Hospital Lighting System Market Will Reach $8.5 Billion by 2023 and Is Growing at a CAGR of 7.6% During 2018 – 2023

The hospital lighting system market is projected to reach $8.5 billion by 2023, growing at a CAGR of 7.6% forecast to 2023. Hospital lighting system overcomes the built-in constraints of traditional lighting solutions, which use high-intensity discharge, incandescent and halogen lights. It offers numerous benefits over conventional lighting solutions, including energy-efficiency, longer lifespan and durability.

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Hospital lighting systems are used for wide-ranging applications, including patient wards & suites, surgical suites, diagnostic & imaging center, lobbies, corridors and parking areas & garages. Price reduction of LED technology has elevated its demand in several application segments. The adoption of troffers is witnessing a rapid growth, as they are used in patient wards, corridors and stairs in hospitals. They offer superior color quality as compared to traditional hospital lighting, do not require ceiling alterations and offer high efficiency, thereby cutting energy consumption to 50%. Troffers light is the leading product category in terms of size. During the forecast period, surface mounted lights is projected to exhibit the fastest growth, attributed to flexibility, high performance and alluring designs.

Based on technology, LED holds the largest market due to its application in multiple areas, as they offer energy efficiency with a longer lifespan of the product. The market for fluorescent technology is also expected to show a robust growth in coming years as they offer good selection of color temperature, offering uniform lighting with less harsh shadows. The hospital lighting system witnessed largest application in patient wards & suites. Government and private players of the healthcare industry in the developing countries are investing heavily in the hospital lighting system. During the forecast period, the market for surgical suites, which include wide range of lighting devices with different color rendering index, are expected to witness the fastest growth.

The fastest growth in hospital lighting system market is expected in Europe. Hospitals in Europe are looking for lighting solutions that can reduce energy consumption to 60% and thus bringing down the operating cost of the medical facilities. The increasing investment in healthcare institutions by the government of various countries is a prime factor behind the growth of the hospital lighting system market.

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Some of the major players also include Acuity Brand Inc., Cree Inc., Zumtobel Group AG, Hubbell Lighting, Inc., Herbert Waldmann GmbH & Co. Kg, Trilux Gmbh & Co. Kg and Orion Energy System Inc.

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