The Medical Lighting Technologies Market is expected to be valued at USD 2.99 Billion in 2027 from USD 1.94 Billion in 2019, registering a CAGR of 5.9% through the forecast period. The increasing investment and financial backing from the government to improve the healthcare facilities is projected to accelerate the growth of the market. In developing economies, the proliferation in the number of hospitals and the escalating need for efficient healthcare facilities is further projected to contribute to the market growth. Moreover, the technically advanced and specialized lightings play a pivotal role in the operation theatres by improving the efficiency of the operation. This is further estimated to add traction to the market growth.
The surging demand for improved healthcare facilities is expected to boost the market growth significantly. The lights confer increased visibility in the operating room, helping the medical staff and surgeons to perform operations efficiently. The increasing burden of chronic diseases, the rising number of surgical procedures performed, and rapid development in medical lighting systems are further bolstering the market growth.
However, the expensiveness of the lighting solutions and a lack of awareness among healthcare professionals and individuals is projected to impede the market growth over the estimated timeframe. Nonetheless, the increased government spending on healthcare facilities, the rapidly escalating patient pool, and the economic recovery of the world is projected to circumvent the restraining factors to register significant growth in the market.
Key Highlights from Report:
- The Surgical Lighting System sub-segment is projected to lead the market growth, registering a CAGR of 6.2% throughout the projected timeframe. This can be accredited to the advantages of the lighting systems, such as enhanced visibility, improved color, and minimal heat generation. Moreover, these lights help the surgeons to operate efficiently through excellent visibility.
- The intensive care units (ICU) sub-segment is projected to occupy the largest share of the industry in the projected timeframe. The improved lighting systems allow the medical staff to check on patients more reliably at a given point, especially ICU patients that require 24-hour monitoring.
- The Light Emitting Diode (LED) sub-segment is estimated to lead the market growth in the forecast timeframe owing to several advantages of LEDs in hospitals. LED lights in hospitals reduce downtime and maintenance costs and significantly reduce the costs associated with energy consumption.
- The increasing burden of chronic illnesses, high public and private investments in the healthcare sector, increasing innovations in medical lighting systems, extensive R&D activities in advanced LED lighting technology is boosting the market growth in the European region. The region is foreseen to command the market growth over the projected timeline.
- Major companies of the industry include Koninklijke Philips N.V., Getinge AB, Eaton Corporation plc, Herbert Waldmann GmbH & Co. KG, Dragerwerk AG & Co. KGaA, Cree Inc., Brandon Medical Co Ltd., Integra LifeSciences Holdings Corporation, DRE Inc., and Burton Medical Products Corporation, among others.
- Brandon Medical Co. Ltd. introduced a smart operating theatre solution termed i2i in April 2019. The i2i solution consists of intelligent and automated solutions that empower engineers to reduce electrical hazards significantly. This venture is set to strengthen the market position of the company in the European market.
For the purpose of this report, Emergen Research has segmented the Global Medical Lighting Technologies Market on the basis of product type, application, technology, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Specialty lighting
- Surface-mounted lights
- Surgical lighting systems
- Examination lighting systems
Application Outlook (Revenue, USD Billion; 2017-2027)
- Intensive care units (ICU)
- Examination rooms
- Operating room/surgical suites
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Incandescent and Halogen
- Fluorescent lighting technologies
- Light-Emitting Diode (LED)
- Renewable Energy
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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