February 17, 2021 06:47 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Europe modular construction for healthcare market size is projected to reach USD 4,110.0 million by 2027, exhibiting a CAGR of 5.7% during the forecast period. The increasing adoption of modular technologies by health facilities across Europe to aid the fight against the COVID-19 pandemic has opened new doors of innovation in this market, observes Fortune Business Insights™ in its report, titled “Europe Modular Construction for Healthcare Market Size, Share & Covid-19 Impact Analysis, By Type (Permanent Modular Construction (PMC), and Relocatable Modular Construction), By Application (Surgery Room & Theatres, Laboratories, Emergency Rooms, Hospital Wards & Therapy Centers, Offices, Pharmacy, and Others) and Country Forecast, 2020-2027”.
The unprecedented stress exerted on healthcare systems around the globe by the coronavirus has forced countries to rapidly explore and implement efficient solutions to effectively manage the waves of COVID-19 patients. Europe, in particular, has been severely hit by the virus, with cases in the UK, France, Spain, and Italy rising relentlessly. Modular construction for healthcare applications has emerged as one of the most favored techniques to speedily respond to the current crisis, enabling health facilities to deliver care to COVID patients efficiently. For example, at the Wigan Infirmary in Manchester, UK, modular wards for coronavirus patients have been built, housing 52 beds, of which 28 are dedicated for critical care. Similarly, a 20-bed isolation ward was built within 2 months at the Royal Surrey County Hospital, UK. The construction of novel modular medical facilities catering to the escalating coronavirus cases allowed this market to register positive growth of 4.9% and reach a value of USD 2,790.0 million in 2020.
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According to the report, the value of the market stood at USD 2,660.0 million in 2019. The report also offers the following:
Growing Utilization of Modular Construction Techniques in Europe to Benefit the Market
The Europe modular construction for healthcare market growth is benefiting from the expanding deployment of modular building technologies by health facilities across Europe. For example, the Alder Hey Children’s Hospital in Liverpool, UK implemented recycled and refurbished modular structures for its three new buildings. The modular technique allowed the hospital to accommodate essential facilities within a confined space, with the construction getting completed in just four months. Similarly, at the Hayes Cottage Hospital in Middlesex, the UK National Health Service (NHS) built a Renal Dialysis Satellite Unit using the modular approach, which complied perfectly with the local council’s external building requirements and the NHS’ internal quality standards. Further, companies in the modular construction for healthcare domain in Europe are also coming up with next-gen technologies. In December 2020, for instance, Switzerland-based RAD Technology Medical Systems added a compact shielding facility to house the latest models of low energy, self-shielded linear accelerators to their modular healthcare solutions portfolio.
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UK Boasts Market Size of USD 376.9 Million, Generates Wide Opportunities for Key Players
The UK dominated the Europe modular construction for healthcare market share, boasting a market size of USD 376.9 million in 2019. The principal force driving the country’s market is the wide scope for innovation for creating green building modules in the UK. Manufacturers across the UK are focusing on developing innovative and high-quality modular construction for healthcare solutions, which is propelling the country’s market growth. Other European countries, such as Germany, France, and the Netherlands, are also adopting modular construction technologies to augment their healthcare delivery capacity, especially amid the current pandemic situation.
Collaborations between Health Services and Market Companies to Characterize Competition
Key players in this Europe Modular Construction for Healthcare Market are focused on deepening their relationship with national health services of countries across Europe by designing and offering advanced modular solutions for enhanced healthcare delivery. This strategy has been the core focus area for most market companies as it allows them to diversify their operations and entrench their market position.
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List of Key Companies Covered in the Europe Modular Construction for Healthcare Market Report:
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