Light Therapy Market Shares, Strategies and Opportunities 2024
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 is 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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Red Light Segment to Witness Highest Growth
- Based on light type, the global light therapy market can be divided into blue light, red light, white light, and others (green light and yellow light)
- Blue light segment dominated the global light therapy market in 2018. The adoption of blue light in the treatment of numerous medical conditions and disorders, such as seasonal effective disorder (SAD), acne vulgaris, etc., is likely to boost segment growth. Rise in demand for blue light therapy in the treatment of different skin diseases will further propel the segment.
- Red light is expected to be the rapidly growing segment during the forecast period due to wide acceptance of red light therapy in various treatments. In 2019, PhotonMD, Inc. announced positive results from a pivotal clinical trial assessing a series of hair growth devices, including REVIAN RED for the treatment of androgenetic alopecia. In the trial, REVIAN RED successfully demonstrated the ability to stop hair loss and subsequently grow new hair.
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North America to Dominate Global Light Therapy Market
- In terms of region, the global light therapy market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global light therapy market in 2018. Rise in prevalence of skin disorders, including eczema and skin cancer, in North America is driving the light therapy market. According to current studies by National Psoriasis Foundation, U.S., more than 8 million Americans have psoriasis. As per the American Academy of Dermatology (AAD), acne is the most common skin condition in the U.S., affecting up to 50 million Americans annually. Increase in investments from government and various organizations is expected to drive the light therapy market in North America.
- Awareness, along with rise in the burden of the disease are a few factors that are anticipated to drive the light therapy market in Asia Pacific. Emerging markets, such as China and India, offer high growth potentials to market players. The prevalence of psoriasis in China ranged from 0.11% to 0.47%, as per a study published on Epidemiology and treatment of psoriasis: a Chinese perspective in 2014.
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