According to research study by Acumen Research and Consulting, the global hospital light market is expected to reach the market value of around $12.6 billion by 2026 and is expected to grow at a CAGR of around 6.5% in terms of revenue during the period 2019 - 2026.
Hospital light is extremely beneficial to patients and staff in the healthcare industry. Ample lighting condition required for performing visual tasks by staff in hospitals, whereas insufficient lighting can result in errors. As physicians and nurses required adequate lighting to complete their complex tasks such as charting, filling, administering medication, prescriptions, and performing other critical patient care-tasks whereas, inadequate lighting and chaotic environment are likely to be stressful and lead to errors. The latest trend in the hospital light market is surgical lighting systems which are contributing a positive impact on growth over past few years in hospital lighting system market, due to the increasing number of lighting variations in the market. Also, surgical lights available in the market include mobile surgical lights, wall mounted surgical lights, ceiling mounted lights, surgical headlights, and wall mounted surgical lights.
Key Growth Drivers
· Rising inclination towards energy efficient lighting systems
· Increasing number of healthcare institutions
· Growing initiatives to improve energy efficiency in hospitals.
· High implementation cost of hospital lighting systems
· Rising concern regarding carbon emission and the adoption of smart lighting in the healthcare segment
LED Products Are Intensifying Their Footprint In The Healthcare Sector
Green and clean energy is the main agenda across the globe in upcoming years, so there is a need for high standards lighting in hospitals and other health care centers. Healthcare industry utilized electricity for 24×7, and this industry is a second largest energy consumers and producers of greenhouse gases. Additionally, LED lights are a more preferable choice in the healthcare industry across the world, owing to lower the carbon footprint and power saving by integrating green designs. Furthermore, manufacturers of LED lights offer a wide range of solutions, which are customized by manufacturers to fulfill the needs of the healthcare sector. Mainly, it can be used in waiting areas, lobbies, patients’ room, and others. Led lights include various benefits such as energy efficiency, low maintenance, and advanced development in products technology with very specific functionalities. Moreover, it plays a vital role to maintain the light level for critical tasks like an operating theatre. Hence, the overall benefits of LED light in the healthcare sector are expanding their path in the hospital light market.
North America accounted to hold the leading position in the global market for hospital light due to favorable government initiatives and technological advancements in the area of lighting solutions which are the factors contributing to the growth to the market. Asia Pacific is witnessing an increase in the number of hospitals and also enhancing healthcare infrastructure across several emerging economies are the major drivers of the global hospital light market. The government in countries such as India, Brazil, Russia, China, and Japan had guaranteed to offer improved care to citizens and also offering subsidies to captivate investments into medical facilities and escalating number of hospitals. The Middle East & Africa and Latin America have also ruptured the market with opportunities.
Attracted by this expanding force sensor market and essential latent demand, several players are expanding their business through new product development and strategic mergers and acquisitions and partnerships with several vendors. Some of the key players operating in the global hospital light market, profiled in the report include Acuity Brands, Inc., Cree, Inc., Drägerwerk AG & Co. KGaA, Eaton Corp. Plc, General Electric Co., Herbert Waldmann GmbH & Co. Kg, Hill-Rom Holdings, Inc., Hubbell, Inc., KLS Martin GmbH + Co. KG, Koninklijke Philips N.V., Zumtobel Group AG, and Trilux GmbH & Co. Kg and among others.
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