Hospital Lighting Market Is Expected To be Valued At USD 9.1 Billion By 2024 Eaton Corporation PLC, Cree Inc., General Electric Company, Koninklijke Philips N.V., Herbert Waldmann GmbH & Co. Kg, KLS Martin Group, Trilux Lighting Ltd., Hubbell Incorporatio

Industry Overview
The global hospital lighting market is expected to be valued at USD 9.1 billion by 2024, is expected to witness CAGR of 10.7% during the forecast period (2018 – 2024). Lighting is observed to play significant role in the infrastructure of healthcare domain as it is widely implemented in ICU, wards, operation theatres and other settings in the hospital. The manufacturers of lighting are rapidly innovating products that enables efficiency and low cost. The extensive growth of the market is attributed towards increasing demand for suitable lighting in the hospital to relax the patients at the time of treatment and enable improved vision and enhancing the productivity of hospital staff.

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Market Segmentation
On the basis of product, the market is segmented into surface-mounted lights, wraparound lights, troffers, surgical lights and others. Among all these segments the troffers segment is expected to grow at a CAGR of 6.3% during the projected period due to the increasing popularity of LED based troffers in hospitality domain across the globe and huge number of hospitals developed in Asia-Pacific. This segment is thus escalating the demand for hospital lighting market across the globe.

Insight by Application
On the basis of application, the hospital lighting market is segmented into surgical suites, examination rooms, patient ward & ICUS, diagnostics & imaging center and others. Among all these applications, the patient ward & ICUs segment is expected to grow at a CAGR of 5.5% during the forecast period. The growth of this segment is attributed towards technological upgradation and escalating demand for LED centered fixtures in the hospitals.

Geographic Overview
Geographically, Asia-Pacific is expected to witness fastest growth 8.6% CAGR in the hospital lighting market due to extensive diffusion of innovative lighting solutions for implementation in healthcare domain. There are several hospitals in Asia-Pacific that are seeking for the solutions of lighting that helps in reduction of energy to conserve it and thus reducing the operating costs of the medical amenities. Europe is another key market for these solutions, as there are several major players operating in the hospital lighting industry in this region.

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Competitive Insight
Some of the major companies operating in the hospital lighting industry include Acuity Brands Lighting Inc., Eaton Corporation PLC, Cree Inc., General Electric Company, Koninklijke Philips N.V., Herbert Waldmann GmbH & Co. Kg, KLS Martin Group, Trilux Lighting Ltd., Hubbell Incorporation and Zumtobel Group AG.

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