At 3.5% CAGR, Examination Lights Market Size to Reach $259.6 Million by 2026

[Nita Sonwane]

The global examination lights market size is set to reach USD 259.6 million by 2026, exhibiting a CAGR of 3.5% during the forecast period. Increasing patient burden on healthcare facilities worldwide will act as the central growth driver for this market in the upcoming decade. The incidence of various kinds of diseases and disorders is rising at a rapid rate around the world.

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For instance, close to 463 million people were diabetic in 2019, according to the International Diabetes Federation (IDF). By 2045, IDF expects this number to reach 700 million. Similarly, the World Health Organization states that 18.1 million new cancer cases were reported in 2018 and the diseases caused 9.6 million deaths in the same year. Widespread prevalence of these chronic and life-threatening diseases has compelled governments across the globe to increase their healthcare spending. As a result, healthcare infrastructures globally are getting more robust and technologically advanced, making this factor one of the leading examination lights market trends.

Fortune Business Insights™, through its report, titled “Examination Lights Market Size, Share & Industry Analysis, By Technology (LED, and Halogen), By End User (Hospitals, Clinics, and Others) and Regional Forecast, 2019-2026”, states that the value of this market stood at USD 197.1 million in 2018. Besides this, the report also provides the following information:

Profiles of the major players in the market;
Noteworthy industry developments;
Analysis of the different market segments;
Research into the market trends, drivers, and restraints; and
Evaluation of the current and future prospects in the market in general and in regions in particular.
Few Disadvantages of LED Lights to Put Constraints on Growth

Light Emitting Diodes or LEDs are a landmark advancement in lighting technology as these lights are extremely energy-efficient and have a significantly longer shelf-life compared to conventional halogen lights. However, they suffer from a few limitations which may hold back the examination lights market growth. For instance, the performance of LED lights is dependent on ambient temperature. High ambient temperatures may cause overdriving of LEDs and damage the device. To avoid this situation, effective heat-sinking mechanisms need to be deployed. This factor is vital in the healthcare industry as these lights need to function efficiently across different temperatures in a healthcare facility. Furthermore, LEDs are known to cause ‘blue pollution’ since they emit large quantities of blue light, which is the most intense form of visible light, thereby causing greater amount of light pollution.

North America to Occupy the Driver’s Seat; Asia-Pacific to Grow at a Considerable CAGR

With a market size of USD 63.8 million in 2018, North America is poised to dominate the examination lights market share in the forecast period. The main forces driving the growth of this market include increasing focus on early diagnosis of diseases, high prevalence of chronic disorders such as obesity, and active adoption of advanced healthcare technologies in the region.

Asia-Pacific is anticipated to display a healthy CAGR on account of improving healthcare infrastructure in India and China coupled with entry of private players in the health sector. In Latin America and the Middle East & Africa, the market will be fueled by the rising government expenditure in developing healthcare infrastructure.