Rising incidence of depression globally is one of the major factors fostering the light therapy market size. Dermatology clinics segment is poised to exhibit fastest growth rate in the light therapy market through 2031.
NEWARK, Del, Nov. 18, 2022 (GLOBE NEWSWIRE) — The global light therapy market is expected to exhibit significant growth during the forecast period. The target market will likely exceed US$ 1 Bn by the first half of this decade. The market for light therapy will witness tremendous growth opportunities owing to its increasing demand in the healthcare field. Increasing incidences of depression and insomnia further propel the growth of the light therapy market over the next few years.
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.
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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.
“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.
- 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.
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.
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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.
Light Therapy Market by Category
- 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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Table of Content
1. Executive Summary
2. Assumptions & Acronyms Used
3. Research Methodology
4. Market Overview
4.1.1. Market Definition
4.1.2. Market Taxonomy
4.2. Product Overview
4.3. Market Trends
4.4. Market Dynamics
4.5. Global Market Forecast, 2016–2026
4.5.1. Market Size (Value) Forecast
188.8.131.52. Y-o-Y Growth Projections
184.108.40.206. Absolute $ Opportunity
4.6. Market Trends
4.7. Global Market Snapshot (2015)
4.7.1. Market Share by Product
4.7.2. Market Share by Light Visor
4.7.3. Market Share by End User
4.7.4. Market Share by Geography
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