The light therapy market involves products that emit specific wavelengths of light to effectively treat various skin conditions, improve mood, and reduce pain. Light therapy devices help improve acne, psoriasis, eczema, and other inflammatory skin conditions by altering cell behavior and stimulating the skin. They offer non-invasive pain relief and are proven effective for treating mild to moderate depression during winter when sunlight is limited.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of light therapy to treat various skin conditions has been a major driver of market growth. Light therapy has gained acceptance as an effective treatment alternative to pharmaceuticals for certain inflammatory skin issues and mood disorders. It offers side effect-free treatment compared to long-term use of topical steroids or oral medications. Rising consumer preference for non-invasive aesthetic procedures has further increased the demand for light therapy products in skin rejuvenation treatments. Manufacturers are focusing on continuous technology advancements such as launching devices with customized light settings and wide panels for faster treatment sessions. This makes light therapy more convenient and accessible to consumers.
Segment Analysis
The global light therapy market is dominated by the Homecare devices sub-segment, which accounts for over 50% share of the overall market. This is because light therapy equipment is expensive and homecare devices provide convenience and flexibility for patients to use the devices as per their comfort. The rising awareness regarding the benefits of light therapy for various medical conditions and self-treatment of minor mood issues at home is driving the demand for homecare devices for light therapy.
Key Takeaways
The global light therapy market is expected to witness high growth over the forecast period of 2023 to 2030, driven by the rising prevalence of Seasonal Affective Disorder (SAD) and other mental disorders. 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 to 2030.
Regional analysis
Europe dominates the global market and accounted for over 35% share in 2023 owing to the high awareness levels regarding mental health issues and greater medical access in countries like Germany, UK, and France. However, Asia Pacific is expected to register the fastest CAGR during the forecast period due to the rising geriatric population suffering from neurological disorders in countries like China and Japan.
Key players
Koninklijke Philips N.V., Verilux, Inc., and Northern Light Technology are some of the leading players in the global light therapy market. Koninklijke Philips N.V. offers a wide range of light therapy devices for medical professionals as well as individual consumers through both offline and online channels. Verilux, Inc. specializes in the development and marketing of full-spectrum light therapy lamps for alleviating Seasonal Affective Disorder.
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