The Climate Resilient and Sustainable Health Systems Market is estimated to be valued at US$ 8.45 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The climate resilient and sustainable health systems market comprises solutions and services that enable energy efficient and environment friendly operations of healthcare facilities. These include energy management systems, HVAC systems, lighting controls, and renewable energy integration that help lower carbon footprint and operate on cleaner energy sources. Adopting such solutions provides benefits like reduced electricity bills, better air quality, and resilience against power outages.
Market key trends:
The rising awareness about environmental stewardship in the healthcare industry and growing investments towards achieving net zero carbon targets are major factors driving the climate resilient and sustainable health systems market growth. Government policies and regulations in various countries are promoting sustainable infrastructure development and operation of medical facilities. For instance, the European Union has framed regulations mandating all new buildings to be nearly zero-energy buildings by end of 2020. This is positively impacting the adoption of intelligent and integrated building solutions. Also, shifting focus towards development of smart, digitally integrated, and future ready hospitals is fueling installations of smart controls, IoT based monitoring systems, and other smart solutions across various healthcare facilities.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand recognition creates barriers for new companies to enter the market. However, growth opportunities attract new players.
Bargaining power of buyers: Large buyers such as hospitals and healthcare institutions can negotiate better prices and demand value-added services due to their high purchase volumes.
Bargaining power of suppliers: Major players dominate the supply market, allowing them to influence pricing and product development to some extent.
Threat of new substitutes: Emerging technologies offer alternative solutions but existing products have strong brand loyalty and meet regulatory compliance.
Competitive rivalry: Intense competition exists among existing players to expand market share through innovations, global expansion and strategic partnerships.
SWOT Analysis
Strengths: Strong brands, comprehensive product portfolios, robust distribution networks and focus on sustainability.
Weaknesses: High research & development costs, regulatory compliances and maintaining quality standards.
Opportunities: Growing health awareness, rising income levels in developing nations, supportive government policies for eco-friendly initiatives.
Threats: Economic slowdowns, stringent regulations, increasing raw material prices and vulnerability to natural disasters affecting operations.
Key Takeaways
The global Climate Resilient and Sustainable Health Systems Market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing health awareness worldwide. The market size for 2023 is US$ 8.45 Bn.
Regionally, Asia Pacific is projected to register fastest growth during 2023-2030. Factors such as rising healthcare expenditure, growing population and rapid urbanization in countries like China and India are expected to drive the regional market.
North America currently dominates the global market backed by supportive policies, technology advancements and presence of key industry players in the US and Canada.
Key players operating in the Climate Resilient and Sustainable Health Systems market are Johnson Controls, Honeywell, Schneider Electric, Siemens Healthineers, Philips, GSK, AbbVie, Pfizer, Merck & Co., Novartis. Companies are focusing on sustainable manufacturing practices and partnership strategies for long term growth.
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