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| Global Light Therapy Market |
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
2023-2030, 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, which is commonly used for treating conditions like seasonal
affective disorder (SAD) and other forms of depression related to changes in
seasons or sunlight exposure. Light therapy devices are used to emit specific
wavelengths of light that impact circadian rhythms and related hormones and
neurotransmitters like melatonin, serotonin, and cortisol. Common light therapy
devices available are light therapy lamps, visors, light boxes, and dawn
simulators that are used for few minutes each day depending upon the condition.
These devices help improve sleep, mood, and energy levels.
Market Dynamics:
Growing awareness about the health benefits of light therapy is a major driver
for the market growth. Research has shown that light therapy is an effective
treatment method for several medical conditions like SAD, non-seasonal
depression, insomnia, vitamin D deficiency, and skin conditions. Additionally,
rising geriatric population who are more prone to sleep and mood disorders
further propels the demand for light therapy. According to the United Nations,
by 2050 around 16.9% of the world’s population will be over 65, up from 9.3% in
2020. Easy availability of light therapy products through online channels and
increasing adoption of home healthcare devices also supports the market
expansion.
Segment
Analysis
The Global
Light Therapy Market is
dominated by LED light therapy sub-segment which holds more than 50% share of
the overall market. LED light therapy segment dominates the market as LED
lights are more energy efficient, long lasting and easy to carry and use
compared to traditional light sources. The easy usage and portability of LED
light therapy devices has led to increased consumer preference driving the
growth of this segment.
PEST Analysis
Political: The regulations around use of light therapy devices and standards
for different light wavelengths differ across countries. Favorable regulations
promoting use of light therapy for various conditions will support market
growth.
Economic: Rising income levels and growing health awareness is increasing
consumer spending on wellness products and therapies. The high incidence of SAD
and other conditions also present an economic case for light therapy adoption.
Social: Growing popularity of alternative therapies and focus on preventive
healthcare is supporting use of light therapy. Social media influence is also
raising awareness about light therapy benefits.
Technological: Advances like compact LED technology, cell-phone coupled devices
and smart functions are supporting new product development and easier usage.
Connected light therapy devices offer personalized, trackable and updated
treatment.
Key Takeaways
The global light therapy market is expected to witness high growth at a CAGR of 5.2% over the forecast period,
driven by high incidence of sleep disorders and Seasonal Affective Disorder
(SAD). The market was valued at US$
989.2 Mn in 2023 and is projected to reach US$ 1,415.4 Mn by 2030.
North America holds the major share of over 35% of the overall light therapy
market and is expected to continue its dominance over the forecast period. High
awareness levels, presence of major players and growing adoption rate of new
devices in the U.S and Canada is supporting the growth of the North American
regional market. Asia Pacific region is anticipated to grow at the fastest rate
during the forecast period owing to rising health consciousness, growing
geriatric population and increasing disposable income in the region.
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. Major players are focusing on new product launches with
advanced features and strengthened distribution to consolidate their market
positions.
Read More: https://www.rapidwebwire.com/light-therapy-market-size/