The global Light Therapy Market is estimated to be valued at US$ 989.2 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Light therapy is a non-invasive treatment that uses specific wavelengths of light to treat various medical conditions, including skin disorders, sleep disorders, and seasonal affective disorder (SAD). It is an effective and safe alternative to traditional treatment methods, offering advantages such as non-pharmacological approach, minimal side effects, and effectiveness in treating a variety of conditions. The growing awareness regarding the benefits of light therapy and the increasing prevalence of skin disorders and mental health disorders are driving the demand for light therapy products in the market.
B) Market key trends:
One key trend in the light therapy market is the rising demand for light therapy for the treatment of skin disorders. Light therapy has been found to be effective in treating various skin conditions such as acne, psoriasis, and vitiligo. The increasing prevalence of these skin disorders and the growing consumer preference for non-invasive treatment options are contributing to the adoption of light therapy products. The advancements in technology, such as the development of portable light therapy devices, are also fueling the market growth. The convenience and ease of use offered by these devices are attracting more consumers, further driving the market growth.
The Light Therapy market can be segmented based on product type, end-user, and region. In terms of product type, the dominating segment is the Light Box segment. Light boxes are widely used for treating seasonal affective disorder (SAD), sleep disorders, and other related conditions. The increasing prevalence of these disorders, coupled with the effectiveness of light therapy in treating them, is driving the growth of this segment. Light boxes are portable and easy to use, making them popular among users.
In terms of end-users, the dominating segment in the Light Therapy market is the Homecare segment. With the rising awareness about light therapy and its benefits, more and more individuals are opting for light therapy devices for home use. Homecare light therapy devices provide convenience and privacy to users, which is driving the growth of this segment.
The global Light Therapy Market Share is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period (2023-2030). This growth can be attributed to the increasing prevalence of various health conditions such as seasonal affective disorder and sleep disorders. Additionally, the growing awareness about the benefits of light therapy and the availability of portable and user-friendly light therapy devices are further fueling market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Light Therapy market. This can be attributed to the high prevalence of seasonal affective disorder in countries like the United States and Canada. Moreover, the presence of key players in the region, along with favorable reimbursement policies, is contributing to the growth of the market in North America.
The key players operating in the Light Therapy market are 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 focusing on product innovation, strategic collaborations, and geographical expansions to strengthen their market position and gain a competitive edge.