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.
Hospitals are an inseparable part of the healthcare delivery system.The development of new hospitals will drive the demand for lighting systems, thus creating growth opportunities for the hospital lighting market players.
Europe has proposed a series of investment plans in 2021 for hospital infrastructure development to make healthcare more accessible in underdeveloped and developed areas.These plans include Hospitacite Hospital Complex Redevelopment, Lörrach Central Hospital campus Development, Lörrach Central Hospital campus Development, etc.
Moreover, an increase in product development and the presence of various key hospital lights market players offering LED lights for surgical rooms will also contribute to the growth of the market.For example, Integra LifeSciences launched a new Codman specialty surgical device in April 2019, which is incorporating the Integra Duo LED surgical lamp.
LED surgical lights are also preferred by ambulatory surgery centers because they are more energy-efficient, consume less energy, and have longer shelf lives than halogen lights. Moreover, governments are providing incentives and subsidies for replacing old lamps with LED troffer goods, allowing for greater adoption of LED products worldwide, and further driving the demand for troffer lights.
Further, a continuous rise in investments by local and federal bodies to increase the number of hospitals across the region and upgrade the existing hospital facilities is favoring the hospital lights market progress. The US has heavily invested in the expansion and construction of hospitals over the decade. According to the US Department of Health & Human Services, a few of the hospital infrastructure projects in the US as of October 2021 are as follows: • The Boston Planning and Development Agency approved a 1 million-square-foot expansion for Massachusetts General Hospital in October 2021, worth US$ 2 billion.
• In September 2021, the academic medical center announced the first phase of Tampa General Hospital’s expansion plan worth US$ 550 million.
• The Kaiser Permanente and Providence Southern California announced their plan to jointly construct a hospital in Victorville, California, with an investment of US$ 1 billion; the hospital is expected to start operations by 2028.
Such initiatives by the local and federal governments across the region to strengthen their healthcare infrastructure are driving the demand for efficient lighting.
The COVID-19 had a significant impact on the electronics and semiconductors industry in 2020 and 2021.Moreover, lockdown measures taken by many countries across the world hampered hospital construction activities, mainly due to disruptions in supply chains.
Thus, the hospital lights market experienced a slight decline in its growth pace in 2020 and 2021.However, the increasing initiatives to develop various regional hospitals are favoring the hospital lights market performance on the demand side.
In 2020, Abu Dhabi Health Services Company (SEHA) established Mohammed bin Zayed City hospitals in Abu Dhabi and the Emirates Humanitarian City.Moreover, the post-Covid-19 scenario has accelerated the investment towards hospitals infrastructure development and renovation, which will drive the hospital lights market.
For instance, in 2021 the government of Europe has announced approx. 4.1 billion USD to build 40 hospitals by 2030. For instance, in 2021, England has built temporary hospitals to help cope with rising coronavirus cases. In the third quarter of 2021, the redevelopment of Hospitacite Hospital Complex was started and development of various hospital such as Lörrach Central Hospital campus, Galliera Hospital, and others will drive the demand of hospital lights and eventually drives the hospital lights market share. In addition, in 2022, the Government of China decided to set up at least two to three temporary hospitals to treat COVID-19 patients in Beijing. Furthermore, according to Pune Municipal Corporation (PMC) in India, ~INR 2 crore was approved in 2022 for the pending infrastructure work of a newly built municipal hospital in the Hadapsar area for providing COVID treatment... Thus, resuming of old projects and development of new hospital projects is further driving the hospital lights market size growth.
The hospital lights market is segmented on the basis of product type, technology, and application.Based on product type, the market is segmented into troffer, surface-mounted lights, surgical lamps, and others.
Based on technology, the hospital lights market is segmented into fluorescent technology, LED technology, and others.In 2021, the LED technology segment led the market and accounted for the largest market share.
Based on application, the hospital lights market is segmented into patient wards and ICUs, surgical suites, examination rooms, and others.In 2021, the patient wards and ICUs segment led the market and accounted for the largest market share.
Geographically, the hospital lights market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the market.
The key players operating in the global hospital lights market and profiled in the market study include 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; Zumtmarketobel Lighting GMBH; Effe; Tulip; Planet Lighting; and Eagle Lighting Australia Private Ltd.
The overall hospital lights market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the hospital lights market.
The process also serves the purpose of obtaining an overview and forecast for the hospital lights market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the available data and gain more analytical insights.
The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the hospital lights market.
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