Light therapy is used in the treatment of various diseases such as dementia, depression, Alzheimer's disease, autism, and seasonal affective disorder (SAD). Different wavelengths and intensities of light are also used in the treatment of various dermatological conditions such as acne and scars.
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 focus on aesthetic appeal among men and women is expected to propel growth of the global light therapy market over the forecast period. For instance, blue light therapy is use for the treatment of acne. Blue light therapy is U.S. FDA-approved for acne vulgaris that is moderate or has not responded to other therapies.
Global Light Therapy Market: Opportunities
Light therapy can be used in the treatment of depression, lower back pain, and various other age-related diseases, disorders, and conditions. Therefore, increasing geriatric population is expected to offer lucrative growth opportunities for players in the market. For instance, According to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Global Light Therapy Market: Restraints
Availability of low cost alternatives such as anti-depressants including Paxil and Prozac for the treatment of depression is expected to hinder growth of the global light therapy 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.
Light box is the major product in light therapy as it emits the particular light required in light therapy. This factor is expected to support growth of the segment over the forecast period.
The white light sub segment in light type segment held dominant position in the global light therapy market in 2018, accounting for 64.8% share in terms of value, followed by blue light and red light, respectively.
White light for delivering light therapy has been in use conventionally for the treatment of seasonal affective disorder (SAD) as compared to other light types such as blue light. However, blue light segment is expected to witness high growth rate as compared to white light over the forecast period.
The home care settings sub segment in end user segment held dominant position in the global light therapy market in 2018, accounting for 62.7% share in terms of value, followed by dermatology clinics and others sub segment, respectively.
Light therapy can be taken at home by any individual and does not require professional expertise for the same. Moreover, light therapy is a simple technique and clinical setting is not necessary for the treatment. This is expected to support the growth of the segment over the forecast period.
Major healthcare centers are adopting light therapy for the treatment of SAD and jet lag. For instance, in December 2019, Orange Cryo Wellness in Conshohocken started offering red light therapy for the treatment of SAD, depression that do not occur seasonally, jet lag, dementia, and sleep disorder.
The market is also witnessing use of low level light therapy for the treatment of recalcitrant chalazia in patients who have failed topical and/or systemic therapy. The approach significantly reduces the likelihood of requiring surgical intervention.
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 April 2019, PhotonMD, Inc. announced commercialization of its FDA cleared, over-the-counter (OTC) light therapy system, REVIAN RED system, for the treatment of androgenetic alopecia in both men and women.
Key players in the market are focused on adopting marketing strategies to enhance their market share. For instance, in October 2019, Clarify Medical featured the Clarify Medical Home Light Therapy System, its connected home phototherapy system for the treatment and monitoring of chronic skin conditions, at the Fall Clinical Dermatology Conference in Las Vegas, NV.