Press release
Hospital Lighting Market Growth Accelerates: Strategic Forecast Predicts $11.81 Billion by 2029
Hospital Lighting Market
What Will the Hospital Lighting Industry Market Size Be by 2025?
The market for hospital lighting has seen substantial growth in the last few years. Its increase is projected from $8.29 billion in 2024 to $8.78 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.9%. The remarkable growth in the past years is a result of energy efficiency, regulatory standards, focus on patient-centric lighting, minimization of hospital-acquired infections, and improved surgical accuracy.
What's the Long-Term Growth Forecast for the Hospital Lighting Market Size Through 2029?
The size of the hospital lighting market is predicted to undergo significant expansion in the coming years, reaching the value of $11.82 billion by the year 2029 at a compound annual growth rate (CAGR) of 7.7%. This growth during the forecasted period can be credited to factors such as research and development efforts, sustainability objectives, integration with smart hospital systems, a focus on cost-efficiency and modernisation of infrastructure. Key trends to look out for in this forecasted period consist of the usage of biophilic design concepts, data-driven lighting patterns, design aimed at promoting wellness, remote monitoring and management, along with adaptive lighting controls.
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What Are the Key Growth Drivers Fueling the Hospital Lighting Market Expansion?
The global growth in the density of hospitals is anticipated to boost the hospital lighting market. Essential to any healthcare system's evolution, hospitals are currently being driven by external pressures, imperfections in the healthcare system, and hospital sector insufficiencies to expand worldwide. Such a global rise in the construction of hospitals directly influences the demand for hospital lighting - used to achieve functional or aesthetic effects within and around the medical facilities. Notably, in 2022, healthcare expenditure in the UK touched an estimated $354.88 billion (£283 billion), per the Office for National Statistics, a UK-based data analysis body. This marked a nominal growth of 0.7% compared to the previous year. Hence, growth in primary healthcare centers and hospitals will escalate the call for the hospital lighting market.
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What Are the Key Trends Driving Hospital Lighting Market Growth?
The continuous evolution of lighting technology is a predominant trend that's gaining traction in the hospital lighting market. Significant market participants are concentrating on producing innovative lighting options which offer high-quality visibility and exactness during medical procedures to secure a competitive benefit within the market. For instance, in April 2024, Nanchang Micare Medical Equipment Co., Ltd., a Chinese firm specializing in surgical lighting and medical examination lamp production, unveiled the Multi-Color Plus Series surgical light. This product, equipped with innovative multi-color technology transforms the surgical lighting arena. The series ensures exceptional visibility and accuracy during medical procedures due to its adjustable color temperatures. The sleek design and top-tier functionality set the Multi-Color Plus Series as a benchmark in surgical lighting, equipping healthcare experts with a crucial tool to enhance performance and patient results.
How Is the Hospital Lighting Market Segmented?
The hospital lighting market covered in this report is segmented -
1) By Product: Troffers, Surface-Mounted Lights, Surgical Lamps, Other Products
2) By Technology: Fluorescent, LED, Renewable Energy, Other Technologies
3) By Application: Patient Wards and ICUs, Examination Rooms, Surgical Suites, Other Applications
Subsegments:
1) By Troffers: LED Troffers, Fluorescent Troffers
2) By Surface-Mounted Lights: LED Surface-Mounted Lights, Traditional Surface-Mounted Lights
3) By Surgical Lamps: LED Surgical Lamps, Halogen Surgical Lamps, Mobile Surgical Lamps
4) By Other Products: Exam Room Lights, Emergency Lighting, Cove Lighting
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Which Companies Are Leading the Charge in Hospital Lighting Market Innovation?
Major companies operating in the hospital lighting market are Acuity Brands Inc., KLS Martin Group, Eaton Corporation PLC., Hubbell Incorporated, Koninklijke Philips NV, Trilux GmbH & Co KG, Zumtobel Group, General Electric Company, Kenall Manufacturing Company, Brandon Medical Company, Drägerwerk AG & Co KGaA, Signify Holding BV, Osram Licht AG, Orion Energy Systems Inc., Thorn Lighting Ltd., Waldmann GmbH & Co. KG, Skytron LLC, Halma PLC, JVS Technologies Pvt Ltd., Healthcare Lighting Solutions
Which Regions Are Leading the Global Hospital Lighting Market in Revenue?
North America was the largest region in the hospital lighting market in 2024. Europe was the second-largest region in the hospital lighting market. The regions covered in the hospital lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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