April 12, 2024
Hospital Lighting Market

Hospital Lighting Market Is Estimated To Witness High Growth Owing To Rise In Healthcare Infrastructure

Hospital lighting plays an important role in providing appropriate and comfortable lighting conditions to patients, visitors and staff in hospitals. It provides lighting for various departments like patient wards, operation theatres, laboratories and other clinical areas with different lighting needs. Advancements in lighting technologies has led to the development of LED lights which have advantages like high luminous efficacy, low energy consumption and long operational lifespan compared to traditional lights. Additionally, growing investments by various governments around the world to strengthen their healthcare infrastructure is driving the demand for efficient and quality lighting solutions in new and existing hospitals.

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 from 2024 to 2031.

Key Takeaways

Key players operating in the Hospital Lighting market Demand are Bacardi and Company Ltd., Diageo PLC, Pernod Ricard SA, Constellation Brands, Inc., and Suntory Holdings Limited. These players are focusing on launching innovative and energy-efficient lighting solutions to cater to the diverse needs of various hospital departments.

The growing geriatric population and rising healthcare expenditures open up opportunities for players to expand their product portfolio and tap the replacement market in developed economies. Additionally, the increasing healthcare infrastructure in developing nations will drive the new installations of hospital lighting systems.

Key players are expanding their geographical footprint through partnerships and mergers & acquisitions with regional players. For instance, in 2022 Diageo PLC acquired several premium spirit brands from Sazerac to strengthen its global premium spirits business. Additionally, investments in R&D and development of smart and connected lighting help companies cater to the evolving needs of digital hospitals.

Market Drivers

Rising investments by governments and private entities in developing and expanding healthcare infrastructure especially in developing economies is a major driver boosting the sales of hospital lighting systems. According to industry estimates, global healthcare infrastructure investment is expected to increase by over 6% annually during 2023-2028. This growing capital expenditure on hospitals will drive the demand for innovative, energy-efficient and durable lighting solutions.

PEST Analysis

Political: Governments across various countries are focusing on improving healthcare infrastructure and patient safety through regulations for energy efficient and quality lighting systems in hospitals.

Economic: Growing healthcare expenditures in developing nations is encouraging investments in advanced lighting solutions to reduce operation costs and enhance patient recovery in hospitals.

Social: Rising health awareness and increasing life expectancy is leading to surge in number of hospitals and healthcare facilities worldwide requiring robust lighting designs for improved medical services.

Technological: Introduction of LED lights and controls integrated with sensors and software for automatic daylight adjustments are enabling hospitals to reduce electricity usage and maintenance needs through advanced lighting automation.

Geographical regions with high market concentration

North America accounts for the largest share of the global Hospital Lighting Market value owing to established healthcare industry, presence of leading market players, and rising governments support for green buildings in countries like the US and Canada. Asia Pacific is also emerging as major regional market driven by infrastructure investments to meet the healthcare demands of aging populations in countries such as India, China and Japan.

Fastest growing region

The hospital lighting market is witnessing fastest pace of gains in Asia Pacific on account of growing healthcare expenditures, increasing incidence of chronic diseases, rising medical tourism and construction of new hospitals adhering to international quality and energy saving standards in developing nations. This reflects immense potential for market expansion through hospital infrastructure modernization projects across Asia Pacific region over the coming years.

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