The global hospital lighting market is expected to be valued at USD 9.1 billion by 2024, is expected to witness CAGR of 10.7% during the forecast period (2018 – 2024). Lighting is observed to play significant role in the infrastructure of healthcare domain as it is widely implemented in ICU, wards, operation theatres and other settings in the hospital. The manufacturers of lighting are rapidly innovating products that enables efficiency and low cost. The extensive growth of the market is attributed towards increasing demand for suitable lighting in the hospital to relax the patients at the time of treatment and enable improved vision and enhancing the productivity of hospital staff.
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High initial set up cost, high cost associated with products of individual lighting and costly fixtures is expected to hinder the growth of the market. Moreover, due to contact of these lights with high temperatures might lead to failure of product that further creates hindrance in the growth of the hospital lighting market.
Globally industry players are leveraging market growth through technological advancements and innovations, providing product differentiation to the users, excessive emphasis upon the enhancement of their product in order to cater to the increasing demand for advanced systems and contribute towards the growth of the hospital lighting industry.
Geographically, Asia-Pacific is expected to witness fastest growth 8.6% CAGR in the hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in healthcare domain. There are several hospitals in Asia-Pacific that are seeking for the solutions of lighting that helps in reduction of energy to conserve it and thus reducing the operating costs of the medical amenities. Europe is another key market for these solutions, as there are several major players operating in the hospital lighting industry in this region.
High initial set up cost, high cost associated with products of individual lighting and costly fixtures is expected to hinder the growth of the market. Moreover, due to contact of these lights with high temperatures might lead to failure of product that further creates hindrance in the growth of the hospital lighting market.
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Globally industry players are leveraging market growth through technological advancements and innovations, providing product differentiation to the users, excessive emphasis upon the enhancement of their product in order to cater to the increasing demand for advanced systems and contribute towards the growth of the hospital lighting industry.
Geographically, Asia-Pacific is expected to witness fastest growth 8.6% CAGR in the hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in healthcare domain. There are several hospitals in Asia-Pacific that are seeking for the solutions of lighting that helps in reduction of energy to conserve it and thus reducing the operating costs of the medical amenities.
Europe is another key market for these solutions, as there are several major players operating in the hospital lighting industry in this region.
Some of the major companies operating in the hospital lighting industry include Acuity Brands Lighting Inc., Eaton Corporation PLC, Cree Inc., General Electric Company, Koninklijke Philips N.V., Herbert Waldmann GmbH & Co. Kg, KLS Martin Group, Trilux Lighting Ltd., Hubbell Incorporation and Zumtobel Group AG.
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