Light Therapy Market share research by applications and regions for 2019-2025
Ocean View, DE -- (SBWIRE) -- 05/21/2020 -- Light Therapy Market will exceed USD 1 billion by 2025; as per a new research report.
Increasing cases of depression and other mental illness is driving the demand for light therapy devices. Light therapy involves exposure to artificial light used in the treatment of conditions such as sleep disorders, jet lag and depression. Light therapy is extensively preferred for patients suffering from depression as it resets the circadian rhythm by controlling the sleep wake cycle. According to data published by WHO in March 2018, depression is the most common mental disorder worldwide, accounting for more than 300 million individuals suffering from depression. Thus, growing adoption of light therapy in various medical conditions will further accelerate the demand for light therapy devices thereby augmenting business growth over the forecast period.
Rising demand for non-invasive skin treatment including blue light therapy for treating several skin diseases such as acne vulgaris will favor segmental growth. Focus of industry players on development of technologically advanced products such as portable handheld devices will increase its adoption over the coming years. However, several side effects of light therapy including headache and nausea may hamper industry growth over the analysis timeframe.
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Light visors segment was valued around USD 79 million in 2018. Light visors are portable lightening units that are intended to increase convenience and flexibility. Wide adoption of these devices in novel applications such as in-flight treatment will further boost the segmental growth. Moreover, light visors are widely used in clinical efficacy for effective patient management that accelerates the business growth.
Psoriasis segment accounted for more than 20% revenue share in 2018 and will witness significant growth over the coming years. Psoriasis is a chronic skin condition caused by overactive immune system along with red patches, inflammation and flaking. Large patient pool in developed and developing countries suffering from psoriasis is expected to spur revenue size during the forecast timeline.
Red light segment will witness over 4.5% CAGR during the forthcoming years. Red light therapy is a treatment widely preferred in insomnia cases. Red light therapy improves sleep efficiency by providing individuals maximum hours of sleep thus surging its demand among the population. Moreover, red fluorescent products are extensively used in the treatment of inflammation, joint pain, bone injuries and arthritis. Aforementioned factors will prove beneficial for the segmental growth.
Dermatology clinics segment accounted for around USD 210 million in 2018 and will witness tremendous growth during the forthcoming years. Rising demand for customized and personalized cosmetic treatments provided at dermatology clinics should foster segment growth. Increasing patient preference towards non-surgical anti-aging, acne and other skin procedures being performed in dermatology clinics should further propel business growth.
Asia Pacific light therapy industry is estimated to exceed USD 250 million by 2025. Increasing prevalence of dermatological diseases coupled with growing demand for aesthetic procedures in the region will positively impact business growth. Moreover, sustainable economic growth and rising healthcare expenditure in countries such as India, China and Japan will further accelerate regional light therapy market growth.
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Eminent market players operating in light therapy market include Aura Daylight, Beurer, BioPhotas, Chal-Tec, Koninklijke Philips, Lucimed, Lumie, Northern Light Technology, Nature Bright, Neutrogena, Photomedex, Sphere Gadget Technologies, Verilux and Zepter International. Numerous strategies adopted by business players include strategic partnership, agreements and merger that provides financial stability and extensive product portfolio. For instance, in April 2019, Philips introduced VitalMinds (VitalSky), a key technology in the personalized light therapy system, that improves sleep quality in critical care patients and helps reduce delirium in the ICU by using light therapy system. New product launch will help company to broaden its product portfolio and expand its customer base.