Medical Lighting Technology Market Scope
One of the most important and critical parameters in the development and enhancement of hospital infrastructure is the efficient implementation of advanced lighting systems. The proper lighting spectrum in the hospitals significantly impacts each level of activities in the hospitals. It provides significant illumination to help the surgical team to perform visual tasks in surgical procedures more efficiently and further helps in reducing the chances of medical errors and maintaining the body's circadian system.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Drägerwerk AG (Germany), Eaton Corporation PLC (Ireland), Excelitas Technologies (United States), Acuity Brands Lighting Inc. (United States), Hubbell Incorporated (United States), General Electric Company (United States), Getinge AB (Sweden), Herbert Waldmann GmbH & Co. KG (Germany), Koninklijke Philips N.V. (Netherlands) and Zumtobel Group AG (Austria) |
CAGR | 4.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Medical Lighting Technology market throughout the predicted period.
Drägerwerk AG (Germany), Eaton Corporation PLC (Ireland), Excelitas Technologies (United States), Acuity Brands Lighting Inc. (United States), Hubbell Incorporated (United States), General Electric Company (United States), Getinge AB (Sweden), Herbert Waldmann GmbH & Co. KG (Germany), Koninklijke Philips N.V. (Netherlands) and Zumtobel Group AG (Austria) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Lighting Technology market by Type , by Application (Operation Rooms/Surgical Suites, Examination Rooms, Intensive Care Units and Others) and Region with country level break-up.
On the basis of geography, the market of Medical Lighting Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In October 2018, Getinge AB launched Maquet PowerLED II Surgical Lights with enhanced visualizations for the improvement of surgical outcomes.
In Jan 2020, Gentex Corporation unveiled an innovative lighting technology for medical applications that was co-developed with Mayo Clinic. This new lighting concept represents the collaboration of a global, high-technology electronics company with a world leader in healthcare.
Influencing Trend:
Demand for Energy Efficient Lighting Systems and Advancements in Lighting Technologies
Market Growth Drivers:
Increasing Adoption of LED Lightings Over Conventional Lighting and Rising Renovation Activities in the Hospitals
Challenges:
Lack of Awareness among Developing Regions
Restraints:
High Initial Cost of Installation
Opportunities:
Growing Government Spending on Health Infrastructure and Growth in the Healthcare Sector
Key Target Audience
Medical Lighting Technology Manufacturers, Research Professionals, Emerging Companies, Raw Material Suppliers/ Distributors, Government Body & Associations, End-user, Potential Investors and Others