Light Therapy Market Overview
Global light therapy market is growing at a rapid pace, mainly due to the rising demand for non-invasive treatments. Applications of light therapy are increasing widely, comprising treatments of a myriad of diseases ranging from sun damage and acne to mTBT and skin cancer. Technological advances have offered some exciting possibilities to revolutionize the treatment procedures further. Resultantly, the light therapy market size is increasing year by year on a global platform.
According to Market Research Future (MRFR), the global light therapy market is poised to touch a valuation of approximately USD 1,112.16 MN by 2025, registering 5.1% CAGR during the review period (2019-2025). Rising numbers of dermatological disorder cases and psychological conditions are fueling the growth of the market. Also, the increasing adoption of light therapy to provide non-invasive yet hugely effective treatment methods push market growth.
Additionally, factors such as the rapid increase in population, urbanization, and global economy substantiate the growth of the market excellently. Growing prevalence of SAD (seasonal affective disorder) and improving reimbursement policies offered by health insurance providers to cancer, psoriasis, neonatal jaundice, and eczema patients boost the market growth. Increasing research & development investments made by industry players impacts the light therapy market growth.
On the other hand, side effects associated with the therapy, such as nausea, headache, eye pain, burning sensation, itching, and agitation, hampers the growth of the light therapy market. Also, lack of awareness about light therapy in developing regions impedes market growth severely. Nevertheless, rising government support to spread awareness about the treatment would support the light therapy market growth, commutatively.
Global Light Therapy Market - Segmentation
The analysis has been segmented into five major dynamics.
By Product: Light Box, Floor & Desk Lamps, Light Visor, Handheld Devices for Skin Treatment (HDST), Dawn Simulator, Light Therapy Bulbs, and others.
By Application: Psoriasis, Vitiligo, Eczema, Acne Vulgaris, Seasonal Affective Disorder (SAD), Sleeping Disorders, and others.
By Light Type: Blue Light, Red Light, White Light, and others.
By End-User: Homecare Settings, Dermatology Clinics, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Beneficial effects of light therapy are well known, and today the light therapy is used to treat a myriad of conditions. Every light visible or non-visible (ultraviolet light) has specific effects on the human body. Different types of colored lights are used to treat depending upon the condition. For instance;
Blue Light: is increasingly used to treat a range of skin conditions. From sun damage and acne to mTBT and skin cancer. Also, the blue light exposure therapy is useful in healing people with mild traumatic brain injury, sleep disorders (insomnia).
Red Light: The red light therapy (RLT) is majorly used in joint pain and arthritis treatment. This therapeutic technique is also used to treat aging & trauma effects on the skin, such as wrinkles, scars, and incurable wounds, among other conditions. There are a whole lot of studies going on to find if RLT can be effective in treating muscle atrophy, slow wound healing, and bone density issues caused by weightlessness during space travel.
White Light: Bright/ white light therapy improves mood & energy by triggering the release of serotonin. It also improves sleep & focus by resetting circadian rhythm to its natural state & regulating melatonin. Hence, white light therapy is used to alleviate symptoms of Seasonal Affective Disorder (SAD), winter blues, and sleep disorders caused by an interruption in circadian rhythm.
Global Light Therapy Market - Regional Analysis
North America dominates the global light therapy market, heading with the rising demand for non-invasive procedures, and the increasing prevalence of dermatological disorders. High per capita healthcare expenditure is another key factor increasing the light therapy market share of the region. Moreover, the growing number of centers offering light therapy alongside the well-developed light therapy devices market in the region.
The US, backed by technological advances and finding support for R&D to bring improvements in the therapy, accounts for the major contributor to the market growth. Furthermore, the presence of the well-established players impacts the growth of the regional market, positively. The North American light therapy market is expected to create a large revenue pocket during the period 2019 - 2025.
Europe stands the second leading position in the global light therapy market. The market growth majorly attributes to increasing awareness about the benefits of light therapy devices. Besides, the rise in the adoption of light therapy devices alongside the resurging economy in the region fosters regional market growth. Moreover, factors such as the technologically advanced facilities and increasing R&D funding support from the government contribute to the market growth in the region. The European light therapy market is estimated to expand at a phenomenal CAGR over the assessment period.
The Asia Pacific light therapy market is expected to perceive the fastest growth by 2025, registering a modest CAGR from 2019 to 2025. India and China lead the regional market growth due to the availability of cost-competitive treatment options. Moreover, spurring growth in the healthcare sector, huge population, and large unmet needs in the treatment of psychological conditions like depression and anxiety in the region provide impetus to the market growth.
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Global Light Therapy Market - Competitive Analysis
The light therapy market appears highly competitive and fragmented due to several well-established players forming a competitive landscape. Key Players are motivated to bring innovations in the therapy with minimum adverse effects, as well as to target emerging applications to leverage growth opportunities. They are focusing on R&D in order to develop the therapy further. To drive market competition, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. Multinational companies acquire small yet promising companies from emerging markets.
Light Therapy Market Major Players:
Players leading the light therapy market include Northern Light Technology (Canada), Beurer (Germany), Nature Bright (Taiwan), BioPhotas (US), Koninklijke Philips (Netherlands), Verilux (US), Chal-Tec GmbH (Germany), Lucimed SA (Belgium), Zepter International (Switzerland), and Lumie (UK), among others.
Light Therapy Industry/Innovation/Related News:
February 26, 2020 ---- Researchers at the University of Sheffield announced that they have been successful at synthesizing a new compound that can improve the success rate of photodynamic therapy when treating cancer. The new compound uses sharp infrared light to damage cells directly and potentially improve the success rate of photodynamic therapy PDT. However, the problem with PDT is its penetration that does not always kill cells deep within a cancerous tumor, allowing tumors to grow back again. Sensitizer is a key compound in PDT, in which a light-sensitive medicine given to the patient. And when activated by light, it produces highly reactive oxygen-based species that kill the cancer cells.
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Nov 10 2020: The global Blockchain Technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions.
This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification.The market is expected to grow rapidly owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement.
With the use of this technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and help increase the efficiency.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/blockchain-technology-market/request-sampleThe global blockchain technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions.
With the use of this technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and help increase the efficiency.The increasing demand for this technology across financial services, consumer or industrial products, technology, media , healthcare, transportation, and public sector is largely responsible for driving the market toward growth.
The major drivers include the growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies among others.
This growth can be attributed to growing tendency of institutions and government to inculcate open and efficient transactions.• The application & solution segment is anticipated to grow at the highest CAGR of 71.2% from 2019 to 2025.
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