Market Size – USD 1.94 billion in 2019, Market Growth – CAGR of 5.9 %, Market Trends – The rise in the concern for a specialized lighting solution in the operation theater.
The increasing emergence of chronic diseases over the recent past that need early assessment and on-time diagnosis for prevention of complications is mainly stimulating the growth of the market. Moreover, the growing number of road accidents which often leads to orthopedic injuries are fueling the demand for all kinds of mobile c-arm devices. Additionally, the rise in geriatric population, advancements in technology across various regions as well as the rising inclination towards minimally invasive surgical procedures are also stimulating the market growth.
Over the recent past, competition among the major players across the globe has intensified mainly in the private sector which has made private hospitals emphasize on technological advancements. Hence, usage of Medical Lighting Technologies for orthopedic surgeries, like repositioning of dislocated bone fragments as well as placement of pedicle screws in the spine lead to the growing demand of the technology. Furthermore, all the players are trying to make the technology cost effective which is further increasing the efficiency at which the market operates.
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Key Highlights From The Report
In April 2019, Brandon Medical Co Ltd. Introduced i2i, a smart operating theatre solution. i2i represents isolated to integrated. It comprises smart, automated solutions to assist and empower engineers to minimize significant electrical hazards, which is expected to strengthen its market position in the European region.
The segment of the surgical lighting system is expected to lead the market with a CAGR of 6.2%. This system enables the nurse and doctor to operate with better visibility.
During the forecast period, the Intensive Care Units (ICU) segment is anticipated to hold the largest market. As patients are treated for 24 hours in ICU, which involves monitoring changing daytime rhythms, medical staff can check patients more reliably at any time with improved lighting systems.
Due to the many advantages of LED lighting solutions in hospitals, the Light-Emitting Diode ( LED) segment is expected to dominate the market over the forecast timeframe. LED hospital lighting reduces downtime and maintenance expenditures and greatly reduces energy costs as well.
Due to the rising prevalence of chronic illnesses, public and private investments, innovations in medical lighting systems, substantial research, and development activities in advanced LED lighting technology, Europe is expected to dominate the market during the forecast period.
Key participants include Getinge AB, Dragerwerk AG & Co. KGaA, Eaton Corporation plc, Herbert Waldmann GmbH & Co. KG, Cree Inc., Integra LifeSciences Holdings Corporation, Burton Medical Products Corporation, Brandon Medical Co Ltd., DRE Inc., and Koninklijke Philips N.V., among others.
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Knowing the trends influencing the industry performance
Stakeholders, marketing executives and business owners planning to refer a market research report can use this study to design their offerings and understand how competitors attract their potential customers and manage their supply and distribution channels. When tracking the trends researchers have made a conscious effort to analyze and interpret the consumer behaviour. Besides, the research helps product owners to understand the changes in culture, target market as well as brands so they can draw the attention of the potential customers more effectively.
Regional Scope- North America; Europe; Asia Pacific; Central & South America; MEA
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Surgical lighting systems
Examination lighting systems
Application Outlook (Revenue, USD Billion; 2017-2027)
Intensive care units (ICU)
Operating room/surgical suites
Technology Outlook (Revenue, USD Billion; 2017-2027)
Incandescent and Halogen
Light-Emitting Diode (LED)
Fluorescent lighting technologies
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