|Status : Published||Published On : Jan, 2021||Report Code : VRSME9002||Industry : Semiconductor & Electronics||Available Format :||Page : 125|
The global hospital lighting market is estimated to be valued at USD 6.2 billion in 2020 and is expected to reach USD 10.3 billion by 2027, growing at a CAGR of 6.2% during 2021-2027. The growth of the market is attributed towards increasing demand for suitable lighting in the hospital to relax the patients at the time of treatment and enable improved vision and enhancing the productivity of hospital staff.
Moreover, the hospital lighting market is expected to witness high growth due to 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 the industry.
Lighting is observed to play a significant role in the infrastructure of 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.
Insight by Product
On the basis of product, the market is segmented into surface-mounted lights, wraparound lights, troffers, surgical lights and others. Among all these segments the troffers segment is expected to grow at the fastest rate during the projected period due to the increasing popularity of LED based troffers in hospitality domain across the globe and huge number of hospitals developed in Asia-Pacific. This segment is thus escalating the demand for hospital lighting market across the globe.
Insight by Technology
The hospital lighting market on the basis of 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 low cost of fluorescent bulb, the hospital lighting market is growing at an exponential rate.
Insight by Application
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 a CAGR of 5.5% 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 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.
High initial set up cost, high cost associated with products of individual lighting and costly fixtures is expected to hinder the growth of the market. Moreover, due to contact of these lights with high temperatures might lead to failure of product that further creates hindrance in the growth of the hospital lighting market.
Globally industry players are leveraging market growth through technological advancements and innovations, providing product differentiation to the users, excessive emphasis upon the enhancement of their product in order to cater to the increasing demand for advanced systems and contribute towards the growth of the hospital lighting industry.
Geographically, Asia-Pacific is expected to witness fastest growth in the global hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in 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.
Some of the major companies operating in the global hospital lighting industry 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.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research