Rising adoption of the target product to treat and manage dermatological conditions will likely stimulate the global growth of the light therapy market over the forecast period.
NEWARK, DE / ACCESSWIRE / July 18, 2024 / The Light Therapy Market is projected to reach at USD 1012.1 million in 2024. A CAGR of 4.6% is predicted for light therapy between 2024 and 2034. By 2034, the market value is forecasted to reach USD 1,586.8 million.
As light therapy devices have evolved, they have become more accessible to athletes. A portable device, such as a handheld wand or a wearable panel, can incorporate light therapy into training regimens and recovery protocols. As a result of this accessibility, light therapy has grown in popularity among players.
Researchers are creating an implantable device for use in patients with traumatic spinal cord injuries. Several sources of funding have already been secured in order to complete various projects. Sport enthusiasts have become increasingly interested in light therapy in recent years due to its potential benefits in accelerating recovery and improving performance.
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Red and near-infrared light therapy may restore neural connections in patients with spinal cord injury (SCI). Phototherapy, commonly known as light therapy, has seen advances in technology and applications. PDT for skin cancer lesions has improved with innovations in light source technology that control irradiance, increase spatial uniformity, and penetrate deeper. The National Institute for Health Research has also funded independent research exploring the potential applications of low level light therapy (LLLT) for dentistry.
An innovative method of applying light directly to wounds has been developed and patented by researchers from the University of Birmingham. An optimal ‘dose' has been determined for this novel therapeutic approach, according to the researchers' latest research published today in Bioengineering and Translational Medicine. It has also demonstrated that it can significantly improve therapeutic outcomes, including significant restoration of sensation and movement and nerve cell regeneration.
Key Highlights of the Light Therapy Market
• Cancer cases are increasing at an alarming rate and light therapy is one of the treatments being increasingly employed to deal with the notable number of cases.
• As awareness about seasonal disorders grows, more people are willing to undergo light therapy to deal with them. Thus, the light therapy market faces upswings at certain times of the year like winter.
• With increasing attention being paid to sleep cycles and rhythms, sleep disorders are being taken more seriously. Light therapy is sought by an increasing number of patients to deal with sleep disorders.
• Hospitals are becoming more accustomed to treating skin infections and wounds with innovative treatments and light therapy is one such treatment winning over doctors.
• Vitamin-lacking people are seeking artificial ways to boost their health. With the increasingly busy population spending their daylight hours huddled in offices, vitamin D deficiencies are developing at a rapid rate and light therapy is being sought to augment the natural vitamin intake.
"A growing number of mental disorders, technological advances, and new light therapies will benefit the industry of light therapy market. As portable and convenient devices become increasingly popular, the market will likely be able to expand in the future." Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Light Therapy Market
A share of 62% was held by the white light market in 2023.
A 43% market share was held by the light box segment in 2023.
By 2034, it is predicted that the market in Canada will expand at a CAGR of 2.4%.
The market in Malaysia is expected to expand at a CAGR of 4.1% during the forecast period.
A CAGR of 2.4% is predicted for the United Kingdom market between 2024 and 2034.
Competitive Landscape from the Light Therapy Market
Several companies are expanding their product lines in an effort to be able to cater to a larger range of therapeutic needs. Companies that specialize in devices for treating SAD could develop a wide variety of different products, such as those that target skincare, sleep disorders, or general well-being. The credibility of light therapy products can be enhanced through clinical studies and regulatory approvals. Healthcare professionals and institutions adopt devices based on evidence of efficacy and safety gathered by companies.
Light Therapy Market Recent Development
In February 2024, Northern Light Technologies sells a range of functional floor and desk lamps that can help users deal with seasonal affective disorder, most of which exhibit the aforementioned clinical style of lighting.
Key producers of the light therapy market:
Koninklijke Philips N.V
Verilux Inc
Northern Light Technology
Sphere Gadget Technologies
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Light Therapy Industry Trends
• Light therapy is being utilized to treat certain retinal complications caused by diabetes, with further research being done to explore the viability of the treatment for retinal problems.
• With mental illness problems no longer considered taboo subjects, more patients are seeking medical help for their treatment. Light therapy is one such resource that is being used to treat depression, both the seasonal and non-seasonal kind.
• With the growing number of babies being delivered, post-natal complications are also increasing. Post-natal jaundice is one of them and light therapy is being administered to take care of the problem.
• While light therapy is traditionally called upon to treat medical conditions, the therapy is also being utilized as a way to improve appearances.
• Hospitals are the traditional setting for light therapy but, with the benefits of the therapy becoming more widespread and it being easy to administer, other places like salons and commercial offices are incorporating the therapy.
• Patients are disgruntled at the thought of potential complications related to light therapy, such as collagen damage and cataracts, and are thus hesitant to take up the treatment.
• While light therapy is being increasingly used to treat mood disorders, there is a risk of the mood being negatively affected in patients, inducing a manic state in patients. Thus, there is aversion to the treatment among certain patients, limiting the prospects of the market.
Segmentation of Light Therapy Market
By Product Type:
The industry is segregated into light box, floor and desk lamps, light visor, dawn simulator, and light therapy bulbs.
By Light Type:
In terms of light type, the industry is classified into white light, red light, and blue light.
By End User:
In terms of end user, the industry has been classified into dermatology clinics, homecare settings, and others (workplace, salons)
By Region:
Key countries of North America, Latin America, Western Europe, East Asia, South Asia, Eastern Europe, and the Middle East and Africa are covered.
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored by
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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