July 21, 2024

Light Therapy Market Trends: The Dawn of Light-Mediated Health Solutions

Light Therapy Market

Light therapy products utilize bright light, including light-emitting diode (LED) light therapy devices, fluorescent lights, and dawn simulators to alleviate various health conditions such as depression, sleep problems, and seasonal affective disorder. Light therapy products provide full-spectrum bright light that mimics natural outdoor light to regulate the body’s internal clock and normalize mood and serotonin, which helps reduce symptoms. The global light therapy market comprises lamps, lightboxes, dawn simulators, light visors, and desk lamps designed to deliver full-spectrum bright light effectively. These products are prescribed by doctors to treat conditions such as seasonal affective disorder, baby blues, postpartum depression, jet lag, and sleep disorders.

The global 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 key trends:

One of the key trends in the light therapy market is the increasing adoption of portable and handheld devices. Many manufacturers are focusing on developing compact, lightweight, and portable light therapy devices that can easily fit in handbags and backpacks for on-the-go treatment. These portable devices allow patients to receive light therapy anywhere and anytime conveniently. Another trend gaining traction is the integration of light therapy with smart technologies and apps. Various light therapy lamps and panels are getting connected to mobile apps for remote control and customizing light therapy sessions based on individual needs and conditions. These technologically advanced products are expected to boost the popularity of light therapy among younger consumers globally.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires significant capital investment and has some regulatory norms. However, new companies can enter by offering different technological innovations.

Bargaining power of buyers: The bargaining power of buyers is moderate as light therapy devices are sometimes considered non-essential products for buyers and they have choices of substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required for light therapy devices are easily available.

Threat of new substitutes: The threat of new substitutes is moderate as alternative treatment options are available for various conditions treated by light therapy.

Competitive rivalry: The competitive rivalry is high as the market has various global and regional players offering similar products.

Key Takeaways
The global Light Therapy Market is expected to witness high growth. The global 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.

Regional analysis: North America dominates the market and is expected to continue its dominance over the forecast period owing to increasing adoption of light therapy for treatment of various conditions such as sleep disorders and winter blues. Asia Pacific is expected to witness fastest growth due to rising awareness about light therapy.

Key players: 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.

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