility Management, Saudi Binladin Group (SBG), Olayan Group, Aveng Group, Orascom Construction, Hassan Allam Holding, Arbico Plc
North America was the largest region in the healthcare buildings market in 2023. The regions covered in the healthcare buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The healthcare buildings market includes revenues earned by entities by constructing hospitals, birth centers, ambulatory surgical centers, mental health, and addiction treatment centers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Buildings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare buildings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare buildings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare buildings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.