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Global Hospital Lighting Market to Witness 10.7% CAGR During 2018 – 2024



The global hospital lighting market is expected to be valued at USD 9.1 billion by 2024, growing at a CAGR of 10.7% during the forecast period. It has been observed that the operating rooms and surgical rooms require a sufficient amount of lighting that is not expected to be bright or too dim. The lighting in the hospitals is positioned in the manner it enables the doctors to have the required focus on the task performed and eradicating errors. Hospital lighting also enables proper lighting in operation theatres that helps the doctors in effectively managing time to complete a particular task and also ensures efficient cost savings.

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 global hospital lighting market.

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The hospital lighting market on the basis of the 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 bulbs for nearly 22 years is approximately $48 and the average cost involved with this segment is also low. As a result of the low cost of the fluorescent bulb, the hospital lighting market is growing at an exponential rate.

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 to technological up-gradation and escalating demand for LED centered fixtures in the hospitals.

Geographically, Asia-Pacific is expected to witness the fastest growth of 8.6% CAGR in the hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in the healthcare domain. There are several hospitals in Asia-Pacific that are seeking the solutions of lighting that helps in the 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.

Globally industry players in the hospital lighting market are leveraging market growth through technological advancements and innovations and providing product differentiation to the users. Some of the major companies operating in the global hospital lighting market 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.

Global Hospital Lighting Market Coverage

 Product Insight and Forecast 2014 - 2024

Surface-Mounted Lights
Troffers Lights
Surgical Lamps
Wraparound Lights
Others
Technology Insight and Forecast 2014 - 2024

Fluorescent Technology
LED Technology
Others
Application Insight and Forecast 2014 - 2024

Patient Ward & ICUs
Surgical Suites
Government
Examination Rooms
Others
Geographical Segmentation

Hospital Lighting Market by Region

North America

U.S.
Canada
Mexico
Europe

Germany
U.K.
France
Italy
Rest of Europe
Asia-Pacific

Japan
China
India
Australia
Rest of Asia-Pacific
Rest of the World (RoW)

Brazil
Saudi Arabia
U.A.E
Rest of RoW

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News Release: Global Hospital Lighting Market to Witness 10.7% CAGR During 2018 – 2024
Submitted on: May 22, 2020 01:23:01 PM
Submitted by: birendra kumar
On behalf of: https://www.vynzresearch.com/semiconductor-electronics/hospital-lighting-market
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