The hospital lights market size is projected to reach US$ 12.65 billion by 2031 from US$ 6.81 billion in 2023. The market is expected to register a CAGR of 8.1% during 2023–2031. Rising government initiatives to improve energy efficiency in hospitals and high demand for LED lights during surgeries are likely to be key trends and drivers of the hospital lights market.
Hospital Lights Market Analysis
The hospital lights market is experiencing significant growth globally. This growth is attributed to factors such as rising government initiatives to improve energy efficiency in hospitals and the high demand for LED lights during surgeries. Moreover, increasing infrastructure development of hospitals and the rising adoption of efficient energy-efficient solar-based LED lighting are anticipated to hold several opportunities for the hospital lights market.
Hospital Lights Market Overview
Hospital lighting is defined as the artificial illumination of healthcare facilities, such as clinics, hospitals, nursing homes, etc. Hospital lighting can be divided into two main categories: interior lighting and exterior lighting.
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Hospital Lights Market: Strategic Insights
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Hospital Lights Market: Strategic Insights
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Hospital Lights Market Drivers and Opportunities
Increasing Government Initiatives to Improve Energy Efficiency in Hospitals to Favor Market.
Increasing government initiatives to improve energy efficiency in hospitals indeed drives market growth globally. Lighting plays a crucial role in medical facilities. It’s not just about providing light for visibility, hospital lighting impacts the well-being of patients, the efficiency of medical professionals, and the overall ambiance of the hospital. For this well-being, the governments of various countries and initiatives. For instance, in February 2022, the Government of India sought to introduce Green & Digital hospitals with a mission to save energy and transform the healthcare sector. In this initiative, the government replaced 33,000 conventional lights with LED lights for better lux levels and savings in energy. Thus, considering the above factors, several government initiatives to improve energy efficiency in hospitals are driving the hospital lights market.
Increasing Infrastructure Development of Hospitals.
Increasing infrastructure development is anticipated to hold several opportunities for the hospital lights market. As the infrastructure of the hospital improves, the demand for hospital supplies and energy efficiency also increases. Further, many countries are engaged in investing in the development of hospital infrastructure. For example, in March 2024, federal funding fueled massive U.S. healthcare infrastructure upgrades. Substantial upcoming medical facility projects will call for several types of industry expertise as well as an abundance of equipment, security components, and technology. Thus, the government taking various initiatives is anticipated to drive the hospital lights market.
Hospital Lights Market Report Segmentation Analysis
Key segments that contributed to the derivation of the hospital lights market analysis are product type, technology, and application.
- Based on product type, the hospital lights market is divided into troffer, surface-mounted lights, surgical lamps, and others. The troffer segment is anticipated to hold a significant market share in the forecast period.
- Based on technology, the hospital lights market is divided into fluorescent technology, LED technology, and others. The fluorescent technology segment is anticipated to hold a significant market share in the forecast period.
- By application, the market is segmented into patient wards and ICUs, surgical suites, examination rooms, and others. The patient wards segment is anticipated to hold a significant market share in the forecast period.
Hospital Lights Market Share Analysis by Geography
The geographic scope of the hospital lights market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the hospital lights market. The hospital light market growth is experiencing growth due to the rising government initiatives to improve energy efficiency in hospitals and the high demand for LED lights during surgeries in the region. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of hospital lights market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the hospital lights market.
Hospital Lights Market Regional Insights
The regional trends and factors influencing the Hospital Lights Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hospital Lights Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Hospital Lights Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.81 Billion |
| Market Size by 2031 | US$ 12.65 Billion |
| Global CAGR (2023 - 2031) | 8.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Hospital Lights Market Players Density: Understanding Its Impact on Business Dynamics
The Hospital Lights Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Hospital Lights Market are:
- Signify Holding (Philips)
- Acuity Brands, Inc.
- Cree Lighting
- DragerwerkAG & Co. KGaA
- KLS Martin Group
- Stryker Corporation
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Hospital Lights Market top key players overview
Hospital Lights Market News and Recent Developments
The hospital light market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the hospital lights market are listed below:
- Royal Philips, a global leader in health technology, announced a strategic partnership to integrate smartQare’s advanced solution, viQtor, with Philips’ world-leading clinical patient monitoring platforms. This collaboration aims to enable the next generation of continuous patient monitoring both in and out of the hospital, starting in Europe. (Source: Royal Philips Company Website, April 2024)
Hospital Lights Market Report Coverage and Deliverables
The “Hospital Lights Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Hospital lights market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Hospital lights market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Hospital lights market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the hospital lights market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Technology, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The expected CAGR of the hospital lights market is 8.1%.
The global hospital lights market is expected to reach US$ 12.65 billion by 2031.
The key players holding majority shares in the global hospital lights market are Signify Holding (Philips), Acuity Brands, Inc., Cree Lighting, DragerwerkAG & Co. KGaA, KLS Martin Group, Stryker Corporation, GE Current, Hubbell Incorporated, Trilux GMBH & co. KG, Zumtobel Lighting GMBH.
The rising adoption of energy-efficient solar-based LED lighting is anticipated to drive the market in the forecast period.
Rising government initiatives to improve energy efficiency in hospitals and high demand for LED lights during surgeries are some of the factors driving the hospital lights market.
North America is anticipated to dominate the hospital lights market in 2023.
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