The net worth of the Light Therapy Market share is expected to increase from US$ 1.0 billion in 2023 to more than US$ 1.8 billion by 2033. The market for light therapy is expected to grow at a 5.7% CAGR from 2023 to 2033, as demand grows due to major depressive disorders, seasonal affective disorder (SAD), and various skin-related diseases. It is predicted that the global burden of depression will double by 2030. As a result, significant growth opportunities await prominent light therapy providers.
During the forecast period, the market for light therapy is anticipated to expand significantly. By the first half of this decade, the target market will probably be worth more than US$ 1 Bn. Due to the rising demand for light therapy in the healthcare industry, there are numerous possibilities for market growth. Over the coming years, rising rates of depression and insomnia will further fuel the market for light treatment.
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In the past few years, there’s been a surge in the incidences of individual depression and insomnia. In addition to depression and insomnia, disrupted sleep cycles have contributed to the popularity of light therapy. These conditions have induced a wide platform for improved sales of progressive treatment equipment that employs high-quality ultraviolet light to treat these disorders.
A World Bank report states that, if left untreated, mental ailments such as depression are likely to cause economic losses of US$ 2.5-8.5 trillion globally, a figure that most expect to double by 2030. Thus, the market of light therapy is anticipated to undergo tremendous growth in the near future. In addition to mental illness, light therapy products are also known to relieve seasonal affective disorders (SADs) in particular, by improving serotonin levels. Light therapy also helps treat and manage various skin conditions. As a result, many key market participants offer phototherapy for skin conditions.
With rising insomnia cases, the demand for light therapy is also increasing. Light therapy rectifies the patient’s circadian rhythm which, in turn, assists in improving sleep outcomes. Many leading market participants offer light therapy that addresses insomnia and helps insomniacs and night shift workers. All of these considerations, along with many others, aid the growth of the light therapy market during the forecast period.
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“Rising adoption of the target product to treat and manage dermatological conditions will likely stimulate the global growth of the light therapy market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The risk of skin damage due to UV-light exposure may stymie market growth.
- Increasing incidences of seasonal affective disorder (SAD) promote growth in the U.S light therapy market.
- Photodynamic therapy fuels the light therapy market in Germany.
- By product, handheld devices will gain popularity over the assessment period.
- On the basis of light type, the red light segment will generate the most demand.
Competitive Landscape
Koninklijke Philips N.V., Verilux Inc., Northern Light Technology, Sphere Gadget Technologies, Zepter International, PhotoMedex Inc., Luminette, Klarstein, Lumie, and Aura Daylight among others are some of the major players in the light therapy market profiled in the full version of the report.
Leading market players are keen on new product releases and expanding their capacities. These businesses employ strategies like product innovations, mergers, acquisitions, and partnerships to gain a competitive edge.
More Insights into Light Therapy Market Report
In its latest report, FMI offers an unbiased analysis of the global light therapy market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (light box, floor and desk lamps, light visor, dawn stimulator, light therapy bulbs), light type (white light, blue light, red light), end user (dermatology clinics, homecare settings, others (workplace, salons)), and region.
According to the latest FMI reports, based on segmentation, the red light segment will contribute substantially to the overall market growth. This segment is gaining traction due to its ability to strengthen mitochondria by generating a biochemical effect within cells. In terms of end-user, dermatology clinics will dominate the global market space during the forecast period.
Based on region, the light therapy market in the United States will demonstrate considerable growth during 2021-2031. As there is an increasing prevalence of seasonal affective disorder (SAD) in this region, the demand for light therapy is also high. Again, there’s been a notable surge in illnesses like depression and insomnia which further amplify the demand for light therapy in the U.S. Apart from the United States, the U.K. and Germany will present impressive growth in the light therapy market during the forecast period.
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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)
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