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Soaring Demand Set to Propel Hospital Lighting Market to $11.58 Billion by 2029
Hospital Lighting Market
What Is the Expected CAGR for the Hospital Lighting Market Through 2025?
In recent times, there has been a consistent increase in the market size of hospital lighting. The market, which was worth $8.29 billion in 2024, is expected to escalate to $8.71 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The growth observed in the previous years can be credited to factors such as energy efficiency, regulatory standards, patient-focused lighting, decreased hospital-acquired infections, and improved precision in surgery.
What's the Projected Size of the Global Hospital Lighting Market by 2029?
The size of the hospital lighting market is set to witness a robust expansion in the upcoming years, reaching a value of $11.58 billion by 2029, progressing at a compound annual growth rate (CAGR) of 7.4%. This growth during the forecast period is due to several factors, such as continuous research and development, establishment of sustainability goals, the integration of smart technology in hospitals, focus on cost efficiency, and infrastructure modernization. The forecast period is also likely to see a rise in trends like the use of biophilic design concepts, utilizing data in creating lighting designs, designing with a focus on wellness, remote monitoring and management, as well as the use of adaptive lighting controls.
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Top Growth Drivers in the Hospital Lighting Industry: What's Accelerating the Market?
The growth of the hospital lighting market is projected to be driven by an upsurge in the number of hospitals globally. The construction of hospitals, a critical element of healthcare system development, is currently being fueled by external influences, shortcomings within the healthcare system, and deficiencies in the hospital sector. This rise in hospital constructions around the world is subsequently influencing the demand and utilization of hospital lighting to achieve functional or aesthetic enhancements within and beyond the hospital premises. For example, the UK saw healthcare expenditure hit roughly $354.88 billion (£283 billion) in 2022 as per data from the Office for National Statistics, a UK-based statistical establishment, presenting a nominal rise of 0.7% in comparison to 2021 expenditures. As a result, the surge in primary healthcare facilities and hospitals will likely boost the requirement for the hospital lighting market.
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What Trends Will Shape the Hospital Lighting Market Through 2029 and Beyond?
The evolution of lighting technology is an emerging trend in the hospital lighting industry. Leading players in this sector are striving to develop innovative lighting options that provide optimum visibility and accuracy during medical procedures, thereby giving them a competitive advantage in the market. For instance, Nanchang Micare Medical Equipment Co., Ltd., a surgical lighting and medical examination lamp producer based in China, launched the Multi-Color Plus Series surgical light in April 2024. The device is a game-changer in the surgical lighting arena, thanks to its groundbreaking multi-color technology. It features adjustable color temperatures, ensuring excellent visibility and exactness during medical procedures. The Multi-Color Plus Series, with its modern design and advanced capabilities, sets new benchmarks in surgical lighting and gives healthcare professionals a crucial tool for improving performance and results.
What Are the Main Segments in the Hospital Lighting Market?
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 Top Companies are Driving Growth in the Hospital Lighting Market?
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 Will Dominate the Hospital Lighting Market Through 2029?
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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