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(Health-NewsWire.Net, January 17, 2020 ) The hospital lighting market is projected to reach USD 7.03 Billion by 2021 from USD 5.19 Billion in 2016, at a CAGR of 6.2% from 2016 to 2021. The increasing adoption of LED based lighting products and increasing number of hospital in emerging economies are the key factor driving the market growth. Moreover, increasing government support to energy efficiency program for hospitals is contributing to the growth of market.
Advantages of LED lighting over conventional lighting to drive the global hospital lighting market to reach USD 7.03 billion by 2022
Modern lighting products, such as LED and OLED, are comparatively more expensive than most conventional lighting products; however, their total operational cost is lower than CFL and incandescent-based lighting. According to the Department of Energy (U.S.), the average operational cost of an LED bulb for 23 years is around USD 38 as compared to USD 48 for incandescent bulbs and USD 201 for CFL lighting. Owing to these operational cost advantages, the adoption rate of LED-based lighting fixtures in hospitals is on the rise. In 2014, LED Lighting had a higher adoption rate of 10.1% in hospitals.
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LED and OLED are highly energy-efficient lighting products that have the potential to change the future of the global lighting industry.
Increasing number of hospitals in emerging economies to drive the hospital lighting industry across developing countries during the forecast period
Across the globe, the number of hospitals is on the rise, but this increase is particularly significant in emerging economies such as China and India. The sharp rise in the number of hospitals in this region can primarily be attributed to the rapidly growing population and increasing healthcare expenditure in these countries. This increasing number of hospitals in the emerging economies will subsequently lead to an increase in the number of hospital wards and operation theatres, which in turn will drive growth in the hospital lighting market.
Patient wards & ICUs to register the highest CAGR during the forecast period
Patient wards include general wards, emergency wards, and patient admission rooms, and intensive care (ICU) units include SICU (surgical ICU), CCU (cardiac ICU), and NICU (neonatal ICU). LED recessed troffers are used in patient wards & ICUs. Troffers can save up to 70% of power consumption (making them more cost effective) and have a longer life span (~25 years) as compared to other sources of light fixtures in hospitals. TRILUX Lighting Ltd. (U.K.), Eaton (Ireland), and Cree Inc. (U.S.) are the prominent players offering lighting solutions for patient wards and ICUs.
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On the basis of geography, North America dominates the global hospital lighting market. Growth in the North American segment is primarily driven by the technological advancements, government initiatives. For example, the development of Indigo-Clean a product by Kenall Manufacturing launched in 2015, using continuous environmental disinfection technology. Indigo-Clean features technology that continuously disinfects the environment. Such a technological advancement will drive the demand for lights in hospitals.
The key strategies followed by most companies in the hospital lighting market are product launches. The key players such as Acuity Brands Lighting Inc. (U.S.), Eaton Corporation PLC (Ireland), and Koninklijke Philips N.V. (Netherlands) are the leading manufacturing companies that adopted this strategy to expand their existing product portfolios and enhance their presence in the market.
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