Industry Insights Global Hospital Lighting Market is Estimated to be Valued at USD 6.2 billion in 2020 and is Expected to Reach USD 8.3 billion by 2025 by Product (Troffers, Surface Mounted Lights, Surgical Lights, Wraparound Lights, Others), by Technolog
The major factors driving the growth of the market are rapidly increasing and progressing facilities in the hospital. Some of the lighting products that are excessively being used in the hospital include surgical lamps, troffers, wraparounds, and surface-mounted lights. In all these products incandescent, emitting diode and fluorescent are the various technologies that are rapidly being used, thereby strengthening the growth of global hospital lighting market.
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Lighting is observed to play a significant role in the infrastructure of the healthcare domain as it is widely implemented in ICU, wards, operation theatres and other settings in the hospital. The manufacturers of lighting are rapidly innovating products that enable efficiency and low cost.
The establishment of large number of hospitals in developing nations along with increasing acceptance for LED based fixtures of lighting are the major factors driving the growth of global hospital lighting market. The infrastructural development in hospitality sector specifically multispecialty hospitals have attributed towards the growth of these solutions. The acceptance of wide varieties of lighting systems in several applications of hospital domain is exaggerating the utilization of advanced lighting system.
Moreover, increasing investments done by government organization in various healthcare institutions in several countries is another factor driving the growth of the market. Furthermore, the large amount of capital funding gained in surgical suites in emerging economies along with increasing investment in troffers lights are also pertaining towards the growth of the market. According to a recent report, it has been observed that the private sector organizations along with government organizations in India are expected to invest greatly in order to exaggerate the healthcare domain of the country which in turn will bolster the growth of the hospital lighting market in this country.
On the basis of application, the hospital lighting market is segmented into surgical suites, examination rooms, patient ward & ICUS, diagnostics & imaging center and others. Among all these applications, the patient ward & ICUs segment is expected to grow at the fastest CAGR during the forecast period. The growth of this segment is attributed towards technological upgradation and escalating demand for LED centered fixtures in the hospitals.
The hospital lighting market on the basis of the technology is segmented into fluorescent technology, LED technology and others. Among all these segments the fluorescent segment is projected to grow at the highest CAGR owing to low operational as well as implementation cost. According to a recent report, it has been estimated that the operational cost associated with fluorescent bulb for nearly 22 years is approximately $48 and average cost involved with this segment is also low. As a result of the low cost of the fluorescent bulb, the hospital lighting market is growing at an exponential rate.
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Geographically, Asia-Pacific is expected to witness the fastest growth in the global hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in the healthcare domain. There are several hospitals in Asia-Pacific that are seeking for the solutions of lighting that helps in reduction of energy to conserve it and thus reducing the operating costs of the medical amenities. Europe is another key market for these solutions, as there are several major players operating in the hospital lighting industry in this region.
Globally industry players in the hospital lighting market are leveraging market growth through technological advancements and innovations and providing product differentiation to the users.
Some of the major companies operating in the global hospital lighting market include Acuity Brands Lighting Inc., Eaton Corporation PLC, Cree Inc., General Electric Company, Koninklijke Philips N.V., Herbert Waldmann GmbH & Co. Kg, KLS Martin Group, Trilux Lighting Ltd., Hubbell Incorporation and Zumtobel Group AG.
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