Medical Illumination Systems Market
Number of pages: 100 | Report Format: PDF | Published date: January 19, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.59 billion |
|
Revenue Forecast in 2030 |
US$ 2.09 billion |
|
CAGR |
3.10% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Technology, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical illumination system devices market was valued at US$ 1.59 billion in 2021 and is expected to register a revenue CAGR of 3.10% to reach US$ 2.09 billion by 2030.
Medical Illumination Systems Market Fundamentals
Medical Illumination system helps to examine the actual color of tissue in a cavity and perform surgical procedures. Medical lighting systems typically consist of single and/or double luminous heads connected to a boom arm or track suspension. It has sufficient light reflection, spectral characteristics, and focus, pattern, and brightness adjustments to reduce the formation of shadows using operating room lights significantly. Medical lighting illuminates the subject’s actual color more accurately than bulb lights. It also has multiple arrangements of small light sources fixed at different angles to aid in shadow reduction to get more consistent surgical light.
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Medical Illumination Systems Market Dynamics
The global medical illumination system devices market revenue is driven by increasing surgical procedures, rising prevalence of chronic diseases, and growing adoption of novel technologies in the healthcare industry. Moreover, increasing number of hospitals and clinics across developed and developing countries is contributing to the revenue growth of the global medical illumination systems market.
However, the risks associated with the usage of high-frequency light, such as burns and blindness, are likely to hinder the revenue growth of the global medical illumination systems market in the next few years.
Medical Illumination Systems Market Ecosystem
The global medical illumination system devices market is analyzed based on four parameters: product type, technology, end user, and region.
Medical Illumination Systems Market by Product Type
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Based on the product type, the global medical illumination systems market is segmented into surgical lights, specialty lights, examination lights, and others.
The surgical lights segment dominates the global medical illumination systems market in terms of revenue share. This is attributed to rising number of surgical procedures, increasing prevalence of chronic and infectious diseases, and growing demand for surgical procedures. Additionally, favorable reimbursement policies for surgical procedures and the introduction of advanced products are contributing to the revenue growth of the global surgical medical illumination systems market.
Medical Illumination Systems Market by Technology
Based on the technology, the global medical illumination system devices market is segmented into halogen lights, LED lights, fluorescent lights, and others.
The LED lights segment dominates the global medical illumination systems market in terms of revenue share. Compared to traditional tungsten, halogen, and gas discharge fixtures, LED has advanced medical lighting technology, which offers advantages, such as lower electricity usage, longer life, less heat generation, and lower ultraviolet radiation. This helps to reduce the risk of creating dry, exposed tissue. These advantages are expected to help in boosting the segment’s revenue growth to some extent.
Medical Illumination Systems Market by End User
Based on the end user, the global medical illumination systems market is segmented into specialty centers, hospitals & clinics, ambulatory care centers, and others.
The hospital & clinics segment dominates the global medical illumination systems market in terms of revenue share. This large revenue share is attributed to the rising prevalence of chronic diseases and increasing patient footfall in hospitals for diagnosis, treatment, and surgical procedures. Additionally, growing number of hospitals and clinics and increasing number of skilled physicians available in the hospitals and clinics fuel the revenue growth of the segment. Moreover, rising adoption of novel technologies and favorable reimbursement policies are also boosting revenue growth in the hospital & clinics segment.
Medical Illumination Systems Market by Region
Based on the region, the global medical illumination system devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounts for the largest revenue share in the global medical illumination system devices market. This is attributed to increasing prevalence of chronic diseases and growing number of hospitals and clinics in the region. Also, developed healthcare infrastructure is contributing to the revenue growth of the market in this region.
Asia Pacific is expected to register growth at the highest CAGR during the forecast period owing to increasing number of surgical procedures and rising adoption of novel technologies in this region.
Medical Illumination Systems Market Competitive Landscape
The prominent players operating in the global medical illumination system devices market are:
Medical Illumination Systems Market Strategic Developments
North America is the key region contributing to significant revenue growth in the global medical illumination system devices market.
The increasing prevalence of chronic diseases, technological advancement, and introduction of novel products are driving revenue growth in the global medical illumination system devices market.
The global medical illumination system devices market is expected to register a revenue CAGR of 3.10% during the forecast period 2022 to 2030.
The global medical illumination system devices market is estimated to be valued at US$ 2.09 billion in 2030.
The risks associated with using high-frequency light, such as burns, blindness, and anxiety, are restraining the revenue growth of the global medical illumination systems market.
*Insights on financial performance are subject to the availability of information in the public domain