Hospital Lights Market Overview and Forecast by 2031
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
Market Size Value in US$ 5,432.01 million in 2021 Market Size Value by US$ 9,765.09 million by 2028 Growth rate CAGR of 8.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Hospital Lights Market: Strategic Insights
Market Size Value in | US$ 5,432.01 million in 2021 |
Market Size Value by | US$ 9,765.09 million by 2028 |
Growth rate | CAGR of 8.7% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Speak to AnalystHospital 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 Report Scope
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
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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