by The 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 is a non-invasive procedure that uses specific wavelengths of light to treat various skin disorders. It is also used in the treatment of seasonal affective disorder, sleep disorders, and mood disorders. The market is witnessing significant growth due to the increasing prevalence of skin disorders such as psoriasis, acne, and eczema. Additionally, the rise in the geriatric population is fueling the demand for light therapy devices.
Market Dynamics:
The market dynamics of the light therapy market are driven by two main factors: increasing prevalence of skin disorders and the rise in the geriatric population. The growing awareness about the benefits of light therapy in treating skin disorders is expected to drive market growth. Moreover, technological advancements in light therapy devices and the availability of portable devices are further contributing to market growth. However, high costs associated with light therapy devices and the availability of alternative treatment options may hinder market growth to some extent. Nevertheless, untapped opportunities in emerging economies and ongoing research and development activities in the field of light therapy are expected to provide lucrative growth opportunities in the market.
Segment Analysis
The light therapy market can be segmented based on product type, light type, application, and end-user. Among these segments, the product type segment dominates the market due to the increasing demand for light therapy devices. Light therapy devices are widely used in treating various medical conditions such as skin disorders, sleep disorders, and seasonal affective disorder. Additionally, the convenience and ease of use associated with these devices have further fueled their demand. Among the different types of light therapy devices, the handheld devices sub-segment holds the largest market share as they provide flexibility and portability to the users.
PEST Analysis
Political: The political factors influencing the light therapy market are primarily related to government regulations regarding the manufacturing and sale of medical devices. Compliance with these regulations is essential for companies operating in this market.
Economic: The economic factors that impact the light therapy market include the purchasing power of consumers, healthcare expenditure, and economic stability. As the global economy is growing, consumers are becoming more inclined towards spending on healthcare.
Social: The increasing awareness about the benefits of light therapy among the general population has fueled its adoption. Moreover, the rising prevalence of lifestyle-related disorders and mental health issues has also contributed to the growing demand for light therapy.
Technological: Technological advancements in light therapy devices have significantly improved their effectiveness and user-friendliness. Innovations such as LED-based light therapy devices and wearable devices have gained popularity among consumers.
Key Takeaways
The global Light Therapy Market Share is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period (2023-2030), due to increasing awareness about the benefits of light therapy and the rise in lifestyle-related disorders.
Regionally, North America dominates the light therapy market due to the presence of key players, favorable reimbursement policies, and the growing prevalence of skin disorders and mental health issues. However, the Asia Pacific region is expected to witness the highest growth due to the rising healthcare expenditure, increasing adoption of advanced technologies, and growing awareness about light therapy.
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 strategic collaborations, product launches, and technological advancements to gain a competitive edge in the market.
*Note:
1) Source: Coherent Market Insights, Public sources, Desk research
2) We have leveraged AI tools to mine information and compile it
