The analysts of a recent business and commerce report, under the guided resources of Transparency Market Research (TMR), have detected an intensely competitive vendors landscape in the global hospital lights market, which is essentially a reflection of the presence of a large number of players. The fragmented scenario has been caused by domestic and regional players who cater to localized demands on the back of their distribution network and even though their products are not of optimum quality, they serve the purpose moderately and help the local vendors eat into the shares of the global players.
If the estimations of the TMR report is to be believed, the demand in the global hospital lights market will be multiplying at a notable CAGR of 6.1% during the forecast period of 2017 to 2022, by the end of which it is projected to reach a valuation of US$10.0 bn, considerably up from its evaluated worth of US$7.4 bn in 2017. The analysts of the report expects the global players to expand their geographical presence and strengthen their supply chain by acquiring some of the localized players to gain shares over their competitors. In addition to that, the development of products that are energy efficient and affordable is also expected to be a strategy of the major players to get ahead of the curve in the global hospital lights market. This factor is expected to be more evident in emerging economies rather than developed nations.
Based on product, the TMR report segments the hospital lights market into troffers, surgical lamps, and surface-mounted lights, with the former producing the maximum share of demand in 2017 and projected to experience an incrementing demand at most prominent CAGR of 5.4% during the said forecast period. Technique-wise, the market has been bifurcated into LED, fluorescent, and halogen, whereas on the basis of point of use, the market has been classified into operating rooms, patient wards and ICUs, and examination rooms. Geographically, the analysts have highlighted the region of North America as most profitable, estimating that it provided for a demand worth of US$2.8 bn in 2017. However, the region of Asia Pacific except Japan (APEJ) has been projected to increment the demand at an above-average CAGR of 6.2% during the forecast period of 2017 to 2022.
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Improving healthcare infrastructure across several emerging economies is the primary driver of the global hospital lights market. Government in countries such as China, India, Japan, Brazil, and Russia have pledged to provide enhanced care to their citizens and are offering subsidies to lure investments into their medical facilities and number of hospitals is mushrooming. These modern hospitals not only are equipped with essential lighting measures for operations round the clock, they are also focused on utilizing the energy efficiently, and hence are resorting to advance lighting devices.
Increasing adoption of LED-based lighting fixtures is another glaring factor augmenting the demand in the global hospital lights market. LED-based lighting fixture last much longer than conventional alternatives and offer enhanced performance. While the cost of the devices is obstructing the market from attaining its true potential, the vendors of this market are expected to have new opportunities if they progress their business into vastly populated emerging economies of China and India.