Rise in Skin Disorders Driving Global Light Therapy Market
Light therapy or phototherapy is a treatment type wherein a patient is exposed to an artificial light source. It affects brain chemicals linked to mood and sleep, and also helps to reset the circadian rhythms, which control the sleep-wake cycle. This therapy is often used in the treatment of various disorders, including depression, jet lag, and sleep disorders. Light therapy is also used to treat seasonal affective disorder (SAD).
Rise in prevalence rate of skin disorders as well as continuous investment by manufacturers to launch innovative products fuel market growth. In February 2018, Clarify Medical launched handheld, smartphone-connected phototherapy device, which received the U.S. FDA approval in June 2017. This advanced device is used in the treatment of skin diseases, including psoriasis, vitiligo, and eczema.
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Key Drivers and Restraints of Global Light Therapy Market
Increase in the burden of dermatological disorders, including acne vulgaris and psoriasis is fueling market growth. According to an article published in Clinical, Cosmetic and Investigational Dermatology in 2017, major skin disorders include dermatitis/eczema (31.5%), viral infections (12.5%), pigmentary disorders (7.4%), melanocytic nevi (5.8%), alopecia areata (5.8%), acne (5.6%), nail disorders (3.3%), vascular malformations and hemangiomas (2.9%), psoriasis (2.6%), and bacterial infections (2.6%). Being a highly effective treatment for several skin diseases, including psoriasis, vitiligo, scleroderma, and other dermatologic disorders, light therapy market is expected to grow.
Favorable reimbursement policies in developed countries will further boost the market growth. Light therapy is eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
Side effects of light therapy include headaches, burning sensation, eye pain, itching, and nausea. This factor may hamper light therapy market growth in the near future.
Handheld Devices for Skin Treatment to Witness High Demand
Based on product type, the global light therapy market can be segmented into light box, floor and desk lamps, light visor, handheld devices for skin treatment (HDST), dawn simulator, light therapy bulbs, and others
Handheld devices for skin treatment (HDST) held a major share of the global light therapy market and are projected to grow significantly during the forecast period. Allure received dermatologist- and editor-approved skin care tools in 2019, including a handheld LED light that destroys fine lines over time.
Light visor segment is projected to expand at a significant CAGR during the forecast period. Acceptance of portable lightening devices, such as light visors for effective patient management will accelerate segment growth in the near future.
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Key Manufacturers Operating in Global Market
The global light therapy market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Northern Light Technologies
- Verilux, Inc
- Koninklijke Philips N.V.
- Lucimed SA
- Sphere Gadget Technologies
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