The global light therapy market is poised for steady growth, with a projected valuation of US$ 1,586.8 million by 2034. This represents a moderate yet positive CAGR of 4.6%. from a base market value of US$1,012.1 million in 2024.
A significant driver of this growth is the increasing prevalence of cancer. As researchers explore treatment options, light therapy is emerging as a promising tool in the fight against this critical illness. Beyond cancer, light therapy is finding applications in managing various other conditions, including:
- Alzheimer’s disease
- Parkinson’s disease
This versatility of light therapy is contributing to its growing acceptance within the medical field.
Additionally, light therapy is being used to address mental health issues. Depression is being recognized and treated with light therapy since mental health issues are no longer stigmatized. Light therapy is also being used to treat seasonal depression and other seasonal diseases.
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Nonetheless, there are obstacles to the market’s expansion. Treatment-related side effects including as cataracts and skin damage discourage patients from undergoing the procedure. Another concern associated with light treatment for mood disorders is severe mood swings, which is discouraging individuals from using it.
“While hospitals continue to be the dominating setting for light therapy, the nature of the market is changing. Light therapy is also being undertaken at salons, commercial offices, and even at home. Thus, players in the light therapy market can look outside of traditional settings to expand their demand,” says an analyst at FMI.
Key Takeaways from the Light Therapy Market
- The light therapy market is projected to be valued at US$ 1,012.1 million in 2024.
- Light boxes are the prevailing product in the market. Light box is expected to account for 43.2% of the market share.
- White light is the top light type in the market. For the forecast period, white light is anticipated to account for 61.7% of the market share.
- India is one of the most promising countries for the market. For the forecast period, the CAGR for India is estimated to be 4.8%.
- Malaysia is another Asian country with a bright future for the market. The CAGR for Malaysia over the forecast period is predicted to be 4.1%.
- The market is expected to register a CAGR of 3.6% in Spain over the forecast period.
Competition Analysis of the Light Therapy Market
The market for light therapy is competitive, with large companies tussling it out with smaller players for a piece of the pie. Startups are flourishing in the light therapy landscape. Some of the prominent companies in the market include Koninklijke Philips N.V., Verilux Inc., Northern Light Technology, and Sphere Gadget Technologies.
Recent Developments in the Light Therapy Market
- In August 2023, Eyerising International Pty Ltd.’s myopia management device, which uses red light therapy, received approval from the Australian Therapeutic Goods Administration (TGA).
- In February 2022, a partnership was announced between Arizona Coyotes and Mito Red Light Inc.
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Key Companies in the Light Therapy Market:
- Koninklijke Philips N.V.
- Verilux Inc.
- Northern Light Technology
- Sphere Gadget Technologies
- Zepter International
- PhotoMedex Inc.
- Luminette
- Klarstein
- Lumie
- Aura Daylight
- Lifepro Fitness
- STRATA Skin Sciences, Inc.
- Oralucent
- Mito Red Light Inc.
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Key Segments
By Product:
- Light Box
- Floor and Desk Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
By Light Type:
- White Light
- Red Light
- Blue Light
By End User:
- Dermatology Clinics
- Homecare Settings
- Others (Workplace, Salons)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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