The US healthcare lighting market is expected to reach US$ 2,271.08 Mn in 2027 from US$ 1,288.59 Mn in 2018. The market is estimated to grow with a CAGR of 6.6% from 2019-2027.
The key factor that are responsible for the growth of market include increasing number of hospitals in the US, and rising geriatric population, and growing prevalence of chronic diseases drive the market; however, cost of installation of healthcare lighting hinder the growth of the market during the forecast period.
The healthcare lighting makes sure the infrastructural cleanliness and is also used for staff and patients in the sense of comfort. As the healthcare industry endures to develop and progress the demand for long-lasting lighting systems that offer security and orientations is also anticipated to upsurge. Moreover, improved lighting conditions in the hospital's working sites have also proven to deliver better production by the nurses, staff and doctors.
US Healthcare Lightings Market Revenue and Forecasts to 2027 (US$ Mn)
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Market Insights
Increasing Number of Hospitals in the US
The healthcare industry is expected to grow at a faster pace in the US. Though the average hospital stay for a single person has been slightly decreased from 7 days to 5–6 days over the last couple of decades in the US. Rising geriatric population and increasing demand for treatment among patients are the major reasons driving the healthcare facilities in the country. For instance, according to the data of American Hospital Association 2020, total number of hospitals in the country were around 6,146 in 2018. According to the data of American Hospital Association 2020, 36,353,946 admissions were registered in the US for 2018. Furthermore 34,251,159 and ~ 1,821 were registered in community hospitals and rural community hospitals respectively for 2018, in the US. Hence, healthcare lighting and its efficient application is being measured as a critical parameter in the healthcare industry. Therefore, increasing number of hospitals in the US is the prime growth driver of healthcare lighting market.
Product Insights
US Healthcare lighting market by product is segmented into Troffers, Surface-Mounted Lights, Surgical Lamps and Other Products. In 2018, the troffers segment held the largest market share of the healthcare lightings market, by product. This segment is also anticipated to dominate the market in 2027 owing to capacity to the commercial benefits and launch of new troffers with capacity to reduce airborne disease. Also, the segment is anticipated to witness growth at a significant rate during the forecast period.
US Healthcare lighting, by Product
, 2019 & 2027
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Lighting Technology Insights
The US Healthcare Lightings Market by lighting technology is segmented into LED Lighting, Fluorescent Lighting and Incandescent. The US Healthcare Lightings Market is dominated by LED technology segment in 2018 with a considerable market share by technology. This segment is also predicted to dominate the market in 2027.Also, LED technology segment is anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027, owing to the most energy-efficient and rapidly growing lighting technologies
Application Insights
The US Healthcare Lightings Market by application is segmented into Patient Room, Surgical Suits, Nursing Stations, Outdoor, and Other Applications. In 2018, the patient room held a largest market share of the healthcare lighting market, by the application. This segment is also predicted to dominate the market in 2027 owing to the factors as patients’ rooms in a hospital often account for more than half of the useful floor space. Also, the patient room segment is anticipated to witness growth at a significant rate during the forecast period.
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US Healthcare Lightings Market: Strategic Insights
Akshay
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Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
US Healthcare Lightings Market: Strategic Insights
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystThe companies operating in the healthcare lightings market have been implementing various strategies to grow in their corresponding markets; this has, in turn, enabled them to bring various changes in the market. The companies have utilized strategies such as product launches, of their product portfolio and acquisitions for the growth of their organizations.
US Healthcare Lightings – MARKET SEGMENTATION
US Healthcare Lighting Market – By
Product
- Troffers
- Surface-Mounted Lights
- Surgical Lamps
- Other Products
US Healthcare Lighting Market – By Lighting Technology
- LED Lighting
- Fluorescent Lighting
- Incandescent Lighting
US Healthcare Lighting Market – By Application
- Patient Room
- Surgical Suits
- Nursing Stations
- Outdoor
- Other Applications
Companies Mentioned
- General Electric Company
- Koninklijke Philips N.V
- Acuity Brands, Inc.
- Zumtobel
- Martin Group
- Hubbell
- Herbert Waldmann Gmbh & Co. KG
- Ideal Industries, Inc.
- Eaton
- Lumax Lighting
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies - US Healthcare Lightings Market
- General Electric Company
- Koninklijke Philips N.V
- Acuity Brands, Inc.
- Zumtobel
- Martin Group
- Hubbell
- Herbert Waldmann Gmbh & Co. KG
- Ideal Industries, Inc.
- Eaton
- Lumax Lighting
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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