Hospital Lighting Market Global Size, Global Demand & Global Share to Surpass USD 9.76 billion by 2030, Exhibit a CAGR of 8.7% | Industry Trends, Growth, Value, Segment Analysis & Forecast Report by Fact and Factors

NEW YORK, Jan. 27, 2023 /PRNewswire/ -- As per Facts and Factors study, The global hospital lighting market size was worth around USD 5.43 billion in 2021 and is predicted to grow to around USD 9.76 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.7% between 2022 and 2030.

Hospital Lighting Market: Overview

Hospital lighting includes a very important section of the hospital structure that directly relates to the visibility that is provided inside the hospital. The rehabilitation and management of the patients directly depend upon the provisions that have been made regarding hospital lighting. Other factors that are affected by this market include operation management, cost control, and the relationship between doctors and patients. The construction of the hospital structure includes the setup and provisions that are required for lighting.

The increasing demand for the digitalization of various systems in hospitals has also helped the hospital lighting market to record significant revenue. Rapid utilization of tablets and laptops in the healthcare industry to provide better services to people has helped boost the global hospital lighting market to a great extent.

The lights that are utilized within the health care setups are manufactured according to the requirements that need to be fulfilled during a procedure. The materials that are utilized for manufacturing these lights are quite durable as they must undergo cleaning processes regularly. The materials that are utilized are usually resistant to chemicals and water. The active participation of the government has boosted the growth of the market to a great extent.

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Our Free Sample Report Includes:

• As per the analysis shared by the research analyst, the global hospital lighting market is estimated to grow annually at a CAGR of around 8.7% over the forecast period (2022-2030)
• In terms of revenue, the global hospital lighting market size was valued at around USD 5.43 billion in 2021 and is projected to reach USD 9.76 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing applications in modern architecture to provide better facilities for patients.
• By application, ICUs and patient wards witnessed the maximum market share in 2021.
• By technology, LED lights were the leading segment in 2021.
• Based on region, North America was the leading revenue generator in 2021.

Facts and Factors published the latest report titled "Hospital Lighting Market Size, Share, Growth Analysis Report By Application (Surgical Suites, ICUs and Patient Wards, Examination Rooms, and Others), By Technology (LED Lights, Fluorescent Lights, Renewable Lights, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.

Industry Dynamics:

Hospital Lighting Market: Growth Drivers

• Growing applications in multispecialty hospitals to drive market demand.

To provide multiple services under a single roof, multi-specialty hospitals have been erected, especially in developed countries. These multi-specialty hospitals include different sectors such as ophthalmology, radiology, operation theaters, dentistry, and many others, which require special lighting facilities.

• Better illumination proves to be beneficial for the progress of the patient, which drives the growth of the market.

The utilization of better illumination in the hospital sector proves to be beneficial for the health of the patients. A crucial role is played by hospital lighting in recovering the patient, as it improves sleep patterns, reduces depression, and hence, helps to balance the circadian rhythm of the body. 

Hospital Lighting Market: Restraints

• Better illumination proves to be beneficial for the progress of the patient, which drives the growth of the market.

Skilled professionals are required for maintaining the lighting infrastructure which is a major restraining factor. The absence of a skilled technician may damage the lighting infrastructure, which will increase the cost of maintenance.

• The availability of cheaper alternatives hampers the growth of the market.

The alternatives in the market are available at considerably lower prices, which proves to be a restraining factor for the market. This comparison attracts hospitals and clinics as it helps them to earn greater profits.

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Global Hospital Lighting Market: Opportunities

• Increase in the number of hospitals will prove to be an opportunity for growth.

A rapid increase in the number of hospitals all over the world has emerged as a lucrative opportunity for the growth of the global hospital lighting market during the forecast period. An increasing number of patients is proving to be a major opportunity for the growth of the market. The number of patients suffering from chronic diseases is also on the rise, which will emerge as a major opportunity for the market during the forecast period.

• Increase in demand for modern infrastructure to provide growth opportunities.

Because of modernization, the increasing demand for advanced architecture has helped boost the market for hospital lighting. This has increased the demand for LED lights that consume less electricity and hence, prove to be cost-effective. The availability of modern infrastructure and lighting systems has a direct impact on the services that are provided to the people.

Global Hospital Lighting Market: Challenges

• High cost associated with the advanced hospital lighting options.

The cost of LED lights is comparatively higher, which emerges as a major challenge for the growth of the market. The life expectancy of LED lights is considerably longer, which hampers the demand and supply chain in the long run. The maintenance cost which is associated with the lighting fixtures proves to be a major challenge for the growth of the market.

• The presence of alternatives acts as a major challenge

Various cheaper alternatives are available in the global market, which is a major challenge for the hospital lighting market. Increasing competition proves to be another major challenge for the growth of the market. These cheaper options help the hospital sector to boost its profit margin, but in turn, hamper the growth of the market in the long run.

Global Hospital Lighting Market: Segmentation

• The global hospital lighting market is segmented on the basis of application, technology, and region.

By application, the global hospital lighting market has been segmented into surgical suites, ICUs & patient wards, examination rooms, and others. The market has recorded considerable revenue based on the ICUs and patient wards, which is a result of the special facilities that are provided to the patients as per their requirements.

Multiple beds are set up inside a patient's ward to provide specific medical facilities to the patients. Special lighting systems are required in the hospital for performing various visual procedures. Multiple factors such as safety, hygiene, and efficiency are directly related to the lighting facilities that are provided in hospitals. A crucial role is played by the lighting facilities as they are directly related to the services that are provided to the patient.

By technology, the global hospital lighting market has been segmented into LED lights, fluorescent lights, renewable lights, and others. The rapid expansion of the hospital lighting market is attributed to the supremacy of LED lights over traditional systems. LED lights provide better illumination and hence are a better choice over the other alternatives in the market.

The lighting system in the hospital sector plays a very important role, which accounts for approximately 10% of the total energy utilized. LED lights are an integral part of the green technologies that have been adopted all over the world. These prove to be an intelligent option in the hospital lighting system and hence help to boost the size of the market considerably.

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List of Key Players in Hospital Lighting Market:

• Acuity Brands Lighting Inc.
• Cree Inc.
• Eaton Corporation PLC
• GE Lighting
• Herbert Waldmann GmbH & Co. Kg
• Hubbell Incorporation
• KLS Martin Group
• Koninklijke Philips N.V.
• Trilux Lighting Ltd.
• Zumtobel Group AG

Key questions answered in this report:

• What are the growth rate forecast and market size for Hospital Lighting Market?
• What are the key driving factors propelling the Hospital Lighting Market forward?
• What are the most important companies in the Hospital Lighting Market Industry?
• What segments does the Hospital Lighting Market cover?
• How can I receive a free copy of the Hospital Lighting Market sample report and company profiles?

Report Scope:

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Recent Developments

• In 2021 - A collaboration took place between Lutron Electronics and Cree lighting. The purpose of this collaboration was to introduce a wide range of hospital lighting products as per requirement.
• In 2021 - Giovanni Traverso and Paola Vighy which are lighting designers collaborated with Zumtobel for combining natural light with artificial systems which will be able to provide a balanced illumination solution.

Regional Dominance:

• North America to lead with the highest CAGR during the forecast period.

The increasing adoption of advanced technology and energy-saving options by the government have emerged as major driving forces for the growth of the North American hospital lighting market. The increasing number of hospitals in the region of North America is expected to boost the size of the hospital lighting market. The active participation of the government to encourage the utilization of renewable sources of energy will help to boost the size of the market considerably. The modernization of the hospital lighting industry is supported by various initiatives taken up by the government.

The European market has experienced tremendous growth over the period because of the advanced healthcare facilities that are provided to the people. Faster growth has been experienced in the Asia Pacific market because of the increasing number of patients suffering from chronic diseases. Increasing demand for advanced healthcare facilities in this region has also helped the market to record significant revenue. Increasing demand for energy saving has boosted the size of the market considerably. The primary motive of the Asia-Pacific region is to reduce the operational cost that is involved with medical facilities.

Global Hospital Lighting Market is segmented as follows:

Hospital Lighting Market: By Application Outlook (2022-2030)

• Surgical suites
• ICUs and patient wards
• Examination rooms

Hospital Lighting Market: By Technology Outlook (2022-2030)

• LED lights
• Fluorescent lights
• Renewable lights
• Others

Hospital Lighting Market: By Region Outlook (2022-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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