Hospital Lighting System Market Size, Share, Trends, Application, Demand, Key Players and Growth by 2023

The hospital lighting system market is expected to reach $8.5 billion by 2023, growing at a CAGR of 7.6% between 2017-2023. The increasing investment in lighting of hospitals by government and private players is one of the prime growth factors of its market. Lighting in hospitals can affect task performance, well-being and patient health. It also makes a major impact on visitors to feel whether the space is clean and safe and is capable enough to offer better treatment for faster recovery.

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In terms of application, the hospital lighting system market has been categorized as surgical suites, patent ward & suites, diagnostic & imaging centre, parking areas & garages and others. The hospital lighting system industry for patient wards & suites accounts for the largest revenue. Government and private players of the healthcare industry in the developing countries are investing heavily in the hospital lighting system.

During the forecast period, the market for surgical suites, which include wide range of lighting devices with different color rendering index, are expected to witness the fastest growth. The market for hospital lighting system for parking areas and garages is expected to show robust growth, during the forecast period, as hospitals are adopting latest technology in an attempt to minimize the risk of crime and notorious activities.

Adequate levels of light for treatment and recovery within hospital building plays a crucial role for the well-being and lives of patient. The growing adoption of safe energy in hospitals through innovative product technology and product design, with minimum amount of greenhouse gas emissions resulting in minimum ****** warming, is anticipated to drive the hospital lighting system market across the globe. Also, the lighting systems in hospitals are now shifting towards the balance between natural and artificial lights in lobbies and corridors of hospitals, which results in 45-70% of light saving, making the lighting system more energy efficient.

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During the forecast period, the fastest growth in hospital lighting system market is expected in Europe, owing to the increasing penetration of latest lighting solutions for healthcare institutes. Hospitals in Europe are looking for lighting solutions that can reduce energy consumption to 60% and thus bringing down the operating cost of the medical facilities. With some of the best healthcare institutes, such as Nuffield Health Bristol Hospital, Vale Hospital and Asklepios Clinic Barmbek, already using the efficient lighting solution, the region holds a plethora of opportunities and will drive the demand for advanced hospital lighting system.

North America contributes largest revenue to the ****** hospital lighting system market and it is expected to remain the largest market during the forecast period. The North American market for hospital lighting was valued at $2.2 billion in 2016 and is expected to cross $3.6 billion by 2023, growing at a CAGR of 7.4% between 2017-2023. Among the North American countries, the U.S. has been the largest contributor to the region.

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Some of the major companies operating in the hospital lighting system market include General Electric, Philips Lighting AG, Osram Licht AG, Acuity Brand, Cree Inc., Zumtobel Group AG, Hubbell Lighting Inc., Herbert Waldmann GmbH, Trilux GmbH and Orion Energy System. Most of the major vendors are actively focusing on enhancing their offerings to meet the ongoing demand for advanced hospital lighting system solutions.