June 19, 2024
Green Hospitals Market

Green Hospitals Market Estimated to Witness High Growth Owing to Increasing Adoption of Sustainability Practices

The green hospitals market has been gaining significant traction over the past few years owing to the growing focus on adopting eco-friendly operations and sustainable solutions across the healthcare industry. Green hospitals aim to minimize energy and water consumption, waste generation, and carbon footprint through the implementation of renewable energy systems, green buildings, cleaner transportation, sustainable purchasing, and other environmental sustainability initiatives. The emphasis on sustainability helps healthcare facilities lower their operating costs and environmental impacts in the long run.

The global green hospitals market is estimated to be valued at US$ 54.02 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period from 2024 to 2031.

Key players operating in the green hospitals market are Baker Tilly, BDO, CROWE, Deloitte, Ernst & Young Global Limited, Grant Thornton, KPMG, Mazars, PWC, RSM International, and TMF Group.

Key Takeaways

Key players: Key players operating in the green hospitals market are Baker Tilly, BDO, CROWE, Deloitte, Ernst & Young Global Limited, Grant Thornton, KPMG, Mazars, PWC, RSM International, and TMF Group. These players are focusing on introducing innovative sustainable solutions and services to help healthcare organizations lower their carbon footprint.

Key opportunities: The green hospitals market is expected to witness high potential growth opportunities owing to the rising government incentives and regulations pushing for environmental sustainability in the healthcare sector. Moreover, growing awareness about the economic and environmental benefits of green initiatives is encouraging more hospitals to adopt green practices.

Global expansion: Major players in the Green Hospitals Market Size are expanding their geographical footprint by investing in emerging countries in Asia Pacific and Latin America. These regional markets are expected to lucrative growth opportunities for sustainable healthcare solutions over the coming years.

Market drivers

Increasing adoption of sustainability practices: The rising ecological and economic concerns have been driving greater focus on sustainability across industries globally. The healthcare sector has also been actively working towards reducing its environmental impact through adoption of practices like renewable energy, waste management, and green building standards. This is a key factor driving the demand for green hospital solutions.

PEST Analysis

Political: Green hospitals have to comply with strict environmental regulations in many countries. Adopting green practices helps reduce carbon footprint and complies with sustainability norms.

Economic: Going green results in substantial cost savings for hospitals from reduced energy and waste management bills. Investing resources upfront helps lower operating expenses in the long run.

Social: There is increasing awareness about dangers of climate change and pollution. People prefer healthcare facilities that adopt environment-friendly practices. This enhances brand image and attracts environmentally conscious patients and staff.

Technological: New digital solutions help efficiently manage and monitor resource consumption. Advanced clean technologies facilitate waste treatment and renewable energy generation. Automation and IoT optimizes resource utilization.

Geographical regions with highest market share

North America accounts for the largest share of the global green hospitals market, both in terms of value and volume. Stringent regulatory norms and higher accessibility to green technologies has boosted adoption of green practices across hospitals in the US and Canada. Growing environmental consciousness is another key factor driving regional market growth.

Fastest growing region

The Asia Pacific region is expected to witness the fastest growth over the forecast period. This can be attributed to improvement in healthcare infrastructure, rising healthcare spending, and supportive government policies promoting sustainability in major countries like China and India. Increasing awareness about environmental protection is further augmenting the green hospitals market across emerging Asian economies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it