The global phototherapy lamps market is on track to exceed a valuation of USD 6,551.8 million by 2033, growing from USD 3,381.4 million in 2023 at a compound annual growth rate (CAGR) of 6.8%. This growth is expected to be bolstered by heightened awareness of the therapeutic benefits of light therapy and the emerging biohacking movement that emphasizes performance optimization.
Key Market Insights:
- Growing Market Revenues: Historically, the phototherapy lamps market has shown a solid performance, with an average CAGR of 6% from 2018 to 2022. This growth rate is projected to increase by 1.2% in the next decade as consumers and healthcare professionals become increasingly aware of the benefits of phototherapy. Conditions such as Seasonal Affective Disorder (SAD), depression, and various skin issues are now commonly treated with light therapy, contributing to its rising popularity.
- Expanding Non-Medical Applications: The utility of phototherapy lamps is not confined to medical treatments; many individuals are using these devices for non-medical purposes, such as enhancing energy levels during long workdays, improving focus and productivity, and creating a brighter atmosphere in their homes and workplaces. This diversification of applications is expected to significantly drive revenue growth in the coming years.
- Influence of Biohacking: The biohacking trend, focused on cognitive enhancement, sleep optimization, and overall well-being, is acting as a catalyst for market expansion. Phototherapy lamps align well with biohacking principles, making them attractive to consumers seeking to improve their physical and mental performance. This trend is encouraging further research and development in light therapy, enhancing the market’s growth potential.
- Opportunities in India: The Indian phototherapy lamps market stands to benefit significantly from these trends. With its diverse climate and the urban lifestyle that often limits exposure to natural light, phototherapy lamps offer a viable solution for enhancing mood and regulating circadian rhythms. If the advantages of these devices are effectively communicated to Indian consumers, a positive response is anticipated.
As the phototherapy lamps market continues to evolve, stakeholders are encouraged to leverage the growing awareness and biohacking movement to tap into new consumer segments and drive innovation.
“Due to patient-centric treatment, technical advancements, and growing applications, the market for phototherapy lamps is undergoing a paradigm shift. The juxtaposition of these factors highlights the market’s development potential, and it is set to experience considerable growth in the coming years,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Heightened Market Interest: Our Complete Report Delivers Extensive Analysis and Trends!
Key Takeaways from the Phototherapy Lamps Market Report:
- In 2018, the global market stood at USD 2.422.8 million.
- The market size expanded at a 5.6% CAGR from 2018 to 2022.
- The global market size is USD 3,176.3 million in 2023.
- In 2022, the LED segment gained 37.4% of the phototherapy lamps market share.
- In 2022, psoriasis remained the leading application segment, occupying nearly 26.6% of the phototherapy lamps market share.
- India’s phototherapy lamps market is expected to develop at a 7.8% CAGR through 2033.
- Japan’s phototherapy lamps market is projected to thrive at a 7.6% CAGR through 2033.
- The United Kingdom’s phototherapy lamps market is anticipated to flourish at a 4.3% CAGR through 2033.
Competition Analysis of the Phototherapy Lamps Market:
The market is highly competitive due to the presence of both established key players and startups. The market is distinguished by ongoing R&D efforts to improve treatment effectiveness, user-friendliness, and energy efficiency. General Electric Company, Koninklijke Philips N.V., and Dragerwerk AG & Co. KGaA are some of the key market players driving the global sales of phototherapy lamp. Overall, competition encourages innovation and expands access to phototherapy treatments.
Key Companies Profiled:
- General Electric Company
- Koninklijke Philips N.V.
- Dragerwerk AG & Co. KGaA
- Natus Medical Incorporated
- Bistos Co. Ltd.
- Fanem Ltda.
- Herbert Waldmann GmbH & Co. KG
- The Daavlin Distributing Co
- Schulze & Bohm GmbH
- TSE spol. S R.O.
- LightStim
Recent Developments in the Phototherapy Lamps Market:
- In June 2022, BeautyHealth introduced ElipsaTM, the latest LED light therapy innovation from LightStim® that seamlessly integrates with the Syndeo HydraFacial system. The new LightStim Elipsa improves treatment results and provider satisfaction.
- Heamac, a company located in Hyderabad, stated in January 2021 that it was developing a portable phototherapy device in an effort to lower the rate of jaundice-related fatalities.
Key Segments:
Product Type
- LED
- UV LIGHT
- Halogen Lamps
End User
- Hospital
- Skin care clinics
- Home care Setting
- Other End Users
Application
- Psoriasis
- Vitiligo
- Acne
- Neonatal Jaundice
- Other Application
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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