The global market for Hazard Vulnerability Analysis (HVA) in healthcare facilities is projected to grow at a compound annual growth rate (CAGR) of 7.36% through 2031.
The increasing recognition among healthcare institutions of the need for comprehensive risk management systems to address various hazards is driving the growth of the HVA market.
North America is leading the market, attributed to its advanced healthcare infrastructure and high level of awareness regarding catastrophe preparedness. Europe is also witnessing substantial market activity due to rapid urbanization and rising healthcare expenditures.
The HVA market is segmented by type, healthcare facility, and region, allowing for targeted strategies.
Prominent players in the market include Joint Commission Resources (JCR), DNV GL Healthcare, Aramark Healthcare, and Vizient Inc.
The market faces challenges such as lack of awareness, high implementation costs, and shortage of skilled professionals. The COVID-19 pandemic has also shifted priorities towards cybersecurity risks.
Despite these challenges, the demand for HVA is expected to intensify as natural disasters become more frequent and severe. The North American market is expected to maintain its dominant position, while Europe will see increased demand for HVA.
Healthcare facilities must integrate HVA into their operational frameworks to ensure compliance with regulatory standards and safeguard patient care.