According to a recent report by Emergen Research, the Global Medical Lighting Technologies Market is expected to be worth USD 2.99 billion by 2027. Growing government spending in healthcare facilities is expected to accelerate the market growth of medical lightning technologies over the projected timeframe. In addition, the increasing proliferation of hospitals is expected in developing countries, which will further fuel market growth. For operating theatres, technically advanced and specialized lighting solutions are often required as these solutions play a very important role in efficient operations, which will further stimulate market growth over the forecast period.
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Major Companies and Market Share Analysis
The market for Medical Lighting Technologies is fragmented, with a significant number of large and medium-sized players. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various R&D activities. Some of the leading players in the medical lighting technologies market include:
- Getinge AB
- Dragerwerk AG & Co. KGaA
- Eaton Corporation plc
- Herbert Waldmann GmbH & Co. KG
- Cree Inc.
- Integra LifeSciences Holdings Corporation
- Burton Medical Products Corporation
- Brandon Medical Co Ltd.
- DRE Inc.
- Koninklijke Philips N.V.
By Regional Outlook Segment:
Europe is projected to dominate the market during the forecast period due to the growing prevalence of chronic diseases, public and private investments, developments in medical lighting systems, and significant R&D activities in advanced LED lighting technology.
By Product Type Outlook Segment:
With a CAGR of 6.2%, the surgical lighting system segment is anticipated to lead the industry. Surgical lighting systems provide more visibility for the nurse and doctor to operate.
By Application Outlook Segment:
The Intensive Care Units (ICU) segment of the medical lighting technologies market is expected to hold the largest market share during the forecast period. As patients are treated in the ICU for 24 hours, which includes tracking changing daytime patterns, medical staff can check patients with improved lighting systems more accurately at any time.
By Technology Outlook Segment:
The Light-Emitting Diode (LED) segment is expected to dominate the market over the forecast timeframe due to the many benefits of LED lighting solutions in hospitals. Hospital lighting reduces downtime and maintenance costs and reduces electricity costs dramatically as well.
Expensive lighting solutions are, however, projected to limit market growth during the forecast period.
Technological Innovations by Key manufacturers of medical lighting technologies:
- Brandon Medical Co Ltd. launched I2i, a smart solution for operating theatres, in April 2019. I2i involves insightful, automated solutions to support and motivate engineers to mitigate major electrical hazards, which are expected to enhance Brandon Medical’s market hold in the European region.
- In March 2019, Cree, Inc. announced the execution of a definitive agreement to sell its Lighting Products business unit, which includes the LED lighting fixtures, and corporate lighting solutions for industrial, commercial, and consumer applications, to IDEAL INDUSTRIES, INC. for nearly $310 million.
- Power management company Eaton announced in March 2020 that it completed the sale of its Lighting business to Signify N.V., a leader in LED lighting innovation. The lighting business of Eaton had sales of nearly USD1.7 billion in 2019 and is one of the world’s leading providers of LED lighting and control solutions.
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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
- Surgical lighting systems
- Surface-mounted Lights
- Examination lighting systems
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Intensive care units (ICU)
- Operating room/surgical suites
- Examination rooms
- Technology Outlook (Revenue, USD Billion; 2017-2027)
- Incandescent and Halogen
- Light-Emitting Diode (LED)
- Fluorescent lighting technologies
- Renewable Energy
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- 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
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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