Report ID: SQMIG35J2120
Light Therapy Market Size, Share, Growth Analysis, By Product (HDST, Light Visor), By End Use (Homecare Settings, Dermatology Clinics), By Application (Psoriasis, Eczema), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG35J2120 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
0
|Figures:
0
Light Therapy Market Insights
Global Light Therapy Market size was valued at USD 997 Million in 2022 and is poised to grow from USD 1056.82 Million in 2023 to USD 1684.41 Million by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).
As the name suggests, light therapy comprises the use of dedicated light sources to cure different conditions like sleep disorders, seasonal affective disorder, and specific skin conditions. The light therapy market is a highly progressing sector in the healthcare and wellness industries, with a large population increasingly gaining awareness regarding better mental health and the advantages of light therapy treatments. The market is significantly driven by the increased focus on non-pharmacological treatments, awareness of mental health, and improvements in technologies. However, the market is negatively impacted by variability and effectiveness of performance and quality and safety concerns among consumers. Yet, the market is opportune to the growing number of portable and wearables and the growing focus on preventive healthcare.
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Light Therapy Market Segmental Analysis
The global light therapy market is segmented based on Product, Application, Light, End-Use, and Region. Based on Product, the market is divided into Light Box, Floor and Desk Lamps, Light Visor, HDST, Dawn Simulator, Light Therapy Bulbs, Others. Based on Application, the market is divided into Psoriasis, Vitiligo, Eczema, Acne Vulgaris, Winter Blues, Sleeping Disorders, SAD, Others. Based on Light, the market is divided into Blue Light, Red Light, White Light, Others. Based on End-Use, the market is divided into Homecare Settings, Dermatology Clinics, Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
Based on product, the light therapy market is categorized into light box, floor and desk lamps, light visor, HDST, dawn simulator, light therapy bulbs, others. The HDST (handheld devices for skin treatment) segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to its convenience and expanding skin care market. These devices are user-friendly and highly portable, which helps individuals to use light therapy in their skin care regimes at homes. Moreover, the progressing skincare market is fueling the demand for these devices. Recent years have witnessed significant rise of non-invasive treatments and skincare, thus impacting the segment growth.
On the other hand, the light visor segment is projected to grow considerably over the forecast period owing to its effectiveness for sleep disorders and SAD. Light visors are essentially helpful and effective in treating circadian rhythm disorders and (SAD) seasonal affective disorder. This is driving their popularity in the market with growing cases of these conditions. Moreover, these devices offer better convenience to users, enabling them to receive this therapy while they are involved in other important tasks, enhancing easy usage and convenience.
Analysis by End-Use
Based on end-use, the market is segmented into homecare settings, dermatology clinics, and others. The homecare settings segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to the increasing demand and awareness. The growing consumer awareness for self-care and non-pharma treatments is driving the demand for light therapy solutions for the home. Moreover, homecare settings offer better convenience, enabling users to use light therapy in their homes without needing to visit clinics. Home devices are also cost-effective as compared to the standard treatments, making them a highly practical option for them.
On the other hand, the dermatology clinics segment will hold a remarkable market share in the coming years owing to the increasing demand for specialized treatments and clinical efficacy. These clinics effectively satisfy the growing consumers demand for specialized skincare treatments. Patients are also preferring to visit dermatology clinics since they offer expert services than home-based self-care. Growing demand for medical-grade treatments for skin disorders is significantly contributing to their reputation in the market.
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Light Therapy Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to the increased awareness and demand for light therapy solutions. The leading countries in the region like the United States and Canada are well-aware of these solutions and their benefits. Moreover, the well-developed healthcare infrastructure of North America along with the presence of a large number of players is contributing to the market growth. The region holds technologically advanced healthcare systems and access to improved healthcare technologies, thus boosting the demand and development of light therapy devices. The key players profiled in the region include Philips Healthcare, Verilux, Inc., Carex Health Brands, Lumie, Sunbox Company, and more.
Asia-Pacific is the fastest-growing region in global light therapy market due to growing market potential and increasing disposable income of consumers in developing nations like India and China. This streamlines access to light therapy devices. Also, a large population in the region is gaining awareness for these specialized devices and mental health, resulting in higher demand for these solutions. Furthermore, advancements in healthcare infrastructure and the rising availability of improved healthcare technologies are fueling the market in the region.
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Light Therapy Market Dynamics
Drivers
- Advancements in Technology
Improvements in light therapy technology like the introduction of user-friendly and highly effective devices like portable light boxes and wearable light visors have notable prominence and importance in the market and in the minds of consumers, thus driving the market. Moreover, improved features like programmable settings and adjustable light intensities enable users for more customization treatments at home of professional settings.
- Growing Awareness of Mental Health
Recent years have witnessed a significant importance and awareness for better mental health. This increasing awareness for diverse mental health illnesses and the advantages of light therapy in enhancing sleep and mood has increased interest in the market, allowing the entry of more advanced devices and solutions. Moreover, the growing awareness of seasonal affective disorder and its treatment is driving the need for light therapy as a painless solution.
Restraints
- Significant Initial Costs and Low Awareness
Advanced light therapy systems are expensive, which could limit their adoption and demand in the low or middle-income economies. Also, the initial investment needed for superior devices could hinder some potential buyers, thus restraining the growth of the market. Moreover, low awareness of these highly effective devices in the unexplored regions may impede market growth.
- Reimbursement and Regulatory Challenges
Navigating regulatory approvals for these devices could be time-consuming and complex. Variating regulations in different countries may also pose major challenges for the growth of the market. In most nations, light therapy treatments may not be covered by insurance. This could possibly create hesitation among users to opt for these extra expenses.
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Light Therapy Market Competitive Landscape
The global light therapy market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
- Philips Healthcare
- Verilux, Inc.
- Carex Health Brands
- Lumie
- Sunbox Company
- LightStim
- Tendlight
- Re-Timer
- Luminette
- SAD Light Therapy
- BioLight
- Bright Light Therapy
- Canadian Light Therapy
- Hale & Hearty
- Neurophotonics
Light Therapy Key Market Trends
- Introduction of Personalized Light Therapy: Improvements in technology have enabled the introduction of highly personalized solutions for light therapy. The modern devices today provide adaptable or adjustable light intensity, color temperature, and duration to satisfy individual conditions and requirements. Moreover, with the incorporation of machine learning and AI, a few products are effectively studying consumer data and enhance settings and schedules for better results.
- Incorporation with Wearable Technology and Digital Health: At present, there is an increasing shift towards incorporating light therapy with wearable devices. Smart solutions like light therapy visors, glasses, and patches that can capably track consumer use and modify settings via mobile applications are gaining traction and demanded from a larger population. These solutions are integrated with digital health platforms for real-time information, tailored settings, and improving the overall user experience.
Light Therapy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the light therapy market is considerably progressing due to the expanding market for wellness products and increasing geriatric population that demands effective solutions like light therapy, and growing urbanization and changing lifestyles. However, the market is hampered by restricted long-term data and speedy technological advancements that may not be easily adapted by companies. North America is anticipated to lead the market owing to strong presence of market players, supportive regulations, and growing education and awareness of light therapy. Nonetheless, a few opportunities for the growth of the light therapy market include the growing awareness campaigns, the growing number of clinical trials and research, and expanding market reach.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 997 Million |
| Market size value in 2031 | USD 1684.41 Million |
| Growth Rate | 6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Light Therapy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Light Therapy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Light Therapy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Light Therapy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Light Therapy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Light Therapy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Light Therapy Market Report Snapshots
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