May 22, 2024
Hospital Lighting Market

The Hospital Lighting Market Is Driven By Increasing Need For Quality Healthcare Infrastructure

Hospital lighting solutions play a vital role in providing illumination for accurate surgical and clinical procedures. These lighting systems provide brightness and color rendering to create a safe environment for patient recovery and treatment. Specialty lighting such as surgical lights provide shadow-less illumination over the operating area to enable visibility of small anatomical structures. The growing prevalence of lifestyle diseases and medical ailments is propelling healthcare investments worldwide, augmenting the demand for high-performance lighting infrastructure in hospitals, clinics, and laboratories.

The global Hospital Lighting Market is estimated to be valued at US$ 16.79 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of LED lighting is rising in hospitals owing to advantages such as energy-efficiency, durability, and flexibility of design. LEDs do not contain mercury which reduces health and environmental risks associated with lighting maintenance and disposal. Additionally, LED luminaires with smart controls allow wireless connectivity and remote monitoring of lighting operations. This improves energy management and facilitates predictive maintenance activities. Growing popularity of surgical lights equipped with integrated features such as camera mounts is also a major trend. These support minimally invasive surgeries and enable recording of medical procedures for educational and training purposes. Enhanced lighting solutions boost operational efficiency and deliver positive patient outcomes, thereby strengthening the hospital lighting market growth over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as hospital lighting requires high initial investments and expertise. Existing players have established relationships with hospitals.

Bargaining power of buyers: The bargaining power of buyers is medium. While large hospitals can negotiate prices, suppliers have differentiated products to appeal different buyer needs.

Bargaining power of suppliers: Suppliers have medium bargaining power due to the availability of substitutes. However, suppliers of specialized lighting have some power over quality-conscious buyers.

Threat of new substitutes: The threat of substitutes is low as lighting systems need to meet specific healthcare standards and efficacy. New substitutes also require huge investments.

Competitive rivalry: The competitive rivalry is high among key players due to their focus on research and differentiated product offerings.

Key Takeaways

The Global Hospital Lighting Market Size is expected to witness high growth. The market size for 2024 is US$ 16.79 Mn and is forecast to reach US$ 25.39 Mn by 2031, growing at a CAGR of 5.4% during the forecast period.

Regional analysis: North America dominates the global hospital lighting market currently, owing to stringent regulations for hospital infrastructure. Asia Pacific is expected to grow the fastest during the forecast period due to increasing healthcare infrastructure development in countries such as China and India.

Key players: Key players operating in the Hospital Lighting market are Bacardi and Company Ltd., Diageo PLC, Pernod Ricard SA, Constellation Brands, Inc., and Suntory Holdings Limited. These companies have sophisticated R&D capabilities and focus on new product launches catering to various hospital segments.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it