The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Light therapy, also known as phototherapy, involves exposure to daily doses of artificial light, usually in the morning. It is used to treat skin conditions such as psoriasis, acne, and eczema. It is also used for non-skin conditions like seasonal affective disorder (SAD) and winter blues. Main products in this market are light boxes, dawn simulators, wearable light therapy devices, desk lamps, light visors and blue light therapy devices. Light therapy is gaining widespread acceptance due to its non-invasive nature and minimal side effects.
Market Dynamics:
The growth of the Global Light Therapy Market is majorly driven by rising prevalence of skin issues and sleep disorders. According to the American Academy of Dermatology Association, over 80 million Americans suffer from acne annually. Chronic exposure to artificial blue light from smartphones, laptops and tablets has increased daily light exposure which has led to disturbed sleep patterns and seasonal affective disorder in many individuals. This is expected to boost adoption of light therapy products. Additionally, technological advancements in lighting solutions and development of wearable and handheld light therapy devices for home use are estimated to provide lucrative opportunities over the forecast period. However, alternative treatment methods and lack of awareness in some regions may restrain the market growth.
SWOT Analysis
Strength: Light therapy is a non-invasive treatment option with minimal side effects. It provides relief for various issues like seasonal affective disorder, sleep disorders, and skin conditions in a natural way. Several light therapy devices are compact, lightweight and portable making them easy to use anywhere. Manufacturers are focusing on developing advanced features in light therapy devices to improve their efficacy.
Weakness: Effectiveness of light therapy depends on individual bio-chemistry and may not work for all. It requires daily and consistent use over weeks to see results limiting immediate gratification. The treatment outcomes are also difficult to measure objectively. Adherence to treatment protocols can be a challenge.
Opportunity: Growing awareness about benefits of light therapy is driving its adoption globally. Increasing prevalence of lifestyle disorders and screen time leading to eyes fatigue provides growth opportunities. Technological advancements enable integration of personalized light exposure schedules tailored to individual needs. Untapped rural areas in developing regions offer scope for market expansion.
Threats: Presence of alternative treatment options restricts full reliance on light therapy alone. Lack of reimbursements in certain countries pose affordability challenges. Strict regulatory approvals and compliance add to business costs. Economic slowdowns impact discretionary spending on wellness products.
Key Takeaways
The global light therapy market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing awareness about benefits of light therapy and rising sedentary lifestyle. The market size for 2023 is US$ 989.2 Mn.
North America dominates the light therapy market owing to growing adoption of technological advancements and supportive insurance policies in the region. Asia Pacific exhibits the fastest growth on back of rising middle class population, increased spending on healthcare and evolving lifestyle in countries like China, India and Japan.
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. Players are focusing on new product launches integrated with app-enabled connectivity and personalized programs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it