GREEN HOSPITALS MARKET ANALYSIS

Market Challenges And Opportunities

Global Green Hospitals Market- Drivers

• Growing awareness about environmental impact of healthcare: Growing awareness about environmental sustainability and carbon footprint of healthcare operations is a key factor driving growth of green hospitals market globally. There is an increasing recognition that hospitals contribute significantly to carbon emissions and pollution through their energy-intensive facilities, equipment, faulty waste management practices and others. For instance, on September 12, 2023, according to the report published by National Center for Biotechnology Information (NCBI), the healthcare industry has a substantial impact on the environment through its use of resources, waste generation, and pollution. To manage and reduce its impact, it is essential to measure the pressures of healthcare activities on the environment. As more people become aware of this impact, there is increase in demand for sustainable and environmentally-friendly healthcare facilities.
• Government initiatives to promote sustainable healthcare: Many governments around the world are implementing regulations and initiatives to promote sustainable healthcare practices including the development of green hospitals. This includes incentives for hospitals to reduce their environmental impact such as tax credits for energy-efficient equipment or grants for waste reduction programs.

Global Green Hospitals Market- Opportunities

• Adoption of renewable energy: Healthcare facilities can adopt renewable energy sources such as solar, wind, and geothermal power to reduce their reliance on fossil fuels and reduce their carbon footprint. This presents an opportunity for the development of green hospitals that use renewable energy sources to power their operations. For instance, on August 2, 2023, the AIIMS Delhi signed an agreement with the Indian Renewable Energy Development Agency Limited (IREDA) to initiate the technical assessment of the hospital campus for converting it into a green hospital which is powered by solar energy.
• Use of sustainable building materials: The use of sustainable building materials such as bamboo, recycled plastic, and eco-friendly insulation can help to reduce the environmental impact of healthcare facilities. This presents an opportunity for the development of green hospitals that prioritize the use of sustainable building materials in their construction.
• Implementation of waste reduction programs: Healthcare facilities generate a significant amount of waste, and most of these can be recycled or reused. The implementation of waste reduction programs presents an opportunity for the development of green hospitals that prioritize waste reduction and recycling.
• Development of green supply chains: Healthcare facilities can work with suppliers to develop green supply chains, and thus, reducing the environmental impact of the entire healthcare system. This presents an opportunity for the development of green hospitals that prioritize the use of eco-friendly products and materials in their operations.

Global Green Hospitals Market- Restraints

• High upfront costs: The initial investment required to develop and implement green hospital practices can be high including the cost of upgrading equipment, renovating facilities, and implementing waste reduction programs. This can be a significant barrier in entry of healthcare facilities, especially those with limited budgets.
• Lack of awareness and education: Despite growing awareness of the environmental impact of healthcare, there is still lack of education and awareness among healthcare professionals and patients about sustainable healthcare practices. This can make it difficult to promote the adoption of green hospital practices, and this can limit demand for sustainable healthcare facilities.
• Limited funding and financing options: Financing options for green hospital projects can be limited, especially in developing countries. This can make it difficult for healthcare facilities to secure the funding needed to develop sustainable practices and facilities.