The Worldwide Hospital Lights Industry is Expected to Reach $9.7 Billion by 2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Hospital Lights Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Technology and Application” report has been added to ResearchAndMarkets.com’s offering.
The Hospital Lights market is expected to grow from US$ 5,432.01 million in 2021 to US$ 9,765.09 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.
Hospital lights are designed specifically for use in medical institutions. They are frequently built of sturdy materials and must be able to endure regular cleaning as well as a certain level of damage. As hospitals and other medical facilities must be as clean as possible, lighting must be resistant to water and chemicals.
The notable factors driving the growth of the hospital lights market include the increasing use of LED-based lighting fixtures, government initiatives to improve energy efficiency in hospitals, and advantages of LED over conventional lighting. Furthermore, elevated government support for the adoption of energy-efficient lighting solutions in hospitals has led to the rise in the use of LED-based lighting products over traditional lighting.
Ongoing developments in lighting technology are likely to create lucrative market prospects during the forecast period. UV LED lights are a more secure lighting option than traditional lights. As UV light also serves as a disinfectant, it is also used for water and air treatment to control the spreading and survival of germs, eventually killing them. This factor is further propelling the adoption of UV LED lights across hospitals.
Due to robust healthcare infrastructure, Western European countries – such as Germany, France, Russia, and the UK – have witnessed a comparatively moderate decline in their production activities during the COVID-19 pandemic. The imbalance between the demand and supply sides during the lockdown phase in several European countries slightly limited the hospital light market growth in 2020 and 2021. However, government funding allocated for healthcare was redirected to frontline NHS issues, such as PPE availability and staffing, which resulted in low funds availability for the creation of new health and social care estate.
However, with the mitigation of the COVID-19 infection rate in late 2021, investments in hospitals infrastructure development and renovation have increased, which is likely to support the hospital lighting market growth. For instance, in 2021, governments in European countries announced Euro 3.7 billion to build 40 hospitals by 2030. In 2021, England built temporary hospitals to help cope with rising COVID-19 cases. In the third quarter of 2021, the redevelopment of Hospitacite Hospital Complex was started and the development of various hospital such as Lorrach Central Hospital campus, Galliera Hospital, and others is expected to drive the demand of hospital lights and eventually positively influence the hospital lights market growth.
The hospital lights market is segmented based on product type, technology, application, and geography. Based on product type, the market is segmented into troffer, surface-mounted lights, surgical lamps, and others. By technology, the hospital lights market is segmented into fluorescent technology, LED technology, and others. By application, the hospital lights market is segmented into patient wards and ICUs, surgical suites, examination rooms, and others. Based on geography, the hospital lights market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Hospital Lights market
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- The key findings and recommendations highlight crucial progressive industry trends in the global Hospital Lights market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
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- Rising Government Initiatives to Improve Energy Efficiency in Hospitals
- Increasing Demand for High-performance LED Lighting During Surgeries
- Limited Product Development in the Field of Hospital Lights
- Increasing Infrastructure Development of Hospitals
- Rising Adoption of Energy-Efficient Solar-Based LED Lighting
- Signify Holding (Philips)
- Acuity Brands, Inc.
- Cree Lighting
- Dragerwerk AG & Co. Kgaa
- Kls Martin Group
- Stryker Corporation
- GE Current
- Hubbell Incorporated
- Trilux GmbH & Co. Kg
- Zumtobel Lighting Gmbh
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