Hospital lighting system market to reach $8,566.3 million by 2023, According to P&S Market Research
Hospital lighting system market to witness steady growth
The global hospital lighting system market is expected to grow at a CAGR of 7.6% during the forecast period. Hospital lighting system overcomes the built-in constraints of traditional lighting solutions, which use high-intensity discharge (HID), incandescent, and halogen lights. It offers numerous benefits over conventional lighting solutions, including energy-efficiency, longer lifespan and durability. Hospital lighting systems are used for wide-ranging applications, including patient wards & suites, surgical suites, diagnostic & imaging center, lobbies, corridors, and parking areas & garages. Price reduction of LED technology has elevated its demand in several application segments.
Browse Report Description with Detailed TOC on Hospital Lighting System Market by Product (Troffers, Surface Mounted, Surgical, Wraparound), by Technology (LED, Fluorescent, Incandescent), by Application (Patient Ward & Suites, Diagnostic & Imaging Center, Surgical Suites, Parking Areas & Garages), by Geography (US, Canada, UK, Germany, France, Italy, China, Japan, India, Indonesia, Brazil, Mexico, Argentina, Colombia, UAE, Saudi Arabia, Qatar) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023 at: https://www.psmarketresearch.com/market-analysis/hospital-lighting-market
As multi-specialty hospitals are considered 24*7 work places, due to which they have continuous lighting requirement. The increasing number of such hospitals have been opening opportunities for surface mounted lights, as they have high usage of such lights. This factor will further accelerate the demand of surface mounted lights across the globe, during the forecast period.
Insights on market segments
As per the findings of the research, troffers light is the leading product category in terms of size. During the forecast period, surface mounted lights is projected to exhibit the fastest growth, attributed to flexibility, high performance and alluring designs.
Based on technology, LED holds the largest market due to its application in multiple areas, as they offer energy efficiency with a longer lifespan of the product. The market for fluorescent technology is also expected to show a robust growth in coming years as they offer good selection of color temperature, offering uniform lighting with less harsh shadows. The hospital lighting system witnessed largest application in patient wards & suites. Government and private players of the healthcare industry in the developing countries are investing heavily in the hospital lighting system. During the forecast period, the market for surgical suites, which include wide range of lighting devices with different color rendering index, are expected to witness the fastest growth.
The market to witness fastest growth in Europe
During the forecast period, the fastest growth in hospital lighting system market is expected in Europe, owing to the increasing penetration of latest lighting solutions for healthcare institutes. Hospitals in Europe are looking for lighting solutions that can reduce energy consumption to 60% and thus bringing down the operating cost of the medical facilities. With some of the best healthcare institutes, such as Nuffield Health Bristol Hospital, Vale Hospital and Asklepios Clinic Barmbek, already using the efficient lighting solution, the region holds a plethora of opportunities and will drive the demand for advanced hospital lighting system.
Increasing number of healthcare institutions
The increasing investment in healthcare institutions by the government of various countries is a prime factor behind the growth of the hospital lighting system market. Increased investment in troffer lights, along with large capital funding for surgical suites in case of emergency in developing countries, is driving the growth of the market. Recently, the government of India and other private players of healthcare sector in the country, have started investing heavily to offer better lighting system as a part of smart hospitals and healthcare institutes, which will drive the demand for advanced lighting products. The government along with private sector companies, is expected to invest heavily in enhancing healthcare infrastructure in the country, which will give boost to the market in the next five to six years.
Adoption of solid state lighting in hospitals
The demand for hospital lighting system has increased owing to infrastructural development of multispecialty hospitals across countries. The use of advanced lighting system is witnessing a rapid growth in hospitals due to the wide adoption of the lighting products in various hospital applications. The major trends observed in this industry include adoption of solid state lighting and government focus towards energy efficient lighting in hospitals.
Solid state lighting is one of the latest technologies that use semi-conducting material to convert electricity into lighting. It is gaining adoption globally because of its unique features that help address the major challenges related to energy consumption and lower greenhouse gas emissions. Solid state lighting is a broader term which includes lamps and luminaire that use light-emitting diodes and organic light emitting diodes (OLED). Solid state lighting reduces the consumption of lighting energy in hospitals by nearly half, resulting in superior performance with high cost saving. The key drivers that will drive the demand for solid state lighting in hospitals include energy efficiency, environment protection, lifetime longevity and safety.
High implementation cost to affect the growth of hospital lighting system market
The implementation of hospital lighting system is a costly process. Apart from the highly priced fixtures, the cost of individual lighting products is usually very high, which consequently increases the initial capital cost. Moreover, exposure of hospital lighting to high temperatures may at times result in product failures and poses a key hurdle in the adoption of hospital lighting system.
A highly consolidated market
The research states that the global hospital lighting system market is highly competitive, with players offering advanced lighting solutions. Some of the major companies operating in the market include General Electric, Philips Lighting AG, Osram Licht AG, Acuity Brand, Cree Inc., Zumtobel Group AG, Hubbell Lighting Inc., Herbert Waldmann GmbH, Trilux GmbH and Orion Energy System. Most of the major vendors are actively focusing on enhancing their offerings to meet the ongoing demand for advanced hospital lighting system solutions.
GLOBAL HOSPITAL LIGHTING SYSTEM MARKET
By Product Type