The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hospital lighting play a key role in providing appropriate lighting levels required for medical procedures and patient care activities. LED lighting solutions offer advantages like energy efficiency, design flexibility and controllability which makes it useful in healthcare facilities.
Market key trends:
LED lighting is gaining prominence in the Global Hospital Lighting Market Growth owing to its various advantages over traditional lighting technologies. LEDs consume less energy and have longer lifespan which helps in reducing maintenance and energy costs for hospitals. Their compact size and direct light emission allows for unique and more purposeful lighting designs. With advancements in controls and connectivity, LED lights also enable smart and automated lighting controls in hospitals for enhancing operational efficiency and patient experience.
SWOT Analysis
Strength: Hospital lighting has to meet stringent regulations and certifications regarding performance, safety and hygiene. Leading players offer lighting solutions that comply with these standards.
Weakness: High initial investment is required for upgrading or replacing existing lighting infrastructure in hospitals. This makes it challenging for resource-constrained hospitals.
Opportunity: Growing focus on energy efficiency and sustainability presents an opportunity for LED and other advanced lighting technologies in the hospital sector.
Threats: Price wars among competing manufacturers putting downward pressure on prices. Rising costs of raw materials also impact the profit margins of players.
Key Takeaways
The global hospital lighting market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing awareness about importance of lighting in faster recovery of patients.
Regional analysis
North America is expected to dominate the global hospital lighting market during the forecast period. This is attributed to well-established healthcare infrastructure and stringent government policies regarding lighting standards in the region. Asia Pacific hospital lighting market is anticipated to exhibit fastest growth rate owing to rising healthcare expenditure, growing network of private and modern hospitals in densely populated countries such as India and China.
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. These players are focusing on developing advanced lighting solutions integrated with IoT and AI to expand their product portfolio and client base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it