| Status : Published | Published On : May, 2023 | Report Code : VRSME9002 | Industry : Semiconductor & Electronics | Available Format :
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Page : 125 |
Global Hospital Lighting Market – Analysis and Forecast (2023 – 2030)
Industry Insights by Product (Troffers, Surface Mounted Lights, Surgical Lights, Wraparound Lights, Others), by Technology (LED, Fluorescent, Others), by Application (Diagnostics & Imaging Center, Patient Wards & ICUS, Examination Rooms, Surgical Suites, Others)
Industry Overview
The hospital lighting market is projected to witness substantial growth in the coming years. By 2030, it is anticipated to reach a valuation of USD 10.3 billion, with an estimated worth of USD 6.2 billion in 2023. The market is set to expand at a CAGR of 6.2% from 2023 to 2030. This growth can be attributed to the rising need for effective lighting solutions in hospitals. These solutions aim to create a soothing environment for patients during treatment, promote better visibility, and enhance the productivity of healthcare 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.
Market Segmentation
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.
Global Hospital Lighting Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 2022 |
$6.2 Billion |
|
Revenue Forecast in 2030 |
$10.3 Billion |
|
Growth Rate |
CAGR 6.2% |
|
Segments Covered in the Report |
By Product, By Technology and By Application |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The global hospital lighting market is experiencing significant growth due to the establishment of numerous hospitals in developing nations and the growing popularity of LED-based lighting fixtures. The expansion of infrastructure in the hospitality sector, particularly in multispecialty hospitals, has contributed to the increasing demand for these lighting solutions. Furthermore, the adoption of various lighting systems across various applications in the hospital industry has further amplified the utilization of advanced lighting systems.
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.
Challenges
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.
Industry Ecosystem
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.
Geographic Overview
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.
Competitive Insight
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.
Primary Research
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.
The Hospital Lighting Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Product
- Surface-Mounted Lights
- Troffers Lights
- Surgical Lamps
- Wraparound Lights
- Others
- By Technology
- Fluorescent Technology
- LED Technology
- Others
- New Installation
- By Application
- Patient Ward & ICUs
- Surgical Suites
- Government
- Examination Rooms
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Hospital Lighting Market