Modular Construction Market In Healthcare Sector to grow at a CAGR of 16.4% during 2024-2028
The Modular Construction Market In Healthcare Sector is expected to grow at a CAGR of 16.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10858.7 million. The modular construction market in the healthcare sector has experienced a notable upsurge in adoption following the COVID-19 pandemic. This construction method, also referred to as prefabrication or off-site construction, entails manufacturing and assembling various components in a controlled factory setting, which includes prefabricated units, precast slabs, and other structural elements, all fabricated in modules and subsequently assembled on-site. In India, the healthcare sector has seen a growing trend towards modular construction for hospital architecture and design, owing to its numerous advantages over conventional methods. The pandemic underscored the pressing need for healthcare infrastructure improvements, including insufficient hospital beds, medical personnel, essential medications, oxygen, and ventilators. Modular construction addresses these challenges by enabling faster construction timelines, cost savings, and increased flexibility, making it an attractive solution for the healthcare industry.
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Technavio analysts predict that the Permanent modular construction subsegment will lead the Type segment during 2024 and 2028 In the healthcare sector, modular construction is gaining significant traction due to its numerous advantages. This building method allows for efficient construction timelines, cost savings, and improved quality. Modular healthcare facilities are manufactured off-site in controlled environments, ensuring compliance with stringent industry regulations. The use of pre-engineered components results in reduced waste and enhanced sustainability. Modular construction's flexibility and scalability make it an ideal solution for healthcare providers seeking to expand or renovate their facilities.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increase in demand for customizable healthcare construction
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The modular construction market in the healthcare sector has gained significant traction in recent years due to the scalability and flexibility it offers in building temporary modular buildings for various applications. With the ongoing development of vaccines, biosimilars, therapeutics, and plant-based alternatives, the demand for modular facilities has increased. However, weather-related concerns, regulations, inflation, raw material prices, and supply chain disruptions pose challenges to the industry. Off-site construction through prefabricated buildings is an efficient production process that addresses these challenges by minimizing on-site labor and weather-related delays. Technological advances in modular construction have streamlined production, enabling faster delivery times and reducing operational maintenance costs. Millennials' preference for convenient and tech-savvy healthcare solutions has fueled the growth of modular construction in the sector. Logistics and supply chain management are crucial aspects of modular construction, and geopolitical conditions can impact the availability of raw materials and labor. Sales monitoring and regulatory compliance are essential to ensure the quality and safety of modular facilities. Overall, the modular construction market in the healthcare sector offers significant opportunities for growth despite the challenges.
The global construction and engineering market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction companies are excluded from this market. According to Technavio, the market's size is determined by the consolidated revenue of engineering service providers and EPC contractors functioning within the non-residential sector. Factors fueling growth in the global construction and engineering market include the escalating investment in urban infrastructure, necessitated by expanding urban populations and mounting demands for advanced transportation, communication services, and essential utilities such as water and electricity.
The Modular Construction Market In Healthcare Sector is experiencing significant growth, fueled by the increase in demand for customizable healthcare construction. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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