hospital lights Market

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 play a crucial role in delivering healthcare services, and the development of new hospitals presents growth opportunities for players in the hospital lighting market. In 2021, Europe proposed a series of investment plans to develop hospital infrastructure, including the Hospitacite Hospital Complex Redevelopment and the L?rrach Central Hospital campus Development, to improve healthcare accessibility in underdeveloped and developed regions. Additionally, the market's growth will be driven by an increase in product development and the presence of key players offering LED lights for surgical rooms, such as Integra LifeSciences' Codman specialty surgical device. LED surgical lights are preferred by ambulatory surgery centers due to their energy efficiency, lower energy consumption, and longer lifespan than halogen lights. Governments are also offering incentives and subsidies to replace old lamps with LED troffer goods, leading to greater LED product adoption worldwide and 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 electronics and semiconductors industry faced significant impacts from the COVID-19 pandemic in 2020 and 2021, while lockdown measures in various countries disrupted hospital construction activities due to supply chain disruptions. These factors caused a slight decline in the growth pace of the hospital lights market during this time. However, the increasing development of regional hospitals is driving the demand side of the hospital lights market. For example, in 2020, Abu Dhabi Health Services Company established hospitals in Abu Dhabi and the Emirates Humanitarian City, while initiatives to develop and renovate hospitals have accelerated post-COVID-19. Europe's government has allocated around 4.1 billion USD to construct 40 hospitals by 2030, while England built temporary hospitals in 2021. In addition, the redevelopment of the Hospitacite Hospital Complex and the development of various other hospitals will drive the demand for hospital lights and the overall market share. For example, in 2022, the Chinese government decided to build at least two to three temporary hospitals to treat COVID-19 patients in Beijing, while the Pune Municipal Corporation in India approved INR 2 crore for infrastructure work at a newly-built municipal hospital in the Hadapsar area for COVID treatment. These resumed old projects and development of new hospital projects will further drive the growth of the hospital lights market size.

The hospital lights market is categorized based on 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 market study of the global hospital lights market includes the analysis of various major companies operating in the market, including 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, Zumtobel Lighting GMBH, Effe, Tulip, Planet Lighting, and Eagle Lighting Australia Private Ltd.

The hospital lights market size has been determined using a combination of primary and secondary research. The initial stage of the research involved extensive secondary research using both internal and external sources to gather qualitative and quantitative information pertaining to the hospital lights market. The aim of this process was to obtain an overall forecast and understanding of the market's segments. Additionally, several primary interviews were conducted with various industry experts and commentators to verify the accuracy of the data collected and to gain further analytical insights. These participants included VPs, business development managers, market intelligence managers, national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders with specific expertise in the hospital lights market.