Newark, NJ, Oct. 06, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global light therapy market is expected to grow from USD 872.40 million in 2019 and to reach USD 1351.09 million by 2027, growing at a CAGR of 5.62% during the forecast period 2020-2027.
The growing prevalence of seasonal affective disorders and similar conditions has been a significant factor for the market's growth in the recent decade. Light therapy has been increasingly used to treat a variety of health issues related to skin disorders, behavioral change and depression. The dermatological conditions are increasing owing to the change in climate and food habits, which in turn has contributed vastly to the light therapy market. The use of advanced technology, such as narrow-band ultraviolet phototherapy, has propelled the market's growth.
Light therapy involves exposing the patient to artificial light. It reveals the skin to specific wavelengths of light with polarised light for the treatment of skin disorders. Further, it is also widely used to treat the wintertime seasonal affective disorder by providing the patient with enough deprived sunlight. The light should be administered for a specific period. It directly strikes the retina of the eyes and thus is effective in curing diabetic retinopathy sleep disorders.
The applications of light therapy have increased over the years, owing to technological advancement. These advancements have helped to revolutionize the scope of treatment provided by light treatment. The UV rays are harmful to the skin and result in the prevalence of various diseases such as skin cancer. Thus, the scope of research and development activities has increased with an increase in investments for the development of products. However, the side effects and lack of awareness are hindering the market growth.
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Key players operating in the global light therapy market includes Beurer, Neutrogena, Lumie, BioPhotas, Koninklijke Philips N.V., Northern Light Technology, Chal-Tec, Sphere Gadget Technologies, Aura Daylight, Zepter International, Photomedex, Compass Health Brands, Lucimed, Nature Bright, Verilux, TheraLight, LLC, PhotonMD, Inc., Demyk Lightmod Products, Red Light Man and others. The manufacturers are opting for expansion strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, to gain a significant market share in the global light therapy market and strengthen their position. Koninklijke Philips N.V. and Beurer are some of the biggest manufacturers and suppliers of light therapy in the global market.
Blue light dominated the market and held the largest market share of 49.23% in the year 2019
Based on the light type segment, the global light therapy market includes red light blue light, white light and others. Blue light dominated the market and held the largest market share of 49.23% in the year 2019. Blue light has been increasingly used in the treatment of skin disorders caused by sunburn. It is useful in the treatment of premalignant and skin cancer. However, the red light is expected to grow at a high rate during the forecast period. It is increasingly used in the treatment of joint pain, arthritis and other orthopedic conditions. Further, it is also used to treat dermatological disorders such as wrinkles, scars, etc.
Handheld devices dominated the market and held the largest market share of 31.92% in the year 2019
Based on the product segment, the global light therapy market includes a light visor, lightbox, dawn simulator, floor and desk lamps, light therapy bulbs, handheld devices and others. Handheld devices dominated the market and held the largest market share of 31.92% in the year 2019. The handheld devices are considered to be safe in comparison to the other alternatives as it is non-invasive and do not damage the cell. Further, it is increasingly used in-home care settings owing to the convenience.
The sleeping disorders segment dominated the market and held the largest market share of 29.39% in the year 2019
The application segment is categorized into psoriasis, eczema, vitiligo, acne vulgaris, sleeping disorders, seasonal affective disorders, winter blues, neonatal jaundice and others. The sleeping disorders segment dominated the market and held the largest market share of 29.39% in the year 2019. The sleep disorder is a common issue nowadays owing to the growing prevalence of depression and disturbed sleep cycle. Thus, more patients are opting for light therapy for the treatment of such disorders. Also, the psoriasis segment is projected to register a substantial rate in the coming years owing to the growing prevalence.
Dermatology dominated the market and held the largest market share of 58.42% in the year 2019
The end-user segment includes home care settings, dermatology and others. Dermatology dominated the market and held the largest market share of 58.42% in the year 2019. The increasing prevalence of skin disorders is the primary factor for the dominant market share. However, home care settings are expected to grow at an impressive rate. The reason for the same can be attributed to the convenience and reduced cost of treatment.
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Regional Segment Analysis of the Light Therapy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global light therapy market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 45.92% in the year 2019. The increasing incidence of skin diseases has resulted in the growth of the market in dermatology applications. Also, the innovative advancements in the development of products have helped increase the region's demand. However, Asia-Pacific is projected to grow at a substantial rate during the forecast period. The rapidly increasing urbanization and changing lifestyles have taken a toll on mental health. The incidence of depression and sleep disorder has increased, which has resulted in the growth of the market.
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About the report:
The global light therapy market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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