July 15, 2024
Light Therapy Market

Global Light Therapy Market Is Estimated To Witness High Growth Owing To Increased Adoption For Treatment Of Seasonal Affective Disorder

The light therapy market is estimated to be valued at US$ 989.2 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Light therapy involves exposure to additional artificial bright light to help manage various conditions related to sleep, mood, and performance. The light devices emit full-spectrum white or blue light that positively stimulates the suprachiasmatic nuclei (SCN) in the brain’s hypothalamus region. This results in the normalization of circadian rhythm, increased serotonin levels, and reduced body’s production of the sleep-inducing hormone melatonin.

Market key trends:
One of the key trends driving the light therapy market growth is the rising prevalence of seasonal affective disorder (SAD) and increasing adoption of light therapy for its treatment. SAD, also known as winter depression, is a type of depression that occurs during a particular season of the year, generally fall and winter. Symptoms include lack of energy, changes in appetite, oversleeping, and loss of interest in activities. According to National Alliance on Mental Illness, approximately 5% of adults in the U.S. experience SAD, which is treated through the use of light therapy. The growing awareness regarding the benefits of light therapy for SAD as well as non-seasonal depression will continue fostering market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The Global Light Therapy Market  requires high investment costs to develop new products and penetrate niche therapeutic areas. This creates significant entry barriers for new companies.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of alternative treatment options. However, group purchasing organizations like hospitals wield strong influence in pricing negotiations.
Bargaining power of suppliers: Presence of many component manufacturers puts suppliers in a weak position, limiting their ability to influence prices.
Threat of new substitutes: Alternative treatments like photobiomodulation therapy, medications and behavioral therapies pose a threat.
Competitive rivalry: The market is consolidated with major players having strong brand recognition. Intense competition exists in product innovation and expansion into new geographies.

SWOT Analysis
Strengths: Established brands, large R&D budgets, diverse product portfolios offering multiple configuration options.
Weaknesses: High fixed costs, over-reliance on a few therapeutic areas, stringent regulatory environment.
Opportunities: Growing geriatric population suffering from SAD and skin disorders, emerging economies with rising disposable incomes.
Threats: Price pressures from cheaper substitutes, economic slowdowns affecting discretionary spending, reimbursement hurdles in some regions.

Key Takeaways
The global light therapy market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing incidence of SAD and skin conditions. The rising geriatric population susceptible to various ailments also fuels demand.
Regionally, North America dominates the light therapy market currently and is expected to maintain its leading position through 2030. This can be attributed to growing obese and geriatric demographics vulnerable to various illnesses in the region. Asia Pacific is anticipated to witness the fastest growth owing to improving access to healthcare and rising living standards.
Key players operating in the light therapy market are Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc. Major players are focusing on new product launches, geographical expansion and mergers & acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it