< Key Hightlight >

MARKET OUTLOOK

Triton’s research report forecasts that the Asia-Pacific medical lighting technologies market is set to grow at a CAGR of 6.21% through the period 2021-2028. India, China, Australia & New Zealand, Japan, South Korea, ASEAN countries, and Rest of APAC shape the market in this region. 

The Indian government has allocated a significant amount of funds to develop the healthcare sector. In recent years, there has been a surge in the number of lifestyle diseases, which has enhanced the demand for more hospitals. Along with this, the rise in coronavirus cases put significant pressure on the healthcare systems, resulting in the government upgrading the current infrastructure. These developments in the healthcare sector will increase the demand for medical lighting products across the country. Hence, as mentioned above, the development of the healthcare infrastructure will augment the growth of the medical lighting technologies market across India. 

On the other hand, South Korea is observing a rapid growth in the aging population, along with the surge in medical expenditure for chronic diseases. This has compelled the government to take measures to develop novel technologies to offer medical services to the population base. Moreover, the country is striving to reduce the financial burden, especially on the younger population, by implementing comprehensive health care reform. This rise in modernization and upgradation of the healthcare infrastructure will upscale the demand for medical lighting products, fueling the expansion of the medical lighting technologies market within the South Korean market. 

COMPETITIVE OUTLOOK

Some of the enterprises in the medical lighting technologies market include Burton Medical Products Corporation (Philips Lighting), Trilux GmbH & Co KG, Steris Plc, Draegerwerk AG & Co KGAA, Welch Allyn Inc, Getinge AB, KLS Martin Group, and Merivaara Corp.