The increasing number of health issues and the need for better medical facilities are anticipated to create lucrative growth opportunities for the global hospital architecture market, finds Fortune Business Insights in their new study. The study is titled, “Hospital Architecture Market: Global Market Analysis, Insights, and Forecasts, 2019 2025.”
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Some of the major companies that are present in the Global Hospital Architecture Market are;
- Jacobs Engineering,
- NBBJ Design
- Perkins and Will
- Smith Group Asset Management and other players.
In terms of facility type, the hospitals segment is anticipated to hold highest market share on account of being the most primary form of medical aid globally. However, the ambulatory surgery centers segment is expected to register growth at a faster pace owing to their increasing applicability for emergency treatments or diagnostic procedures.
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Advanced Hospital Set-up Buildings to Promote Future Market Growth
On account of various health issues prevalent around the world, the hospital architecture market is expected to witness promising growth. Hospital infrastructure has greatly evolved with the introduction of technological advancements such as new treatment methods, better machinery for detecting diseases, scanning machines, and others. Hospital architecture is designed to provide better facilities with abundant natural air and light, and better sewage and waste disposal facilities. Governments are also taking initiatives along with market vendors to improve existing hospital architecture, besides building new ones with state-of-the art facilities. Such initiatives are likely to bode well for the global hospital architecture market, as per Fortune Business Insights predicts.
The rising incidence of chronic diseases is driving the global hospital architecture market. This, coupled with the increasing number of cases where the patient need to be under medical surveillance, is also boosting the market.
On the flipside, the market may face certain concerns in terms of growth barriers in the hospital sector. In certain developing and underdeveloped regions, the market may face challenges due to the growing population, lack of education, and inadequate funding and lack of basic medical assistance. This, accompanied by the lack of skilled professionals for providing medical treatment, may also hamper the growth of the market.
Nevertheless, increasing emphasis on providing adequate medical facilities to around the world will create better growth opportunities for the market in future.
Perkins + Will to Stay Ahead of Competition in Market
The global hospital architecture market is likely to witness high demand in Europe and North America. This is due to the presence of well-established hospital infrastructure and facilities in the region. This, coupled with the rising disposable income of people will enable the spend on advanced healthcare, in turn boosting the market.
On the other hand, Asia Pacific is likely to witness the fastest growth on account of high sustainable development and faster adoption of new equipment and advanced treatment methods. Among all nations of the region, Japan is expected to witness fastest growth rate in terms of healthcare development and building of new hospitals with advanced medical aids. China is also not far behind Japan and is continuously contributing to the growth of the market by increasing healthcare expenditure in the nation.
Market players are striving for excellence in the field of hospital architecture and setting examples for others. For instance, the medical firm Perkins + Will, registered itself to be the first architecture firm to win two national healthcare design awards in July 2018 from the American Institute of Architects. Such success stories are encouraging other market players to strive hard for excellence. A few other companies operating in the global hospital architecture market are Smith Group, Jacobs Engineering Group,NBBJ, Stantec, HDR, HKS, and CannonDesign.
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