Market Forecast
Registering a CAGR of 5.1%, the Global Light Therapy Market size is expected to reach USD 1,112.16 Million in by 2025.
The increasing patient preference for non-invasive procedures is driving the growth of this market. Various medical facilities are now preferring to use non-invasive light therapies or phototherapies. This can be attributed to the advantages of non-invasive light therapy, such as reduced pain and better patient outcomes.
Numerous established players dominate the market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in April 2019, Philips launched VitalMinds a key technology in the personalized light therapy system, that improves sleep quality in critical care patients.
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Market Influencers
The rising prevalence of dermatological disorders and psychological conditions such as SAD (Seasonal Affective Disorder). The key players operating in the global light therapy market are focusing on strategic initiatives, mergers & acquisitions, partnerships, agreements, product launches, government approvals, and expansion of manufacturing facilities.
Regional Analysis
On a regional basis, the Americas is anticipated to dominate the global light therapy market owing to the rising demand for non-invasive procedures and rising prevalence of dermatological disorders in the region. For instance, about 1.9 percent of African Americans have psoriasis. Moreover, extensive research & development activities conducted by major key players operating in the market will boost market growth. For instance, in January 2018, BioPhotas launched Cellulma home, a model in the Cellulma series of light therapy products for the treatment of joint pain and arthritis. Europe is expected to hold the second-largest position in the global light therapy market owing to the rising public awareness about the benefits of light therapy devices.
Moreover, favorable reimbursement policies and insurances for light therapy or luminotherapy treatment are driving the market growth in this region. Asia-Pacific is anticipated to be fastest-growing region is due to the growing prevalence of psychological conditions such as depression and anxiety, rising interest of major key players in emerging markets, good quality healthcare infrastructure in this region. The Middle East & Africa has the least share of the global light therapy market. This is attributable to limited healthcare infrastructure and lack of awareness about light therapy devices in this region.
Segmentation
The global light therapy market has been segmented into product, application, light type, and end user.
By product, the market has been segmented into light box, floor and desk lamps, light visor, handheld devices for skin treatment (HDST), dawn simulator, light therapy bulbs, and others.
By application, the market has been segmented into psoriasis, vitiligo, eczema, acne vulgaris, seasonal affective disorder (SAD), and others. The psoriasis segment is estimated to hold significant market share in the market due to the increasing prevalence of psoriasis and demand for novel therapeutics.
On the basis of light type, the global light therapy market has been segmented into blue light, red light, white light, and others.
The global light therapy market, by end user, has been segmented into home care settings, dermatology clinics, and others.
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