The Hospital Lighting Market Is Estimated To Witness High Growth Owing To Increasing Healthcare Infrastructure Development
The hospital lighting market is estimated to be valued at US$ 14.57 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hospital lighting includes various lighting fixtures such as surgical lighting systems, examination lights, troffers, and accessories used in hospitals and healthcare facilities. Proper lighting helps in providing adequate illumination during examination and surgical procedures. Surgical lights provide shadow-less illumination allowing doctors and surgeons to perform delicate surgeries. Troffer lights provide general lighting for patient rooms, corridors, and wards.
Market Dynamics:
The growth of the Global Hospital Lighting Market Growth is attributed to increasing healthcare infrastructure development worldwide. Rapid urbanization and rising incidences of diseases have boosted the need for more hospitals and clinics globally. This is positively impacting the demand for various lighting systems in healthcare facilities. Furthermore, growing awareness regarding importance of proper lighting in hospitals for performing tasks accurately is also driving the market growth. Technological advancements in LED lighting resulting in energy efficient and quality lighting solutions is another factor fueling the hospital lighting market.
SWOT Analysis
Strength: Hospital lighting requires a high level of illumination, safety, energy efficiency and has specific lighting requirements for medical procedures which makes it a niche market. Hospital lighting products are designed to meet industry standards for lighting levels, glare reduction, color rendering and control options.
Weakness: High initial installation and replacement costs of LED lighting solutions increases the overall project costs for hospitals. Retrofitting an existing hospital with new LED fixtures requires considerable time and effort during installation which can disrupt patient care services.
Opportunity: Growing demand for energy efficient and low maintenance lighting solutions from new and existing healthcare infrastructure globally. Government policies and regulations and encourage the use of LED lighting to reduce energy consumption and costs.
Threats: Price fluctuations in LED component costs can impact profit margins for lighting manufacturers. Growing popularity of low-cost LED lighting products from local and Chinese manufacturers increases competitive pressure.
Key Takeaways
The global hospital lighting market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing healthcare infrastructure development and modernization of existing hospitals. Rapid urbanization, rising income levels, growing elderly population and rising incidence of lifestyle diseases are driving the need for new and upgraded healthcare facilities globally.
Regional analysis
North America dominated the global hospital lighting market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to growing healthcare expenditure, presence of leading lighting players and early adoption of advanced lighting technologies. Asia Pacific hospital lighting market is projected to grow at the fastest pace during the forecast period, led by China, India and other emerging Asian countries. Increasing healthcare investments to meet the needs of a vast population coupled with rising focus on energy efficiency are fueling market growth.
Key players
Key players operating in the hospital lighting market are Eaton Corporation PLC, Trilux Lighting Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Hubbell Incorporated, Herbert Waldmann GmbH & Co. KG, General Electric Company, Cree Inc., Koninklijke Philips N.V., KLS Martin Group. Major players are focusing on developing innovative, energy-efficient and high-quality lighting solutions to consolidate their position.
Get More Insights On This Topic: https://www.trendingwebwire.com/hospital-lighting-market-analysis-growth-forecast-outlook-2023-2030/
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