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Light therapy, also known as phototherapy, involves exposure to artificial light sources that closely mimic natural daylight. Light therapy lamps emit full-spectrum light and are used in the treatment of seasonal affective disorder and other conditions related to sleep, mood, and behavioral disturbances. With rising mental health concerns and increase in cases of seasonal affective disorder due to changing lifestyles and indoor lifestyles, the demand for light therapy treatments has gone up considerably. The global light therapy market is estimated to be valued at US$ 989.02 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 propelling the growth of the light therapy market is increasing prevalence of seasonal affective disorder. Seasonal affective disorder is a subtype of depression that is characterized by depressive symptoms specific to changes in seasons. According to some estimates, between 10 to 20% of the population of the United States and Europe report seasonal changes in mood, with estimates of seasonal affective disorder affecting over 10 million Americans. The condition is also increasingly being diagnosed in other parts of the world such as Asia Pacific with changing lifestyles. Rising awareness and diagnosis of this condition along with increasing acceptance of light therapy as an effective treatment alternative is expected to drive significant growth of the light therapy market over the forecast period.
SWOT Analysis
Strength: The light therapy market provides less invasive treatment options for conditions like seasonal affective disorder and skin conditions. This benefits patients seeking natural remedies.
Weakness: The effectiveness of light therapy can vary significantly between individuals. Not everyone responds well to the treatment.
Opportunity: With growing awareness of SAD and other light-related conditions, more people are seeking solutions like light therapy boxes and lamps. This presents an opportunity for market expansion.
Threats: Some alternative treatments like antidepressant medications or cognitive behavioral therapy may be preferred over light therapy by certain patients and physicians. This competition could hamper market growth.
Key Takeaways
The global light therapy market is expected to witness high growth over the forecast period of 2023 to 2030. Advancements in technology are enabling the development of more portable and effective light therapy devices.
Regional analysis: North America currently dominates the light therapy market and is expected to maintain its position over the forecast period. High healthcare expenditure and growing incidence of SAD and other conditions are driving regional market growth. Europe and Asia Pacific are also lucrative regions for light therapy providers due to rising awareness.
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. These companies are focusing on product innovation and partnerships to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
