The rising government expenditure on healthcare infrastructure and the growing number of hospitals in the emerging economies are driving the demand for the Medical Lighting Technologies market
Vancouver, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global Medical Lighting Technologies Market is forecasted to be worth USD 3.98 Billion by 2032, according to a current analysis by Emergen Research. As technically innovative medical lighting is becoming more prominent with the rising hospital chain, the market for medical lighting technology is rapidly growing. Besides, the growing demand for enhanced hospital and clinic ambiance is expected to further fuel the demand for medical lighting technology. Furthermore, the rising adoption of energy efficient LED lighting solutions is forecasted to propel the market growth shortly.
The use of high-tech and energy-efficient led lights bring significant financial and operational advantages due to the low budget for hospitals and clinics. Since it lasts longer and provides low heat more illumination, led lights are becoming more popular. The operational light is now undergoing a rapid technology shift. The lighting system focuses on offering considerably greater life and lower consumption of electricity and cooler ambient temperatures from fluorescent and halogen lamps.
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However, the market growth is anticipated to hamper to some context due to the lack of awareness of the advanced lighting technology and solutions.
Scope of Research
|The market size value in 2019||USD 1.94 Billion|
|CAGR (2023 – 2032)||5.9%|
|The revenue forecast in 2032||USD 3.98 Billion|
|Base year for estimation||2022|
|Forecast period||2023 – 2032|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product Type, Application, Technology, and Region|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; BENELUX; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||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., and Koninklijke Philips N.V. among others|
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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, which account for a significant global share of the market. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various research and development activities. Some of the top players in the Medical Lighting Technologies market comprise:
- 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
In September 2020, Koninklijke Philips N.V. announced the acquisition of Intact Vascular, Inc. the acquisition of Intact Vascular would extend its portfolio of minimally invasive treatment solutions for peripheral artery disease.
In December 2019, Getinge AB acquired Applikon Biotechnology B.V. Applikon Biotechnology has a broad pipeline of world-class bioreactor technologies that would contribute favorably to Getinge’s current offer to the biopharmaceutical segment.
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Some Key Highlights from the Report
- In September 2019, Integra LifeSciences Holdings Corporation announced the acquisition of Rebound Therapeutics Corp. The deal of Rebound Therapeutics represents the ongoing contribution of Integra to developing new drugs to fulfill unmet neurosurgery requirements.
- The segment of operating room / surgical suites is expected to see substantial growth over the forecasted period. Improved surgical lighting enables surgeons to make the most accurate and efficient use of their most important instrument.
- Over the forecast timeframe, fluorescent lighting technologies are anticipated to witness stable growth. In comparison to incandescent lighting solutions, fluorescent lighting technologies deliver a variety of valuable advantages. These solutions are much more efficient; therefore, less energy is required.
- Over the forecast timeline, the Asia-Pacific region is anticipated to experience the fastest market growth. As a result of the rise in per capita income, the increasing number of hospitals in emerging nations, and technological advances in lighting fixtures for medical applications
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Emergen Research has segmented the global Medical Lighting Technologies market based on product type, application, technology, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Specialty lighting
- Surgical lighting systems
- Surface-mounted Lights
- Examination lighting systems
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Intensive care units (ICU)
- Operating room/surgical suites
- Examination rooms
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Incandescent and Halogen
- Light-Emitting Diode (LED)
- Fluorescent lighting technologies
- Renewable Energy
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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