The global hospital lighting system market size is projected to grow at a CAGR of 7.6% during 2017-2023, to reach $8.5 billion by 2023. The increasing investment in lighting of hospitals by government and private players is one of the prime growth factors of its market. Lighting in hospitals can affect task performance, well-being and patient health. It also makes a major impact on visitors to feel whether the space is clean and safe and is capable enough to offer better treatment for faster recovery.
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Adequate levels of light for treatment and recovery within hospital building plays a crucial role for the well-being and lives of patient. The growing adoption of safe energy in hospitals through innovative product technology and product design, with minimum amount of greenhouse gas emissions resulting in minimum global warming, is anticipated to drive demand for hospital lighting system market across the globe.
The impact of rising inclination toward clean & energy efficient system is anticipated to be low in short term, and moderate in medium and high in long term. In present context, some hospitals are using traditional lighting system, which in turn results in high operational cost. However, with rapid advancements in lighting technology and its increasing adoption in hospitals, the implementation for energy efficient system will lead to major savings within short payback period. Therefore, the driver is expected to highly impact the global hospital lighting system market in long term.
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The high implementation cost of hospital lighting system coupled with safety issues related to hospital lighting are some of the major restraining the growth of this market. Huge capital investment is required for the complete set up of efficient hospital lighting system. Some of the countries, such as Liberia, Nigeria and Mozambique, where basic healthcare facilities are still not available, are not showing interest in costly lighting solution for hospitals, which is hampering the growth of hospital lighting system market.
The major companies in the hospital lighting system market are Philips Lighting AG, General Electric, Acuity Brand, Osram Licht AG, Zumtobel Group AG, Cree Inc., Herbert Waldmann GmbH, Hubbell Lighting Inc., Orion Energy System and Trilux GmbH.