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 Overview:
Light therapy or phototherapy involves the exposure of the body to daily doses of bright light, usually from a light therapy box that emits a spectrum similar to natural daylight. Light therapy is effective in treating various conditions related to circadian rhythm disturbances such as seasonal affective disorder (SAD), non-seasonal depression, sleep disturbances, and some circadian rhythm sleep disorders. The light therapy devices are compact and easy to use at home and provide relief from various symptoms associated with the above-mentioned conditions. The growing prevalence of SAD and increasing awareness regarding the effectiveness of light therapy in relieving symptoms are major factors boosting the growth of the global light therapy market.
Market key trends:
One of the major trends in the light therapy market is the development of compact portable devices for outdoor use. Outdoor light therapy is gaining popularity as it can deliver higher intensity light while allowing patients to engage in daily activities. Key players are focusing on developing wearable light therapy devices that can be worn similar to sunglasses to deliver natural light therapy during outdoor activities. Players are also integrating smart features in light therapy devices to track compliance and connect with mobile apps to personalize and optimize light therapy treatments. Rising investment in developing automated smart light therapy devices integrated with sensors and AI is expected to further propel the light therapy market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low setup costs for light therapy equipment and increasing demand in the global market encourage new companies to enter the market. However, the presence of major players makes it difficult for new entrants to gain significant market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various light therapy products from different manufacturers. However, patented technologies and product differentiation grant some pricing power to manufacturers.
Bargaining power of suppliers: Major suppliers possess low to moderate bargaining power due to the availability of substitute components. Manufacturers can flexibly change suppliers with minimal switching costs.
Threat of new substitutes: alternatives like antidepressants, psychotherapy, and herbal supplements pose a mild threat. However, the non-invasive nature and lack of side effects of light therapy makes it a preferred treatment option.
Competitive rivalry: The global market is consolidated in nature with key players differentiating through new product launches, customer-centric strategies, and regional expansion.
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 prevalence of seasonal affective disorder and other mood disorders.
The North America region dominates the global market and is expected to grow at a CAGR of 4.8% during the forecast period. High awareness regarding mental health and growing adoption of light therapy for non-seasonal uses are driving the North America market.
Europe is projected to be the second largest as well as fastest growing market during the forecast period. Favorable reimbursement policies and increasing awareness are supporting the growth of light therapy in the European region.
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. Companies are focusing on product innovation and geographic expansion to strengthen their market position.
Read More: https://www.trendingwebwire.com/light-therapy-market-demand/
