According to FMI reports, the global light therapy market can soar at a rate CAGR of 5.7% from 2023 to 2033. The net worth of the market share of the light therapy industry is predicted to grow from US$ 1.0 Billion in 2023 to over US$ 1.8 Billion by 2033.
The global light therapy market is expected to grow significantly due to significant increases in skin disorders, depression, and seasonal affective disorder. Additionally, females adopt light therapies more frequently due to their desire to look beautiful. Thus, this factor is anticipated to fuel the growth of the personal care therapy market.
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Laser therapy market growth is driven by dermatologists using handheld laser devices for skin treatments. Laser therapy has been reported to be effective in treating acne vulgaris, further advancing laser therapy market growth.
During the past few years, the global light therapy market has experienced significant gains as applications across a wide spectrum of healthcare applications have increased significantly. These applications typically range from treating skin disorders to helping patients maintain a positive psychological state. In developed countries, light therapy is widely accepted as an effective treatment for seasonal affective disorder.
Key Takeaways from the Light Therapy Market Study
- North America dominates the market for light therapy.
- The US light therapy market is expected to reach US$ 552 Million by 2033 registering a CAGR of 5.6%.
- The light therapy market is expected to increase at a notable CAGR of 5.7%.
- North American light therapy market is expected to grow at the fastest rate with an increased revenue share.
- Several factors contribute to the revenue growth of the light therapy market. These include the increase in sedentary lifestyles, seasonal depression conditions, during the winter months, and disposable incomes.
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Competitive Landscape for the Light Therapy Market
Market players rely on a slew of expansion strategies including mergers & acquisitions, partnerships, innovations translating into new product launches, and capacity expansion initiatives among others. Koninklijke Philips N.V., for instance, offers the Philips BlueControl wearable blue LED light therapy device to treat Psoriasis Vulgaris which helps reduce the acceleration of keratinocytes, thereby decreasing inflammatory response.
Koninklijke Philips N.V., Verilux Inc., Northern Light Technology, Sphere Gadget Technologies, Zepter International, PhotoMedex Inc., Luminette, Klarstein, Lumie, Aura Daylight, and others, the market is growing and establishing a strong global presence.
Recent Developments in the Light Therapy Market
- A comprehensive line of red-light therapy was launched in October 2021 by Lifepro to provide non-invasive wellness care at a competitive price. Various products target different points on the body to provide support for a full range of ailments and wellness goals.
- In February 2022, STRATA Skin Sciences, Inc. announced its next-generation excimer laser, XTRAC Momentum 1.0. This technology enables the precise delivery of UVB light therapy to particular treatment areas of the skin for patients with inflammatory skin conditions such as psoriasis, atopic dermatitis, and vitiligo.
- A multi-patented, blue, and red-light emitting phototherapy toothbrush was launched by Oralucent in February 2022 to address whitening and other common dental concerns.
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Light Therapy Market Segmentation by Category
By Product:
- Light Box
- Floor and Desk Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
By Light Type:
- White Light
- Blue Light
- Red Light
By End User:
- Dermatology Clinics
- Homecare Settings
- Others (Workplace, Salons)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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