The growing usage of narrow and broad-band UV phototherapy to treat skin-related illnesses will boost the market growth in the medium term. Also, an increase in patient desire for less invasive procedures and a surge in light therapy technological advancements will contribute to the market’s faster expansion in the coming years. North America emerged as the largest market for the global light therapy market, with a 36.7% share of the market revenue in 2022.
Newark, March 08, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.2 billion light therapy market will reach USD 2.0 billion by 2032. The rising prevalence of mental health issues such as depression, anxiety disorders, Alzheimer’s disease, and others are driving up demand for therapies, and light therapy is one such treatment. According to a World Health Organization (WHO) study released in September 2021, depression is a prevalent mental condition; it is estimated that 5.0% of adults worldwide suffer from depression. It is one of the primary causes of disability around the world. The increasing use of light therapy in the treatment of depression, as well as the high prevalence of these conditions, will drive the market.
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Key Insight of the light therapy
North America to account for the largest market size during the forecast period.
North America is predicted to have the largest market share for light therapy. The regional market growth can be attributed to an increase in symptoms of Seasonal Affective Disorder (SAD) or winter depression, as well as a rise in cases of psoriasis. Light therapy, conducted under medical guidance, involves exposing the skin to artificial ultraviolet light sources. UVA and UVB light, or a combination of the two, is used to reduce inflammation, limit the growth of skin cells, and reduce symptoms. The Canadian Dermatology Association has estimated that around one million people have psoriasis, further fuelling the need for these devices.
Handheld devices for skin treatment dominated the market, with the largest market revenue of 0.54 Billion.
Handheld devices for skin treatment dominated the market, with the most significant market revenue of 0.54 Billion. The segment is becoming more popular due to the numerous benefits of the products, including portability, efficient technology, and user-friendliness. They are used for skin treatment and employ technology like ultrasonic waves and microcurrents to improve the appearance of the skin.
Sleeping disorders accounted for the largest market share, with a revenue of 0.52 Billion.
Sleeping disorders accounted for the largest market share, with a revenue of 0.52 Billion. Sleep disorders are related to insomnia, hypersomnia, and sleep-disordered breathing. The abovementioned issues are linked to unhealthy lifestyle choices such as smoking, drinking, and excessive screen time.
Advancement in Market
● In January 2022, Bilihome closed a new investment round headed by Health Innovations and Oost NL, intending to support the commercial introduction of an innovative wearable light therapy device for jaundice. This disorder affects 10% of all infants.
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Drivers: Rise in Acceptance
The primary market drivers of the global light therapy market are the increasing acceptance of blue light therapy techniques, increased investment in research and development by various market participants, and increased awareness about the benefits of light therapy equipment. Furthermore, the rising frequency of psychological disorders such as anxiety, SAD, and depression is a significant growth driver for the Light Therapy Industry. For example, in the United States, almost 31.6 million people, or 10.1% of the population, suffer from eczema, increasing the value of the light therapy market.
Restraint: Hot Environment
The hot environment also impacts market growth in APAC and MEA countries. Because of the warmer climate, individuals in these countries rarely suffer from the winter blues, limiting the use of light treatment items. Because of the limited use of these devices, public knowledge of light therapy could be higher.
Opportunity: Rise in Dermatological Conditions
Because of the increasing frequency of dermatological conditions such as psoriasis, acne vulgaris, and others, the Light Therapy Market has additional potential opportunities. As a result, the demand for Light Therapy is expanding, and key companies are working hard to increase the value of the light therapy market during the forecast period.
Challenge: Lack of Awareness
Light therapy market trends may need to be improved by a need for more understanding of light therapy in certain developing regions worldwide. Other significant limitations for the Light Treatment Industry include light therapy device adverse effects, such as eye pain, nausea, headache, itching, burning sensation, and agitation.
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Some of the major players operating in light therapy market are:
● Koninklijke Philips N.V.
● Northern Light Technologies
● Beurer GmbH
● Zepter International
● Verilux, Inc
● The Daylight Company
● Zerigo Health
Key Segments cover in the market:
● Light Therapy Lamps
● Light Box
● Handheld Devices for Skin Treatment
● Floor & Desk Lamps
● Dawn Stimulator
● Light Visor
● Sleeping Disorders
● Acne Vulgaris
● SAD/Winter Blues
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About the report:
The global light therapy market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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