The light therapy market is on a promising growth trajectory, with projections indicating it will reach USD 1,012.1 million in 2024 and expand to USD 1,586.8 million by 2034. This growth reflects a steady Compound Annual Growth Rate (CAGR) of 4.6% over the forecast period.
In 2023, the light therapy market was valued at USD 1,017.2 million, demonstrating its established presence and continued expansion within the therapeutic landscape. Light therapy, also known as phototherapy, has gained recognition for its efficacy in treating various conditions, including mood disorders, sleep disorders, and skin conditions.
Recent studies highlight the benefits of light therapy in managing seasonal affective disorder (SAD), depression, and sleep problems, reinforcing its therapeutic value. The increasing awareness and adoption of light therapy for these applications are contributing to the market’s robust growth.
There has been a notable increase in the prevalence of both insomnia and personal depression in recent years. Apart from depression and insomnia, light therapy has gained popularity due to disturbed sleep patterns. Due to these circumstances, sales of progressive treatment equipment—which uses superior UV light to treat various disorders—have increased significantly.
“While hospitals continue to be the dominating setting for light therapy, the nature of the market is changing. Light therapy is also being undertaken at salons, commercial offices, and even at home. Thus, players in the light therapy market can look outside of traditional settings to expand their demand,” says an analyst at FMI.
Key Takeaways from the Light Therapy Market
- The light therapy market is projected to be valued at US$ 1,012.1 million in 2024.
- Light boxes are the prevailing product in the market. Light box is expected to account for 43.2% of the market share.
- White light is the top light type in the market. For the forecast period, white light is anticipated to account for 61.7% of the market share.
- India is one of the most promising countries for the market. For the forecast period, the CAGR for India is estimated to be 4.8%.
- Malaysia is another Asian country with a bright future for the market. The CAGR for Malaysia over the forecast period is predicted to be 4.1%.
- The market is expected to register a CAGR of 3.6% in Spain over the forecast period.
Competition Analysis of the Light Therapy Market
The market for light therapy is competitive, with large companies tussling it out with smaller players for a piece of the pie. Startups are flourishing in the light therapy landscape. Some of the prominent companies in the market include Koninklijke Philips N.V., Verilux Inc., Northern Light Technology, and Sphere Gadget Technologies.
Recent Developments in the Light Therapy Market
- In August 2023, Eyerising International Pty Ltd.’s myopia management device, which uses red light therapy, received approval from the Australian Therapeutic Goods Administration (TGA).
- In February 2022, a partnership was announced between Arizona Coyotes and Mito Red Light Inc.
Key Companies in the Light Therapy Market:
- Koninklijke Philips N.V.
- Verilux Inc.
- Northern Light Technology
- Sphere Gadget Technologies
- Zepter International
- PhotoMedex Inc.
- Luminette
- Klarstein
- Lumie
- Aura Daylight
- Lifepro Fitness
- STRATA Skin Sciences, Inc.
- Oralucent
- Mito Red Light Inc.
A Full Report – Overview
Key Segments
By Product:
- Light Box
- Floor and Desk Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
By Light Type:
- White Light
- Red Light
- Blue Light
By End User:
- Dermatology Clinics
- Homecare Settings
- Others (Workplace, Salons)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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