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Light therapy Market worth over $1.2bn by 2027

  • Published Date: January 27, 2021

Light Therapy Market size is set to surpass USD 1.2 billion by 2027, according to a new research report by Global Market Insights Inc.

Increasing incidence of sleep disorders and rising number of depression cases across the globe are the factors contributing to the market growth. Depression is leading cause of disability worldwide and is a major contributor of mental illness. According to the National Alliance on Mental Health, more than 20% of the U.S. adults were suffering from mental illness in 2019. In 2019, only 43.8% of the U.S. adults with mental illness received treatment. Thus, the market has huge potential to grow during the forecast period.

Rising number of product launches and favorable reimbursement policies will increase the market value

The market participants in the industry are continuously adopting new technologies and innovating their products. Increasing acceptance of wearable light therapy devices will create new avenues for the industry revenue. These wearable light therapy devices can easily integrate into patient’s daily routine and reduce the need for physician visits. Moreover, innovation in the field of targeted therapies is also contributing to market demand. The non-invasive nature of these therapies allows physicians to wipe cancerous cells without harming the surrounding tissues.

Browse key industry insights spread across 142 pages with 130 market data tables & 15 figures & charts from the report, Light Therapy Market Size By Product (Light Box, Floor and Desk Lamp, Light Visor, Handheld Devices For Skin Treatment {HDST}, Dawn Simulator, Light Therapy Bulbs), By Application (Psoriasis, Vitiligo, Eczema, Acne Vulgaris, Winter Blues, Sleeping Disorders, Seasonal Affective Disorder {SAD}), By Light Type (Blue Light, Red Light, White Light), By End-use (Homecare Settings, Dermatology Clinics), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027 in detail along with the table of contents:

Increasing usage of handheld devices for skin treatment will augment the industry growth

Handheld devices for skin (HDST) segment is projected to witness 5.6% growth rate till 2027. The device is used to treat targeted area in skin such as wrinkles and fine lines. Additionally, benefits such as ease-of-use and low cost will spur the demand.

Rising incidence of sleeping disorder globally will drive the demand for the market

Sleeping disorder segment in the light therapy market is estimated to attain a CAGR of 5.8% through 2027 driven by increasing incidence of sleep disorders coupled with growing use of light therapy in sleeping disorder treatment. It regularises and improves circadian rhythm, thereby benefiting sleep disorder treatment. Thus, with rising factors contributing to insomnia and other conditions, the acceptance of light therapy will expand in the future.

Growing adoption of red light in various application is fuelling the industry expansion

The red light segment held more than 16% of the market share in 2020 led by increasing use of red light in treatment of muscle tissue, skin, and mental illness. Red light therapy aims to reduce skin issue by using low wavelength red light. Thus, continuous improvement in clinical outcome and rising usage of red-light therapy will foster the market demand.

Increasing use of light therapy in home settings will upsurge the product demand

The homecare settings end-use segment valued at USD 600 million in 2020 due to high usage of light therapy and growing number of product launches for homecare settings. Thus, rising incidence of sleeping disorder, winter blues, and seasonal affected disorders coupled with awareness about light therapy will enhance the product demand in homecare settings.

Rising number of depression cases and mental health issues among European population will influence the regional growth

Europe light therapy market accounted for around 26% of revenue share in 2020. According to the World Health Organization, approximately 40 million people were affected with depression in Europe in 2020. Moreover, favorable reimbursement policies and public health is predicted to propel the regional expansion. Europe has standalone law or legislation for mental health that is integrated into general health or disability law. Thus, presence of well-established healthcare system for mental health and continuous technological development in light therapy will poised the demand.

Strong focus on product development by industry players will increase the market growth potential

Some of the notable companies operating in the market include Beurer, Koninklijke Philips, Aura Daylight, BioPhotas, Lucimed, Zepter International, Verilux, Chai-Tec, and Northern Light Technologies. These leaders are continuously innovating and launching new products in the market.

Authors: Sumant Ugalmugle, Rupali Swain

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