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MARKET OUTLOOK

According to a report by Triton, the North America medical lighting technologies market is estimated to register revenue growth at a Compound annual growth rate of 5.54% through the registered years 2021-2028. The United States and Canada shape the market in this region.

Canada has a decentralized, universal, and publicly funded health system known as Canadian Medicare. Moreover, health care is financed and administered majorly by 13 provinces, along with the government and charitable contributions. Furthermore, the country is anticipated to upsurge expenditure on healthcare over the upcoming years. Besides, the COVID-19 pandemic increased the need for advancement in the healthcare infrastructure. Therefore, these factors have influenced the demand for medical lighting, further supplementing the growth of the medical lighting technologies market across Canada. 

Similarly, healthcare spending increased significantly in the US in the recent past. This enhanced the need for medical lighting across various verticals. Besides, the construction of multiple types of medical facilities, including critical hospitals, long-term acute care hospitals, children’s hospitals, and rehabilitation hospitals, has increased significantly. Hence, the surge in the number of hospitals, along with the national healthcare budget, drives the growth of the medical lighting technologies market within the United States. 

COMPETITIVE OUTLOOK

The well-known companies in the medical lighting technologies market comprise Cree Inc, Integra Lifesciences Holdings Corporation, GE Healthcare, KLS Martin Group, Steris Plc, Daray Medical, Brandon Medical Co Ltd, and A-Dec Inc.