The global light therapy market is estimated to be valued at US$989.2 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Light therapy, also known as phototherapy, is a treatment method that uses specific wavelengths of light to treat various medical conditions. It involves exposure to artificial light to simulate natural sunlight, which can have therapeutic effects on the body. Light therapy is widely used to treat seasonal affective disorder (SAD), sleep disorders, skin conditions like acne, and certain mental health conditions.
Market Key Trends:
One key trend in the light therapy market is the growing awareness about the benefits of light therapy for mental health disorders. Light therapy has been found to be effective in treating conditions such as depression, bipolar disorder, and sleep disorders. The therapy works by regulating the body's circadian rhythm and increasing the production of serotonin, a neurotransmitter that is associated with mood regulation. As more people become aware of the potential benefits of light therapy for mental health, the demand for light therapy products is expected to increase.
In conclusion, the global light therapy market is projected to experience high growth due to the increasing awareness about the benefits of light therapy. The market is expected to be driven by the growing adoption of light therapy for various medical conditions, particularly mental health disorders.
PEST Analysis:
Political: The political factors affecting the light therapy market include regulations and policies related to healthcare and medical devices. Government policies regarding the accessibility and affordability of healthcare services can significantly impact the adoption of light therapy devices. Additionally, changes in regulations related to product quality and safety can also affect the market.
Economic: The economic factors influencing the light therapy market include the overall economic growth and consumer spending. With a growing economy, consumers have more disposable income to spend on healthcare products, including light therapy devices. Economic factors also include currency exchange rates, inflation, and healthcare expenditure by governments.
Social: The social factors that can affect the light therapy market include changing lifestyles, increasing awareness about the benefits of light therapy, and the aging population. As people become more conscious about their health and wellness, there is a growing demand for non-invasive and natural treatment options, such as light therapy. The aging population also contributes to the market growth as they are more prone to various health conditions where light therapy can be beneficial.
Technological: Technological advancements play a crucial role in the light therapy market. Innovations in light therapy devices, such as the development of portable and user-friendly devices, can drive market growth. Additionally, advancements in LED technology and the integration of smart features in light therapy devices can also impact the market.
Key Takeaways:
The Global Light Therapy Market Demand is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period of 2023-2030. This growth is primarily driven by the increasing prevalence of skin problems and mental health disorders, as light therapy is considered an effective treatment option for these conditions. The market is also fueled by the rising adoption of non-invasive and drug-free therapeutic approaches.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the light therapy market. This growth can be attributed to the high prevalence of skin diseases, depression, and seasonal affective disorder (SAD) in the region. Moreover, the presence of key market players and advanced healthcare infrastructure further support the market growth in North America.
Key players operating in the light therapy market include Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc. These key players are focusing on product innovations, partnerships, and mergers to strengthen their market position and expand their geographical presence.
Due to various disorders and conditions such as seasonal affective disorder (SAD), blue light therapy has witnessed a significant demand globally. This has compelled various manufacturers to cater to such growing demands. The global light therapy market is expected to register at 4.8% over the forecast period, 2026.
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Market Dynamics: Attributed to various advantages such as increased blood circulation and cellular regeneration, acne treatment using LED light is gaining traction. Moreover, treatment through LED light treatment offers the benefits of red and blue light therapy over conventional light therapy. Such factors are driving growth of the light therapy market globally over the following decade.
Global Light Therapy Market to Grow at 4.8% CAGR throughout 2026
Segmentation Analysis: The light box segment among various among other products accounts for relatively high market share and will grow at 4.3% CAGR in the span of next ten years. Whereas, the homecare settings segment among various end users accounts for relatively high market share and will grow at a relatively high CAGR of 5.1% over the following decade. The white light among various types of light will witness a healthy growth in the span of next ten years.
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Regional Analysis
Following Western Europe North America accounted for major market share of 42.5% in 2015 among various regions. Whereas, the APEJ market will expand at a relatively high CAGR of 6.5% over the following decade.
In 2014, the light therapy market in Latin America registered a 6.4% Y-o-Y growth rate. Whereas, the light therapy market in Eastern Europe will grow at 4.5% CAGR in the span of next ten years.
However, in 2014, the light therapy treatment market in Russia represented major market share in Eastern Europe. Russia will retain dominance in the region in the span of next ten years, growing at a 4.6% CAGR over the following decade.
Vendor Insights
Market players operating in the global light therapy market include Verilux, Inc., Koninklijke Philips N.V., Zepter International, Northern Light Technology, Beurer, Photomedex Inc, Lucimed SA, Nature Bright, Lumie, Chal-Tech-GmbH, Sphere Gadget Technologies and Aura Daylight.
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