The global hospital lighting system market revenue stood at $5,328.1 million in 2017 and it is predicted to surge to $7,755.4 million by 2023. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.4% from 2018 to 2023 (forecast period). The market is being driven by the surging number of hospitals and the soaring requirement for energy efficient lighting systems, on account of the increasing concerns being raised over the escalating greenhouse gas (GHG) emissions all over the world.
Additionally, the lighting systems being used in hospitals are rapidly incorporating both artificial lights, such as lamps and light fixtures in corridors and lobbies and natural daylight, which is resulting in 45–70% light savings, which is, in turn, improving the energy efficiency of these lighting systems. Furthermore, LED lighting has several advantages over conventional lighting solutions, such as low power consumption, less maintenance requirements, design flexibility, safety, and long lifespan. Because of these benefits, these lighting systems are being increasingly used in healthcare settings, thereby driving the expansion of the hospital lighting system market.
Moreover, many medical care providers are taking measures in order to develop the infrastructure in hospitals in order to meet the soaring requirement for technologically advanced facilities, owing to the expanding patient pool. As energy efficient lighting systems reduce the stress burden on visitors, mitigate the chances of errors, and improve the interior environment of hospitals for both patients and staff, they are being increasingly incorporated in healthcare settings all over the world.
Depending on product, the hospital lighting system market is divided into recessed, surface mounted, hanging, wall mounted, and others, such as step lights, emergency lights, and exit lights. Surface mounted systems are the most commonly used lighting systems, as they enable optimal light distribution in installed areas. However, in the coming years, the demand for recessed lighting systems is predicted to rise rapidly, mainly because of the soaring use of LED-based recessed troffers in imaging and diagnostic rooms and LED-based recessed downlights in operating rooms.