PUBLISHER: The Business Research Company | PRODUCT CODE: 1425635
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425635
Medical Lighting Technologies Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical lighting technologies market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical lighting technologies? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical lighting technologies market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Medical lighting technologies encompass systems designed to accurately render true colors while employing numerous small light sources arranged at varying angles, reducing shadows for uniform surgical lighting. These technologies are instrumental in enabling healthcare personnel to conduct tasks like temperature monitoring and chart creation at bedside, ensuring efficient and precise medical procedures.
The primary products within medical lighting technologies comprise surgical lamps, examination lights, specialty lights, and associated accessories. Surgical lamps are specifically engineered to offer clear visibility of surgical sites and work environments, ensuring reliable performance of lighting equipment. These technologies encompass LED, halogen, incandescent, and other advanced systems, catering to diverse end-user industries including hospitals, outpatient facilities, dental hospitals, and various other sectors
The medical lighting technologies market research report is one of a series of new reports from The Business Research Company that provides medical lighting technologies market statistics, including medical lighting technologies industry global market size, regional shares, competitors with a medical lighting technologies market share, detailed medical lighting technologies market segments, market trends and opportunities, and any further data you may need to thrive in the Medical lighting technologies industry. This medical lighting technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medical lighting technologies market size has grown strongly in recent years. It will grow from $3.18 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historical period can be attributed to several factors including the expansion of healthcare infrastructure, advancements in surgical techniques leading to enhanced procedures, a surge in minimally invasive surgeries, heightened emphasis on patient comfort, increased demand for energy-efficient solutions, and a notable rise in global healthcare spending.
The medical lighting technologies market size is expected to see strong growth in the next few years. It will grow to $4.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. Anticipated growth in the forecast period is expected to arise from several factors, including a shift towards human-centric lighting, advancements in color rendering technologies, the increasing prominence of remote and telemedicine practices, a heightened focus on environmental sustainability, and efforts aimed at improving operating room lighting for enhanced functionality. Key trends projected for this period encompass the dominance of LED technology, continual advancements in surgical lighting, integration of smart lighting solutions, the emergence of UV-C disinfection lighting, collaborative efforts for technological integration, and the development of specialized lighting solutions for telemedicine and video conferencing applications.
The projected growth in the medical lighting technologies market is driven by an increasing demand for enhanced healthcare facilities. These facilities encompass various institutions catering to diverse healthcare needs. Lighting plays a crucial role in critical areas like ICUs and operating rooms, requiring high-quality illumination for patient, staff, and visitor comfort and safety. For example, based on a report by the American Medical Association in May 2022, healthcare spending in the United States surged to $4.1 trillion in 2020, marking a substantial 9.7% increase from the previous year's $12,530 per person. This surge highlights the growing demand for superior healthcare facilities, propelling the medical lighting technologies market.
Government initiatives focused on healthcare research and development are anticipated to fuel the growth of the medical lighting technologies market. These initiatives represent targeted actions by governmental bodies aimed at fostering advancements in healthcare. Government support plays a pivotal role in driving the evolution and widespread adoption of advanced lighting technologies within the medical sector. For instance, in 2022, the UK's Department of Health and Social Care announced a £260 million funding initiative to bolster healthcare research and manufacturing, aiding NHS-led health research and expanding life sciences manufacturing in the UK.
Technological advancements stand out as a significant trend shaping the growth of the medical lighting technologies market. Key industry players are concentrating on pioneering technological solutions to gain a competitive edge. For instance, in April 2021, Axis Lighting and BIOS Lighting introduced Balanced Care, a new line of healthcare lighting fixtures integrating BIOS Sky Blue circadian technology. This specialized lighting brand caters to various healthcare spaces, addressing lighting challenges while promoting patient well-being, such as in patient rooms, MRI suites, nurses' stations, and corridors.
Major companies within the medical lighting technology sector are actively developing innovative technological solutions to maintain a competitive edge. For instance, in June 2021, Ivani, a Missouri-based smart building technology provider, partnered with MHT Lighting, a New York-based company specializing in advanced occupancy sensing data. This collaboration aimed to merge MHT Lighting's advanced occupancy sensing data with Ivani's smart building technology, advancing smart building automation and accelerating its adoption within the real estate industry.
In February 2022, Halma PLC, a conglomerate of life-saving technology firms headquartered in the UK, completed the acquisition of International Light Technologies Inc for an undisclosed sum. This strategic move is poised to enhance Halma plc's presence within the environmental and analysis sector. International Light Technologies Inc., situated in the US, specializes in producing technical lighting sources and light measuring systems utilized across biomedical, agricultural, food and beverage, as well as industrial applications.
Major companies operating in the medical lighting technologies market report are A-Dec Inc., Brandon Medical Company Limited, Burton Medical LLC, Daray Limited, Draegerwerk AG & Co KGaA, Eaton Corporation PLC, Excelitas Technologies Corporation, GE HealthCare Technologies Ltd., Getinge AB, Integra Lifesciences Holdings Corporation, KLS Martin SE & Co., Merivaara Corporation, Steris PLC, Stryker Corporation, Trilux GmbH & Co KG, Welch Allyn Inc., Wolfspeed Inc., Johnson & Johnson Services Inc., 3M Company, Abbott Laboratories, Alcon Inc., B. Braun Melsungen AG, Baxter Laboratories Inc., Becton, Dickinson and Company, Boston Scientific Corp., Capsule Corp., Cardinal Health Inc., Grand Pharmaceutical Group Ltd., Danaher Corp., DNA Script SAS, Endologix Inc., Fresenius SE & Co. KGaA, Fujifilm Ltd., Grail Inc., Hill-Rom Holdings Inc.
North America was the largest region in the medical lighting technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical lighting technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical lighting technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical lighting technologies market consists of sales of products that are used in operating room/surgical suites, examination rooms, and intensive care units (ICU) applications. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.