Light Therapy Market Revenue to Cross USD 1.2 Bn by 2027: Global Market Insights, Inc.
SELBYVILLE, Del., Feb. 3, 2021 /PRNewswire/ -- According to the latest report "Light Therapy Market by Product (Light Box, Floor and Desk Lamp, Light Visor, Handheld Devices For Skin Treatment, Dawn Simulator, Light Therapy Bulbs), Application (Psoriasis, Vitiligo, Eczema, Acne Vulgaris, Winter Blues, Sleeping Disorders, Seasonal Affective Disorder), Light Type (Blue Light, Red Light, White Light), End-use (Homecare Settings, Dermatology Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights, Inc., the market valuation of light therapy will cross $1.2 billion by 2027. The rising burden of depression globally will drive market growth.
The rising level of beauty-consciousness and cost-effectiveness of light therapy as compared to laser surgery are the factors contributing to the market expansion. Light therapy is used to treat cosmetic conditions such as vitiligo, acne, and deep wrinkles. Moreover, the therapy is also useful for serious skin conditions such as precancerous skin lesions, psoriasis, and eczema. Thus, increasing demand for non-invasive procedures coupled with growing awareness about light therapy will augment the market value during the forecast year.
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Increasing incidence of depression and sleep-related disorders across the globe are creating new avenues for the light therapy market demand. According to the National Alliance on Mental Health, 1 in 20 adults in the U.S. experienced serious mental illness in 2019. The growth in mental illness such as depression, anxiety, sleep disorder, and seasonal affective disorder is creating demand for light therapy propelled by favorable attributes of this treatment. Additionally, suicide is the second leading cause of death among Americans aged 10-34 years.
Dawn simulator segment accounted for more than 10% of the market share in 2020. Increasing incidence of seasonal affective disorder and other types of depression is stimulating the demand. Dawn simulator exposes the sleeper to slowly rising intensity of light before awakening. This helps sleeper to deal with change in light due to seasonal variation. Hence, the use of dawn simulator is growing owing to the rising incidence of depression and sleep-related disorders.
The light therapy market for winter blues segment is expected to experience 5.1% growth rate till 2027. Winter blues is a mood disorder that occurs in a climate where there is less sunlight. The light therapy helps to suppress the increase in melatonin that comes with darker days. The symptoms of winter blues are highest in northern latitude due to less sunlight.
The white light segment exceeded USD 460 million in 2020 led by high usage in various light therapies and depression treatment. The white light improves concentration, boosts mood, and helps fight irritability during seasonal disability disorder.
Homecare settings segment dominated around 60% of the market share in 2020 impelled by increasing use of light therapy products in homecare settings and high adoption rate of these devices. Furthermore, growing homecare device market is further projected to impact the demand for light therapy as well in the future.
Asia Pacific light therapy market is poised to expand at 5.7% CAGR through 2027. Presence of large patient pool and beauty conscious people are fueling the demand for light therapy on account of its application in various skin conditions. Increase in per-capita income and rising social media influence is opening new avenues for the market. The demand for light therapy tool is considerable among people in China and Japan. In addition, the demand is also rising in developing nations owing to its advanced features and low cost. These devices have a proven ability to stimulate cells, whiten, plump, and repair the skin.
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Some of the prominent players operating in the light therapy market are Beurer, Koninklijke Philips, Aura Daylight, BioPhotas, Lucimed, Zepter International, Verilux, Chai-Tec, and Northern Light Technologies. These companies are inventing innovative solutions for skin treatment. The industry leaders are designing customized solutions based on skin type. Moreover, speedy FDA approval and the rising number of product launches are predicted to boost market growth.
Table of Contents (ToC) of the report:
Chapter 3 Light Therapy Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product type
3.4.2 By application
3.4.3 By light type
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Reimbursement scenario
3.8 Porter's analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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Light Therapy Market Growth Predicted at 5.1% Through 2027: GMI
Winter blues segment in the light therapy market is projected to grow at a CAGR of 5.1% through 2027.
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SOURCE Global Market Insights, Inc.
