Global Light Therapy Market, by Product Type (Light Box, Lamps, Light Visor, Dawn Simulator, Light Therapy Bulbs, and Handheld Devices), by Light Type (White Light, Red Light, Blue Light, and Others), by End User (Dermatology Clinics, Homecare Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 874.0 million in 2020 and is estimated to exhibit a CAGR of 4.9% during the forecast period (2020-2027).
The increasing prevalence of depression is expected to increase in the number of patients suffering from seasonal affective disorder (SAD), which in turn is expected to drive growth of the global light therapy market over the forecast period. For instance, according to Our World in Data Statistics, 2019, the following table depicts the number of patients suffering from depression in some of the countries, globally, in the year 2017 and 2018.
Market players are focusing on launching new and innovative products, which is expected to drive growth of the global light therapy market over the forecast period. For instance, in November 2019, TheraLight, LLC launched TheraLight FIT, an advanced light therapy technology that use LED with both Red and IR wavelengths for total body photobiomodulation (TBP).
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Global Light Therapy Market- Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic is expected to fuel growth of the global light therapy market over the forecast period. According to The Open Dermatology Journal: 20th August 2020, some of the COVID-19 patients reported aggravation of their skin disorders such as rosacea, eczema, atopic dermatitis, and neurodermatitis due to prolong use of masks during the COVID-19 epidemic. Moreover, use of skin disinfectants such as sanitizers are also responsible for increasing the incidence of contact dermatitis not only in the COVID-19 positive patients but also in healthy individuals. Moreover, according to the same source, increasing skin disorders among the COVID-19 patients may lead to increasing risks of developing neurological disorders such as depression, anxiety, and others. Therefore, increasing cases of skin disorders and neurological disorders are expected to support growth of the market over the forecast period.
Many market players are engaged in conducting clinical trials for determining the safety and efficacy of light therapy on the treatment of COVID-19 patients. For instance, in 2020, Multi Radiance Medical initiated clinical trial for testing their pulsed laser therapy technology for the recovery of COVID-19 patients, after receiving approval from the Health Ministry in Brazil. The study is based on the reports where Multi Radiance technology was used for improving the lung function in chronic obstructive pulmonary disease (COPD) patients. Currently the study is in the research phase. Such research and development activities are expected to support growth of the market over the forecast period.
Browse 35 Market Data Tables and 23 Figures spread through 154 Pages and in-depth TOC on, Global Light Therapy Market, Global Light Therapy Market, by Product Type (Light Box, Lamps, Light Visor, Dawn Simulator, Light Therapy Bulbs, and Handheld Devices), by Light Type (White Light, Red Light, Blue Light, and Others), by End User (Dermatology Clinics, Homecare Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
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Key players are engaged in adopting inorganic activities such as partnerships for providing access of the products for patients suffering from skin disorders, which is expected to increase the customer base of the market. For instance, in 2019, Daavlin International entered into a partnership with Healthlens for providing access for the Daavlin 7 series home phototherapy unit for the treatment of skin disorders such as psoriasis, vitiligo and eczema. The partnership will provide dermatology consultation and treatment to the patients at their home.
Key Takeaways of the Light Therapy Market:
The global light therapy market is expected to exhibit a CAGR of 4.9% over the forecast period (2020-2027), owing to growth in potential markets, especially in Europe. North America accounted for major market share.
Market players are focused on launching new and innovative light therapy products, which is expected to drive growth of the global light therapy market over the forecast period. For instance, on October 26, 2020, Lumiere Skyn launched next generation skin rejuvenation technology, which involve Red LED wavelengths, Blue LED wavelengths, and amber LED wavelengths for the treatment of various skin issues such as it aids in collagen production, reduces inflammation, promotes even skin tone, and others.
Some of the 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 GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc.
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