Increasing Cases of Insomnia, Depression, and Atopic Dermatitis Encouraging Light Therapy Adoption: FMI Study
Future Market Insights, Dubai: ESOMAR-certified consulting firm Future Market Insights projects a positive growth outlook for the global light therapy market over the forecast period of 2021 and 2021. The market posted expansion at an impressive pace in the past, underpinned by rising prevalence of skin disorders and insomnia across the globe.
As per FMI’s report, burgeoning cases of skin disorders such as atopic dermatitis, acne, psoriasis and others across the U.S., UK, and India are propelling the market growth. According to World Health Organization (WHO), approximately 50 million Americans suffer from skin disorders such as acne and atopic dermatitis annually.
Using therapeutic approaches such as light therapy has emerged as an effective way of treating skin disorders across the globe. Furthermore, surging cases of insomnia are widening the growth prospects over the forecast period.
According to the Center for Diseases Control and Prevention, around 50%-60% of older adults suffer from chronic insomnia and according to the World Health Organization (WHO), around 264 million suffered from depression in 2020. Hence, light therapy products are expected to alleviate the seasonal affective disorders by enhancing serotonin levels. Thereby, accelerating the market growth.
On the back of these factors, the global light therapy market is poised to surpass the valuation of US$ 1 billion through 2031.
“Surging cases of insomnia, depression, and skin disorders have increased the adoption of light therapy among the consumers, encouraging the manufacturers to focus on product development. Driven by ongoing trends, producers also are integrating advanced technologies such as artificial intelligence and big data science to offer more effective solutions,” says the FMI analyst
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- In terms of product, handheld devices for skin treatment is expected to be the most lucrative throughout the forecast period
- Red light therapy is likely to witness rapid uptake in the forthcoming years backed by its ability to strengthen the mitochondria cells
- Dermatology clinics are anticipated to be the primary end-users throughout the forecast period
- Rising prevalence of seasonal affective disorder across the U.S. is expected to foster the sales
- Heavy presence of leading players across UK is likely to aid the growth of light therapy over the coming years
- Surging adoption of photodynamic therapy across German clinics and hospitals will foster the sales
Leading players are relying on slew of expansion strategies including mergers, targeted partnerships and collaborations for new product innovations and revenue generation. For instance, in April 2021, PhotoPharrmics, opened a pivotal Phase 3 clinical trial of its light-based and noninvasive Celeste device in treating Parkinson’s symptoms.
In October 2020, Joovv Inc., a California-based company focused on developing light therapy products for performance, recovery and overall health announced the partnership between a professional sports franchise and a light therapy brand.
Also, in March 2020, TheraLight, LLC, an FDA-registered manufacturer and distributor of cutting-edge light therapy products announced the acquisition of the assets from Theralight, Inc., a manufacturer of phototherapy devices. The acquisition included a portfolio of products, trademarks, and FDA 510k clearances.
Prominent manufacturers profiled by FMI operating in light therapy market include:
- Koninklijke Philips NV
- Verilux Inc.
- Northern Light Technology
- Sphere Gadget Technologies
- Zepter International
- PhotoMedex Inc.
- Aura Daylight
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More Insights on the Global Light therapy Market
Future Market Insights, in its new offering, provides an unbiased analysis of the light therapy market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the light therapy market with a detailed segmentation on the basis of:
- Light Box
- Floor and Desk Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
- White Light
- Blue Light
- Red Light
- Dermatology Clinics
- Homecare Settings
- Others (Workplace, Salons)
- North America
- Latin America
- Asia Pacific excluding Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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Key Questions Covered in the Report
- What is the future outlook for global light therapy market?
- Which light type is the most preferred in global light therapy market?
- What are the key drivers and trends that will foster the light therapy sales?
- Which are the leading players operating in global light therapy market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on light therapy market?
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