Overview Of The Light Therapy Market 2023-2032: Growth And Major Players Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global light therapy market is expected to grow from $1.12 billion in 2022 to $1.18 billion in 2023 at a compound annual growth rate (CAGR) of 4.86%. The global light therapy market size is expected to reach $1.43 billion in 2027 at a CAGR of 5.09%.
North America held the largest light therapy market share, and Asia-Pacific was the fastest-growing region in 2022.
Light Therapy Market Driver
The rising frequency of skin illnesses is projected to drive future expansion in the light therapy industry. Skin illnesses encompass a wide range of maladies that affect the skin and can be caused by bacterial, viral, fungal, allergic, and parasite infections, as well as the skin itself. Light therapy uses light waves to treat skin conditions such as psoriasis, eczema, mycosis, vitiligo, and others by exposing the skin to an ultraviolet (UV) light for a set amount of time in combination with a medication that stimulates the skin’s immunity and helps in skin treating conditions naturally and reduces the cell development and inflammation that lead to skin disorders. According to a March 2023 report from the Centres for Disease Control (CDC), a US-based federal agency of health, the incidence of Candida auris (C. auris) cases in the US increased from 476 in 2019 to 1,471 in 2021, and the number of cases being screened tripled between 2020 and 2021, reaching 4,041 in total. Furthermore, according to the National Psoriasis Foundation, a US-based nonprofit organisation serving people with psoriasis and psoriatic arthritis, by December 2022, psoriasis will affect 125 million people globally, accounting for 2 to 3 percent of the overall population, with African Americans accounting for 1.5 percent compared to 3.6 percent of Caucasians. As a result, the rising frequency of skin illnesses is propelling the growth of the light therapy market.
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Prominent Light Therapy Market Trend
Technological developments are a major trend that is gaining traction in the light therapy market. To maintain their market position, major industry players are focusing their efforts on advanced technologies. LightStim®, a US-based maker of LED-based devices, for example, unveiled ElipsaTM, a next-generation HydraFacial system for wrinkles, discomfort, and acne, in June 2022. Elipsa is the first LightStim device with two treatment modes for wrinkles and acne, providing for the most effective and result-driven treatment possible. It employs LightStim MultiWave® patented technology and medical-grade LEDs to create a tranquil and relaxing experience that promotes actual benefits. It is designed and built with more than twice as many LEDs that are wirelessly linked to the HydraFacial Syndeo for supplying treatment analytics to better satisfy patient needs of the customer.
Light Therapy Market Prominent Players
Major players in the light therapy market are Verilux Inc., Koninklijke Philips N.V, Zepter International, Beurer GmbH, NATUREBRIGHT, Lucimed S.A., Lumie, Aura Daylight, Alaska Northern Lights, PhotoMedex Inc., Sphere Gadget Technologies, Compass Health Brands, TheraLight LLC, BioPhotas Inc., The Daylight Company and Zerigo Health.
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Key Light Therapy Market Segments
The global light therapy market is segmented –
1) By Product: Light Box, Floor And Desk Lamps, Handheld Devices For Skin Treatment, Light Visor, Dawn Simulator, Light Therapy Lamps, Other Products
2) By Light Type: White Light, Blue Light, Red Light, Other Light Types
3) By Application: Psoriasis, Vitiligo, Eczema, Acne Vulgaris, SAD/Winter Blues, Sleeping Disorders, Other Applications
4) By End User: Homecare Setting, Hospital, Dermatology Clinics, Other End Users
The Light Therapy Global Market Report 2023 provides a comprehensive overview on the light therapy market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the light therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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