by The global Hospital Lighting Market is estimated to be valued at US$ 14.57 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hospital lighting helps in reducing the risk of errors or incidents and improves overall patient recovery by regulating the circadian rhythm. It provides adequate illumination and improves ambience of the hospital as per requirement in different areas like surgical rooms, wards, patient rooms, corridors etc. Improved lighting also helps in reducing shadows and glare while maintaining necessary contrast in the hospital environment.
Market key trends:
Technological advancements in LED lighting and controls are driving the Global Hospital Lighting Market Growth. Incorporation of LEDs is helping in reducing energy consumption and maintenance cost significantly. Integration of sensors and advanced controls allow managing lighting as per presence and need in different areas autonomously. Adoption of advanced lighting solutions compliant with green building certifications is increasing to lower carbon footprint of hospitals. Growing investments in infrastructure upgrades and expansion of healthcare facilities globally is creating strong demand for efficient and intelligent hospital lighting systems.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established buyers reduce barriers to entry in the hospital lighting market. However, brand recognition and customer loyalty towards existing players restrict the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power. However, compliance with industry standards and regular replacement of existing lights increases buyer dependency on existing suppliers.
Bargaining power of suppliers: Large number of component suppliers and differentiated products limits the bargaining power of individual suppliers. Established supply relationships further reduce supplier control over prices.
Threat of new substitutes: Limited threat as lighting solutions from new technologies such as LED face regulatory approvals and lack specialized features required in healthcare settings.
Competitive rivalry: Intense competition exists among major players. Focus on product innovation, quality, and customer service differentiate competitors.
Key Takeaways
The global hospital lighting market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing adoption of LED lights. LED consumes less energy compared to traditional lighting and offers better illumination with minimum maintenance needs.
Regionally, North America dominates the global hospital lighting market owing to well established healthcare infrastructure and stringent regulations regarding lighting levels in hospitals. Asia Pacific is expected to exhibit fastest growth during the forecast period supported by increasing healthcare expenditure and rising number of hospitals in developing countries.
Key players operating in the hospital lighting market are Eaton Corporation PLC, Trilux Lighting Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Hubbell Incorporated, Herbert Waldmann GmbH & Co. KG, General Electric Company, Cree Inc., Koninklijke Philips N.V., KLS Martin Group. These players are focusing on new product launches to gain a competitive edge through technology advancements.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
