Light therapy also known as phototherapy involves exposure to light therapy equipment to treat various mood and sleep disorders. It is used primarily for treating seasonal affective disorder and winter blues which occurs due to reduced sunlight exposure during fall and winter seasons. The light therapy equipment such as light therapy lamps and light therapy glasses emulate the effects of natural sunlight and help alleviate symptoms of depression, improve sleep, and boost overall mood and energy levels.
The global light therapy market is estimated to be valued at US$ 989.2 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Light Therapy Market key trends:
One of the major market trends fueling the light therapy market growth is increasing adoption of light therapy for treatment of seasonal affective disorder and winter blues. Seasonal affective disorder is a type of depression related to changes in seasons and affects nearly 10 million Americans every year. The occurrences of SAD are more common in regions located farther from the equator with less natural sunlight during fall and winter seasons. Light therapy has emerged as an effective and non-invasive treatment option for SAD and winter blues. Usage of light therapy equipment provides benefits similar to exposure to natural sunlight and helps alleviate symptoms of depression, improves mood and energy levels. Increasing awareness about light therapy and its proven effectiveness is driving more people experiencing SAD and winter blues to opt for light therapy treatment. This growing adoption rate of light therapy for seasonal affective disorder is expected to continue contributing significantly to the market growth over the forecast period.
Strength: Light therapy has minimal or no side effects and is non-invasive in nature. It can be used to effectively treat conditions like seasonal affective disorder.
Weakness: It requires daily use over a period of time for desired results. Not everyone responds well to light therapy.
Opportunity: Growing awareness about light therapy and its benefits is increasing its adoption rate. Rising prevalence of conditions like depression and sleep disorders provide growth opportunities.
Threats: Presence of alternative treatment options like medications and psychotherapy poses competition. Fluctuations in costs of raw materials used in manufacturing devices can impact prices.
The global light therapy market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 989.2 Mn in 2023 to cross US$ 1,500 Mn by 2030, registering a CAGR of around 5.2%.
North America dominates the global market and is expected to maintain its lead position during the forecast period. Higher acceptance of new treatment options and growing prevalence of SAD and other mental health conditions drive the regional market. Asia Pacific is anticipated to offer lucrative growth opportunities owing to rising awareness levels and improving healthcare infrastructure in many countries.
Key players operating in the light therapy market are Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc. These companies are focusing on new product launches and strategic partnerships to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it