Hospital Lighting System Market Size, Share, Trends and Demand by 2023
The hospital lighting system market is expected to reach $8.5 billion by 2023, growing at a CAGR of 7.6% between 2017-2023. The increasing investment in lighting of hospitals by government and private players is one of the prime growth factors of its market. Lighting in hospitals can affect task performance, well-being and patient health. It also makes a major impact on visitors to feel whether the space is clean and safe and is capable enough to offer better treatment for faster recovery.
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Based on technology, LED holds the largest market due to its application in multiple areas, as they offer energy efficiency with a longer lifespan of the product. The market for fluorescent technology is also expected to show a robust growth in coming years as they offer good selection of color temperature, offering uniform lighting with less harsh shadows. The hospital lighting system witnessed largest application in patient wards & suites. Government and private players of the healthcare industry in the developing countries are investing heavily in the hospital lighting system. During the forecast period, the market for surgical suites, which include wide range of lighting devices with different color rendering index, are expected to witness the fastest growth. The lighting systems in hospitals are now shifting towards the balance between natural and artificial lights in lobbies and corridors of hospitals, which results in 45-70% of light saving, making the lighting system more energy efficient.
North America contributes largest revenue to the global hospital lighting system market and it is expected to remain the largest market during the forecast period. The North American market for hospital lighting was valued at $2.2 billion in 2016 and is expected to cross $3.6 billion by 2023, growing at a CAGR of 7.4% between 2017-2023.
Among the North American countries, the U.S. has been the largest contributor to the region. The growing infrastructure of healthcare institutions, such as hospitals, nursing homes, clinics, and public health centres, coupled with the need to bring energy efficient lighting with zero carbon emission will play a major role in the growth of hospital lighting system in the country. During the forecast period, the fastest growth in hospital lighting system market is expected in Europe, owing to the increasing penetration of latest lighting solutions for healthcare institutes.
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Some of the major companies operating in the market include General Electric, Philips Lighting AG, Osram Licht AG, Acuity Brand, Cree Inc., Zumtobel Group AG, Hubbell Lighting Inc., Herbert Waldmann GmbH, Trilux GmbH and Orion Energy System. Most of the major vendors are actively focusing on enhancing their offerings to meet the ongoing demand for advanced hospital lighting system solutions.
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