LIGHT THERAPY MARKET ANALYSIS

Light Therapy MarketSize and Trends

The global light therapy market is estimated to be valued at US$ 989.2 million in 2023 and is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

Light therapy is used for the treatment of medical conditions such as neurological disorders, skin disorders, jaundice, and others. Thus, an increase in the prevalence of neurological disorders will lead to increased demand for light therapy devices, which will contribute to the growth of the global light therapy market over the forecast period. For instance, according to the Pan American Health Organization’s updates, in region wide 2019, there were 8.2 million years lived with disability (YLDs), 3.1 million years lost to early death (YLLs), and 5.1 million years lost to life due to pregnancy (YLLs).

Figure 1. Global Light Therapy Market Share (%), By Light Type, 2023

Global Light Therapy Market– Drivers

• Growing burden of mental health disorders: The prevalence of mental health conditions such as depression, anxiety disorders, Alzheimer's disease, and others is expanding, which is driving up demand for its therapies. These conditions are treated with light therapy. For instance, according to a World Health Organization (WHO) report from September 2021, depression is a widespread mental illness that affects an estimated 5.0% of individuals worldwide. It is a major contributor to disability globally. The market will be driven by the use of light therapy for treating depression and the increasing prevalence of these conditions.
• Increasing adoption of growth strategies: A lucrative market expansion will result from the leading companies' core strategies, including collaborations, investments, mergers, acquisitions, and technical innovation. For instance, in March 2022, 10X Health System and DaVinci Medical collaborated to commercialize the Superhuman Protocol. With the help of the Superhuman Protocol, customers can experience a 360-degree whole-body approach to undo years of neglect and naturopathically improve health and performance. The Thera Light treatment bed, which is included in this three-step regimen and speeds up ATP generation, is one of the steps. Partnerships fostering product innovation will therefore drive the market's growth.

Figure 2. Global Light Therapy Market Share (%), By Region, 2023

Global Light Therapy Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the global light therapy market, owing to an increase in the conduct of clinical trials to determine the safety and efficacy of light therapy on the recovery of COVID-19 patients. For instance, in October 2020, Vielight Inc., evelops transcranial-intranasal photobiomodulation (PBM) technology, initiated clinical trials to test whether photobiomodulation, i.e., a combination of intranasally delivered LED-based red light and LED-based near-infrared (NIR) light to the body, may accelerate the recovery of COVID-19 patients. The research is based on the finding that photobiomodulation leads to the activation of the immune system and reduces inflammation. Thus, photobiomodulation may be effective in inhibiting the replication of coronaviruses. Such research and development activities are expected to support growth of the market over the forecast period.

Global Light Therapy Market Segmentation:

The global light therapy market report is segmented into by product type, by light type, by end user, and by region.

• By Product Type, the market is segmented into light box, lamps, light visor, dawn simulator, light therapy bulbs, handheld devices - skin treatment. Out of which, the handheld devices are expected to hold a dominant position in the global light therapy market during the forecast period, and this is attributed to technological advancement of the devices.
• By Light Type, the market is segmented into white light, blue light, red light, others (yellow and green light, etc.). Out of which, red light is expected to have the highest potential growth over the forecast period, and this is attributed to increasing product launches.
• By End User, the market is segmented into dermatology clinics, home care settings, and others (Workplace, Salons). Out of which, dermatology clinics is expected to have the highest potential growth over the forecast period, and this is attributed to an increase in various healthcare expenditures post-pandemic.

Among all the segmentation, the light type segment is expected to dominate the market over the forecast period and this is attributed to the increasing adoption of inorganic growth strategies and the rise in research and development activities.

Global Light Therapy Market- Cross Sectional Analysis:

The market studies will be supported by growing research and development studies demonstrating the effectiveness of red light therapy in treating various ailments in the Asia Pacific region. Thus, the red light type segment is expected to offer a lucrative growth in this region in near future. For instance, according to clinicaltrials.gov, the Zhongshan Ophthalmic Center at Sun Yat-sen University started a study in March 2021 to assess the adjunctive effect of repeated low-level red light therapy (RLRL) and orthokeratology (ortho-k) on myopia control in ortho-k non-responders who had received ortho-k treatment but were still experiencing rapid myopia progression. The outcomes of such research investigations will therefore improve its flexibility, resulting in lucrative market growth.

Global Light Therapy Market: Key Trends

• Introduction of light therapy devices in the market: The introduction of light therapy devices into the market is expected to drive growth of the global light therapy market over the forecast period. For instance, in October 2020, Lumiere Skyn, a skin care brand, launched next-generation skin rejuvenation technology, which involves red LED wavelengths, blue LED wavelengths, and amber LED wavelengths for the treatment of various skin issues such as aiding in collagen production, reducing inflammation, promoting even skin tone, and others.