Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Light Therapy Market – Insights
Light therapy is used for the treatment of seasonal affective disorder (SAD) and certain other conditions such as circadian rhythm sleep disorders and skin diseases by exposure to artificial light.
The global light therapy market is estimated to account for US$ 832.6 Mn in terms of value in 2019 and is estimated to reach US$ 1,217.7 Mn by the end of 2027.
Global Light Therapy Market: Drivers
Increasing prevalence of SAD is expected to boost growth of the global light therapy market over the forecast period. For instance, according to an article published by the University of Utah in September 2018, in 2016, 10 million people in the U.S. suffered from SAD, which increased to 19 million in 2018.
Moreover, increasing use of light therapy devices for the treatment of musculoskeletal injuries is also expected to propel growth of the market. Light therapy offers various advantages such as reduction of discomfort of pain and inflammation while promoting blood flow and the body’s own tissue repair mechanisms.
North America region held dominant position in the global light therapy market in 2018, accounting for 43.1% share in terms of value, followed by Europe.
Global Light Therapy Market: Restraints
Use of high intensity light for the treatment of neurological disorders such as bipolar and multiple sclerosis may lead to post treatment side effects such as nausea, cough, and dizziness. This in turn is expected to hinder growth of the global light therapy market
Moreover, use of light therapy for people with drug resistant non-seasonal depression can result in a hyperactive state called mania, which is also expected to hamper growth of the market.
Global Light Therapy Market: Opportunities
Ultraviolet (UV) light therapy approaches such as UVB phototherapy and psoralen plus ultraviolet A (PUVA) can be used in decreasing the symptoms of psoriasis. The therapy can also be used in combination with topical medication or tablets to reduce inflammation and slow the production of skin cells. Therefore, key players in the market can focus on new product development for the treatment of psoriasis to enhance their market share.
Light therapy can also be used with plant-derived substance called psoralen for the treatment of vitiligo. The approach is effective especially for widespread lesions occurring in adults.
Therefore, extended use of light therapy for the treatment of various diseases is also expected to aid in growth of the market.
Light Box sub segment in product type segment in the global light therapy market was valued at US$ 352.0 Mn in 2018 and is expected to reach US$ 516.5 Mn by 2027 at a CAGR of 4.3% during the forecast period.
Market Trends/Key Takeaways
The market is witnessing increasing demand for blue light therapy for sun damage and skin cancer prevention. Moreover, blue light therapy can also be used as a treatment for depression. The light used in the therapy is a natural violet or blue light and it is considered a pain-free procedure. Therefore, the demand for blue light therapy is expected to increase in the near future.
The use of LED light boxes for the treatment of SAD has proven to be as effective as conventional tube bulb SAD light devices, which has significantly increased their demand in the recent past.
Global Light Therapy Market: Competitive Landscape
Major players operating in the global light therapy market include, Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer, Nature Bright, Lucimed SA, Lumie, PhotonMD, Inc., Aura Daylight, and Sphere Gadget Technologies.
Global Light Therapy Market: Key Developments
Key players in the market are focused on launching new products to expand their product portfolio. For instance, in November 2019, TheraLight, LLC launched its TheraLight FIT – an advanced light therapy technology that used LED with both Red and IR wavelengths – for total body Photobiomodulation (TBP) system.
Key players in the market are also focused on conducting clinical trials to expand their product portfolio. For instance, in September 2019, PhotonMD, Inc., a technology company specializing in the advancement of precise light-based medical treatments, announced that its pivotal clinical trial that assessed a series of hair growth devices, including REVIAN RED, an all-LED cap for the treatment of androgenetic alopecia, offered positive topline results.