How Will The Medical Lighting Technologies Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s medical lighting technologies market report forecasts the medical lighting technologies market size to grow to $4.31 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
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Medical Lighting Technologies Market Size Forecast
The global medical lighting technologies market is expected to grow from $2.94 billion in 2022 to $3.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical lighting technologies market size is expected to grow to $4.31 billion in 2027 at a CAGR of 7.8%.
North America held the largest medical lighting technologies market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Medical Lighting Technologies Market Driver – Increase In Demand For Better Healthcare Facilities
For instance, in May 2022, according to an article published by the American Medical Association, a US-based professional association, and lobbying group of physicians and medical students, in 2020, healthcare spending in the United States is expected to rise by 9.7% to $4.1 trillion, or $12,530 per person. This pace of growth is significantly higher than that of 2019 (4.3%). Therefore, increasing demand for better healthcare facilities is driving the growth of the medical lighting technologies market.
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Key Medical Lighting Technologies Market Trend – Technological Advancement
Major companies operating in the medical lighting technology market are focused on developing new technological solutions to gain a competitive edge in the market. For instance, in January 2020, Gentex Corporation, a US-based electronics, and technology company, unveiled an innovative lighting technology for medical applications. The Gentex smart lighting system consists of a number of flushes, ceiling-mounted lighting modules with banks of dynamically changeable LED arrays that work together to direct concentrated illumination where and when it is required. The system creates a target lighting zone using vocal commands, hand motions, or a handheld tracking device. The activation, intensity, and direction of the light array are then coordinated by an integrated machine-vision camera to reduce shadows and produce ideal lighting conditions within the designated surgical field. Also, for surgical and patient care facilities, Gentex’s new smart lighting system blends ambient room lighting with camera-controlled, adaptive task lighting.
Medical Lighting Technologies Market Segment
1) By Product: Surgical Lamps, Examination lights, Speciality lights, Accessories
2) By Technology: LED, Halogen, Incandescent, Other Technologies
3) By End-User: Hospitals, Outpatient Facilities, Dental Hospitals, Other End-User
Medical Lighting Technologies Market Major Players and Strategies
Major players in the medical lighting technologies market are A-Dec Inc., Brandon Medical Company Limited, Burton Medical LLC, Wolfspeed Inc., Daray Limited, Draegerwerk AG & Co KGaA, Eaton Corporation plc, GE HealthCare, Getinge AB, Integra Lifesciences Holdings Corporation, KLS Martin Group, Merivaara Corporation, Steris plc, Stryker Corporation, Trilux GmbH & Co KG, Welch Allyn Inc., and Excelita Technologies Corporation.
In February 2022, Halma Plc, a UK-based group of life-saving technology companies acquired International Light Technologies Inc for an undisclosed amount. With this acquisition, Halma plc will improve its environmental & analysis sector business. International Light Technologies Inc is a US-based manufacturer of technical lighting sources and light measuring systems for biomedical, agricultural, food and beverage, and industrial applications.
The Medical Lighting Technologies Global Market Report 2023 covers regional data on medical lighting technologies market size, medical lighting technologies market trends and drivers, opportunities, strategies, and medical lighting technologies market competitor analysis. The countries covered in the medical lighting technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical lighting technologies refer to the technology that properly exposes the subject’s real color and has the added benefit of several groupings of tiny light sources mounted at different angles to aid in shadow reduction for a more uniform surgical light. The medical lighting technologies are used to allow personnel to perform duties such as monitoring thermometers and creating charts at the bedside.
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