According to Future Market Insights (FMI), light therapy remains a very significant trend for the South Korean government and the scope of opportunities is expected to be limited. However, with the penetration of social media and recognition of its medical health benefits, sales of light therapy are expected to continue to grow at a steady pace over the next ten years.
Based on these factors, FMI estimates that the South Korea Light Therapy Market is expected to increase at around a CAGR of 4.2% during the forecast period (2023-2033). This is further projected to boost global sales, with FMI predicting the market to reach US$ 1.8 Billion by 2033.
Korea light therapy market is expected to grow significantly due to increasing demand for clear glass skin. Clear skin has become progressively popular in recent years as it offers comfort and portability for those who want to quickly rehydrate as they age.
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Availability of light therapy-based devices through various channels has increased in the country. With these trends, the coverage of phototherapy for treating dermatological problems in Korea is huge. For instance, CellReturn Platinum, a LED home care beauty device, has gained immense popularity in the country as it is capable of addressing various concerns of the entire face. It is set to be used for sebum control, providing brightness, and a youthful balance on the skin.
Additionally, light therapy device manufacturers in Korea are aiming at unique marketing campaigns to build consumer loyalty and attract new customers. They are primarily targeting women and those seeking hydration with targeted advertising & product placement in TV shows and movies. This would further make the technology highly popular and will endure to drive the market in the evaluation period.
Several companies in the country are launching new products to meet the growing consumer demand. These products are gaining momentum among customers looking for alternatives to existing skin care items.
Some of the companies are investing in emerging e-commerce platforms that would aid them to reach wide audiences. The strategy would also allow these companies to capitalize on the increasing demand for light therapy and gain a competitive edge over their peers. Overall, easy availability of light therapy-based products through numerous channels is estimated to propel the demand for these products in Korea in the next ten years.
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Key Takeaways from the Korea Light Therapy Market
- Korea light therapy market is expected to develop at a moderate pace during the forecast period.
- Korea light therapy market is expected to generate significant revenues by the end of 2033.
- Korea is anticipated to hold a large share of the global light therapy market during the forecast period.
- Availability of light therapy devices through multiple channels, especially e-commerce is projected to drive the Korea market.
“Increasing use of light therapy devices for treating a wide range of skin disorders for helping patients maintain a positive psychological state is expected to aid sales in Korea. Besides, Koreans are expected to adopt light therapy as it is considered to be an effective treatment for seasonal affective disorder.” – Says an FMI Analyst.
Competition Landscape in the Korea Light Therapy Market
Leading businesses in the Korea light therapy market are using social media platforms to grow their client base. In addition, they are aiming to advance their manufacturing processes, introduce new application areas, broaden their distribution channels, and expand their presence throughout Korea.
Koninklijke Philips N.V., Verilux Inc., Northern Light Technology, Sphere Gadget Technologies, Zepter International, and PhotoMedex Inc. are the key players in the Korea light therapy market.
Recent Developments
- In September 2022, Korea-based Sewon declared that it has entered the OLED-based optical patch business on the basis of technology founded by Korea’s KAIST institute and Kwangbio. The main aim of the business is to utilize OLED panels for phototherapy that can help to accelerate skin regeneration and treat pain.
Light Therapy Market Segmentation by Category
By Product:
- Light Box
- Floor and Desk Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
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By Light Type:
- White Light
- Blue Light
- Red Light
By End User:
- Dermatology Clinics
- Homecare Settings
- Others (Workplace, Salons)
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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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