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Green Hospitals Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Green Hospitals Global Market Report 2024
According to The Business Research Company's, The green hospitals market size has grown rapidly in recent years. It will grow from $40.56 billion in 2023 to $45.81 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to global awareness of environmental challenges, the need for sustainable practices, the increasing number of hospitals pursuing sustainability, the adoption of renewable energy, and green hospitals contributing significantly to carbon emissions.
The green hospitals market size is expected to see rapid growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to organizations assisting hospitals in achieving their zero-emission goals, use of sustainable building materials, developing of green hospitals, increasingly adopting green procurement policies, and healthcare initiatives to promote sustainability. Major trends in the forecast period include technological advancements, advanced technologies such as energy-efficient lighting, renewable energy sources, waste reduction programs to enhance sustainability, and a wide range of environmentally conscious healthcare services.
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Market Drivers and Trends:
The rising government initiatives to promote sustainable healthcare are expected to propel the growth of the green hospital market going forward. Government initiatives to promote sustainable healthcare refer to policies and actions to ensure healthcare systems meet current needs without compromising resources or the environment for future generations. Government initiatives are fostering sustainable healthcare by prioritizing resource conservation, equitable access to healthcare, and promoting eco-friendly practices, including energy-efficient infrastructure, renewable energy integration, and waste reduction, particularly in green hospitals. For instance, in November 2023, The American Hospital Dubai, a UAE-based healthcare facility, responding to the UAE government's call for sustainability, introduced the American Hospital Sustainable Policy. This initiative targets achieving environmentally sustainable practices by 2025, establishing the healthcare facility as a frontrunner in carbon reduction efforts. The hospital has already demonstrated significant progress, reducing its energy use intensity (EUI) from 47 in 2020 to 34 in 2022, resulting in substantial savings of 20,384,129 kWh (kilowatt-hours) and implementing water conservation measures such as touchless faucets, leading to the daily preservation of 2,176 gallons of water. Therefore, the rising government initiatives to promote sustainable healthcare are driving the growth of the green hospital market.
Major companies operating in the green hospital market are focused on developing a strategic partnership approach to integrate sustainability as a strategic priority in healthcare facilities. Strategic partnerships facilitate developing and implementing sustainable practices, technologies, and initiatives to promote environmental conservation and efficiency in hospital operations, thereby fostering a green hospital environment. For instance, in February 2024, the Nordic Center for Sustainable Healthcare (NCSH), a Sweden-based environmental services organization, partnered with Mamta Health Institute for Mother and Child (MAMTA HIMC), an India-based non-profit organization, to establish the green hospital Initiative to empower hospitals and healthcare providers to enhance their efficiencies, environmental stewardship, patient safety, and care quality. The initiative focuses on guiding hospitals in implementing green practices such as leadership, waste management, safer chemicals, energy efficiency, water conservation, and more. It emphasizes collaboration through workgroups, networking opportunities, and sharing sustainability practices to drive positive change within healthcare facilities.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Hitachi Ltd, Siemens AG, Schneider Electric SE, Honeywell International Inc, Johnson Controls International PLC, Lyngsoe Systems A/S, Medline Industries Inc, Eaton Corp, Waste Management Inc, Koninklijke Philips N.V, Trane Technologies Plc, Northwell Health Inc, Dignity Health, Owens-Corning Overseas Holdings Inc, GE HealthCare Technologies Inc, Mount Sinai Health System Inc, Stericycle Inc, HDR Inc, Celitron Inc, Max Healthcare Ltd, Jehangir Hospital, Dell Children's Medical Center, Gundersen Lutheran Health System Inc, Boulder Community Health, Bronson Methodist Hospital, All India Institutes of Medical Sciences (AIIMS), Tuttnauer B.V
Green Hospitals Market 2024 Key Insights:
• The green hospitals market size is expected to see rapid growth in the next few years. It will grow to $75.4 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
• Government Initiatives Driving Growth In The Green Hospital Market
• Strategic Partnerships Transforming Healthcare With The Green Hospital Initiative
• North America was the largest region in the green hospitals market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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