The global Light Therapy Market is estimated to be valued at US$ 989.2 Mn or Million 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 Overview:
Light Therapy involves the exposure of the body to daily doses of bright light, usually from sources that more closely resemble natural daylight. It is an effective treatment used for conditions like seasonal affective disorder (SAD), baby blues, mood disorders, and sleep problems. The light works to reset the body's internal clock and boost mood by stimulating the production of serotonin and melatonin hormones.
Market key trends:
One of the key market trends is the growing awareness about light therapy and its benefits. As more research reveals the positive effects of light therapy on various health conditions like SAD, insomnia, and melancholy, consumers are becoming open to integrating it as a treatment option. Light therapy devices are also becoming compact and portable which makes them convenient to use at home or during travel. Furthermore, development of multi-function light therapy devices that provide additional health benefits like skin rejuvenation, pain relief, and jet lag recovery is fueling the market expansion.
Market Trends:
Global Light Therapy Market has emerged as an effective treatment for various conditions like seasonal affective disorder (SAD), body acne, psoriasis, vitiligo etc. Growing adoption of light therapy for non-seasonal uses is one of the key trends in the market. With increasing awareness about various health benefits, light therapy is no more limited to just treating SAD and is finding applications in dermatology, sleep disorders, and improving mood and performance.
SWOT Analysis
Strengths: Wide range of applications in treating various skin and psychiatric conditions. Growing preference over drug therapies due to lack of side effects.
Weaknesses: Expensive therapy compared to drugs. Require frequent sessions under light therapy devices.
Opportunities: Emerging applications in chronobiology and aging-related disorders present new growth prospects. Increasing adoption in homecare settings is expanding accessible market.
Threats: Strong competition from generic drug alternatives. Reimbursement issues especially for new applications may restrict market potential.
Key Takeaways
The global Light Therapy market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing adoption for non-seasonal uses. The market size for 2023 is estimated to be US$ 989.2 Mn.
North America currently dominates the global market and is expected to grow at a steady pace owing to conducive reimbursement policies and established players. Asia Pacific is expected to emerge as the fastest growing market over the coming years due to rising geriatric population, increasing acceptance of light therapy devices, and growing medical tourism.
Key players operating in the Light Therapy market are 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.
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