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MARKET OUTLOOK

According to a Triton Market Research report, the global medical lighting technologies market is anticipated to progress at 5.75% of CAGR during the forecast period 2021-2028. 

Factors such as growing investments in the healthcare industries, new technological trends, and the increasing number of hospitals are supplementing the growth of the reviewed market over the forecast period. Additionally, the use of eco-friendly technology, coupled with LED lighting for healing processes creates new opportunities for the medical lighting technologies market. 

However, the elevated cost of LED lighting products and risks relating to overexposure from LED lightings are impeding the overall growth of the medical lighting technologies market globally. 

REGIONAL OUTLOOK

The global medical lighting technologies market comprises the Asia-Pacific, Latin America, North America, Europe, and the Middle East and Africa regions. 

The Asia-Pacific is estimated to observe the fastest growth rate in the medical lighting technologies market over the forecast period. This is because the region’s healthcare system has developed significantly, widely known for its quality, innovation, and costs. In addition, a rapid surge in the elderly population, coupled with the growing number of patients with chronic conditions, increased the need for efficient health systems with integrated care. 

Furthermore, governments in the region are strategizing to enhance their healthcare expenditure to upgrade their facilities in order to provide quality healthcare services. These factors increase the need for medical lighting products, driving the growth of the medical lighting technologies market. 

COMPETITIVE OUTLOOK

The distinguished companies in the medical lighting technologies market are Steris Plc, Getinge AB, Eaton Corporation Plc, KLS Martin Group, Burton Medical Products Corporation (Philips Lighting), Integra Lifesciences Holdings Corporation, GE Healthcare, Stryker Corporation, A-Dec Inc, Cree Inc, Trilux GmbH & Co KG, Brandon Medical Co Ltd, Merivaara Corp, Draegerwerk AG & Co KGAA, Daray Medical, and Welch Allyn Inc.   

Stryker Corporation is a medical technology company offering various innovative products in the field of orthopedics, neurotechnology, and others. Its product portfolio includes surgical in-light cameras, surgical equipment, orthopedic implants, spinal devices, and emergency medical equipment. The company serves various consumers across Europe, Asia-Pacific, Middle East and Africa, and Latin America. It is headquartered in Michigan, the United States.