Hospital lighting market worth $7.03 billion by 2021

by Jack Curley

The hospital lighting market is projected to reach $7.03 billion by 2021 from $5.19 billion in 2016, at a CAGR of 6.2% from 2016 to 2021.

The product segment of the market is further segmented into troffers, surface-mounted lights, surgical lights and other products. The troffers segment is projected to witness the highest growth in this market due to increasing number of hospitals Asian countries and surging adoption of LED-based troffers in hospitals globally.

The technology segment of the hospital lighting market is further segmented into fluorescent, LED, renewable energy and other technologies. LED technology segment is projected to witness the highest growth in this market due to increasing number of installation of LED, increasing number of hospital beds in the country.

The application segment of the market is further divided into patient wards & ICUs, examination rooms, surgical suites and other applications. The patient wards and ICUs segment is projected to witness the highest CAGR during the forecast period due to technical enhancements and increasing adoption of LED based fixtures in hospitals wards.

Geographically, the hospital lighting market is dominated by North America, followed by Europe, Asia and the Rest of the World (RoW). However, Growth in North America primarily driven by the technological advancements and government initiatives. For example, a Canadian government agency Fraser Health invested $1.68 million in Burnaby Hospital (Canada) in June 2015. This investment was aimed at constructing an operating room for the hospital in order to cut down long surgical waiting lists. Such initiatives will drive the demand for lighting solutions in hospitals. However, the Asian market is projected to grow at the highest CAGR during the forecast period.

Prominent players in this market are General Electric Company (U.S.), Acuity Brands Lighting Inc. (U.S.), Cree Inc. (U.S.), Eaton Corporation PLC (Ireland), Hubbell Incorporated (U.S.), Koninklijke Philips N.V. (Netherlands), and Zumtobel Group AG (Austria). Other players in this market include Herbert Waldmann GmbH & Co. KG (Germany), KLS Martin Group (Germany), and Trilux Lighting Ltd (U.K.).

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