Global Light Therapy Market Projected to Reach USD 1,586.8 Million by 2034, Growing at a 4.6% CAGR

Global Light Therapy Market
Global Light Therapy Market

The global light therapy market is set for steady growth over the next decade, with market value expected to rise from USD 1,017.2 million in 2023 to USD 1,012.1 million in 2024. By 2034, the market is projected to reach a valuation of USD 1,586.8 million, expanding at a compound annual growth rate (CAGR) of 4.6% during the forecast period.

Key Takeaways:

  • Current Market Value: The light therapy market was valued at USD 1,017.2 million in 2023.
  • Forecasted Growth: The market is expected to reach USD 1,012.1 million in 2024 and expand to USD 1,586.8 million by 2034.
  • Growth Rate: The market is anticipated to grow at a CAGR of 4.6% over the forecast period.
  • Market Drivers: Increasing awareness of light therapy’s benefits, advancements in technology, and the rising prevalence of conditions such as seasonal affective disorder (SAD) are driving market growth.

This promising outlook for the light therapy market reflects its growing adoption as a therapeutic solution for various health conditions, supported by ongoing advancements in the field.

In 2023, the light therapy market was valued at USD 1,017.2 million, demonstrating its established presence and continued expansion within the therapeutic landscape. Light therapy, also known as phototherapy, has gained recognition for its efficacy in treating various conditions, including mood disorders, sleep disorders, and skin conditions.

Recent studies highlight the benefits of light therapy in managing seasonal affective disorder (SAD), depression, and sleep problems, reinforcing its therapeutic value. The increasing awareness and adoption of light therapy for these applications are contributing to the market’s robust growth.

There has been a notable increase in the prevalence of both insomnia and personal depression in recent years. Apart from depression and insomnia, light therapy has gained popularity due to disturbed sleep patterns. Due to these circumstances, sales of progressive treatment equipment—which uses superior UV light to treat various disorders—have increased significantly.

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.

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.

A Full Report – Overview

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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