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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The climate resilient and sustainable health systems market comprises products and solutions that help build resilience of healthcare infrastructure and operations against climate change impacts like floods, hurricanes, heat waves etc. This includes energy-efficient medical equipment, decentralized renewable energy solutions, climate-proof hospital buildings, telemedicine and other digital health solutions. These products and solutions help healthcare providers reduce carbon footprint and power healthcare delivery in sustainable manner.
Market Dynamics:
Rising frequency and severity of extreme weather events linked to climate change have heightened risks for healthcare facilities worldwide. According to the World Health Organization, between 2030-2050 climate change is expected to cause around 250,000 additional deaths per year globally due to malnutrition, malaria, diarrhoea and heat stress. This is driving increased adoption of climate resilient solutions in healthcare sector. Additionally, growing focus on reducing carbon footprint of healthcare activities and buildings worldwide is also driving demand for sustainable healthcare infrastructure, equipment and supplies. For example, implementation of renewable energy solutions in hospitals can help reduce electricity bills substantially and lower carbon emissions.
SWOT Analysis
Strength: The climate resilient and sustainable health systems market has strong growth potential due to increasing investments from both public and private organizations. Governments across the world are focusing on building climate resilient infrastructure for healthcare sectors. Many players in this market provide end-to-end solutions for sustainable and climate resilient healthcare systems.
Weakness: High initial investments and lack of funding in some underdeveloped regions act as a barrier for widespread adoption of climate resilient healthcare systems. Additionally, lack of expertise for managing such complex systems poses operational challenges.
Opportunity: Rising environmental change has increased the occurrence of health emergencies like epidemics. This raises the need to develop healthcare facilities that can withstand climate-related disasters. Growing focus on lowering carbon footprint of healthcare operations provides new avenues for players in this market.
Threats: Economic slowdowns due to COVID-19 pandemic have reduced investments towards building sustainable infrastructure in some countries. Changing environmental regulations across regions also pose compliance challenges.
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 investments from governments and private organizations towards developing climate change resilient healthcare infrastructure. Countries across the globe are announcing plans to strengthen public health systems against climate change induced disasters. For instance, the US government has committed over $100 billion investment in modernizing healthcare infrastructure.
Regional analysis: Europe dominates the global market and is expected to maintain its leading position during the forecast period. This can be attributed to stringent regulations for reducing carbon footprint of healthcare facilities set by governmental agencies like NHS in the UK. Asia Pacific exhibits the highest growth rate owing to rising healthcare expenditure, government initiatives for resilient infrastructure development, and growing incidences of diseases in the region impacted by climate change.
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. These players provide smart buildings solutions, medical equipment, pharmaceuticals and services required for developing climate resilient healthcare infrastructure and operations. They are focusing on strategies like acquisitions, partnerships and product launches for strengthening their market share.
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