Light Therapy Market to Reach US$ 989.2 Mn by 2023, with a CAGR of 5.2%
The light therapy market is projected to reach US$ 989.2 Mn by 2023, growing at a steady CAGR of 5.2% during the forecast period. Light therapy involves the use of specific wavelengths of light to treat various medical conditions. It is primarily used for the treatment of skin disorders, sleep disorders, and mood disorders. The advantages of light therapy include non-invasiveness, minimal side effects, and ease of use. With the increase in awareness about the benefits of light therapy and the growing prevalence of skin and mood disorders, the demand for light therapy products is expected to witness significant growth in the coming years.
Market Key Trends:
One key trend in the light therapy market is the growing adoption of light therapy for the treatment of seasonal affective disorder (SAD). SAD, also known as winter depression, is a type of depression that occurs at a specific time of the year, usually during the winter months. Light therapy has been proven to be an effective treatment for SAD by providing exposure to bright artificial light, which helps regulate the body’s internal clock and improve mood.
The increasing prevalence of SAD, coupled with the high efficacy and minimal side effects of light therapy, has led to a rise in its adoption for the treatment of this condition. Moreover, technological advancements have led to the development of portable and user-friendly light therapy devices, further driving the market growth. The key players in the light therapy market, such as Koninklijke Philips N.V., Verilux, Inc., and Northern Light Technology, are focusing on product innovations to cater to the growing demand for light therapy for SAD treatment.
The light therapy market can be segmented based on product type, application, end user, and region. The dominating sub-segment in the light therapy market is the product type segment, particularly the light boxes and lamps segment. This segment is expected to dominate the market during the forecast period due to their widespread use in the treatment of seasonal affective disorder (SAD) and other related conditions. Light boxes and lamps are portable and provide a controlled amount of light, making them convenient for home use. They also offer a non-invasive and drug-free treatment option for various skin conditions.
The Global Light Therapy Market Demand is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period. This growth can be attributed to the increasing prevalence of skin disorders, seasonal affective disorder (SAD), and other related mental health conditions. The demand for light therapy devices is also driven by the rising awareness among individuals about the benefits of non-pharmacological treatments.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the light therapy market. This can be attributed to the high prevalence of skin disorders, SAD, and other mental health conditions in the region. The presence of key market players and technological advancements in light therapy devices also contribute to the growth of the market in this region.
Key players operating in the light therapy market include Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc. These players are actively involved in product development, strategic collaborations, and mergers and acquisitions to strengthen their market position and expand their product portfolios. They are focusing on introducing innovative light therapy devices to cater to the increasing demand and stay competitive in the market.