Increasing Cases of Insomnia, Depression, and Atopic Dermatitis Encouraging Light Therapy Adoption: FMI Study
2021 Analysis and Review: Light Therapy Market by Light Type – White Light, Blue Light, and Red Light for 2021 – 2031
Dubai, United Arab Emirates – June 2, 2021 /MarketersMedia/ —
ESOMAR-certified consulting firm Future Market Insights projects a positive growth outlook for the global light therapy market over the forecast period of 2021 and 2021. The market posted expansion at an impressive pace in the past, underpinned by rising prevalence of skin disorders and insomnia across the globe.
As per FMI’s report, burgeoning cases of skin disorders such as atopic dermatitis, acne, psoriasis and others across the U.S., UK, and India are propelling the market growth. According to World Health Organization (WHO), approximately 50 million Americans suffer from skin disorders such as acne and atopic dermatitis annually.
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Using therapeutic approaches such as light therapy has emerged as an effective way of treating skin disorders across the globe. Furthermore, surging cases of insomnia are widening the growth prospects over the forecast period.
According to the Center for Diseases Control and Prevention, around 50%-60% of older adults suffer from chronic insomnia and according to the World Health Organization (WHO), around 264 million suffered from depression in 2020. Hence, light therapy products are expected to alleviate the seasonal affective disorders by enhancing serotonin levels. Thereby, accelerating the market growth.
On the back of these factors, the global light therapy market is poised to surpass the valuation of US$ 1 billion through 2031.
“Surging cases of insomnia, depression, and skin disorders have increased the adoption of light therapy among the consumers, encouraging the manufacturers to focus on product development. Driven by ongoing trends, producers also are integrating advanced technologies such as artificial intelligence and big data science to offer more effective solutions,” says the FMI analyst
Key Takeaways
In terms of product, handheld devices for skin treatment is expected to be the most lucrative throughout the forecast period
Red light therapy is likely to witness rapid uptake in the forthcoming years backed by its ability to strengthen the mitochondria cells
Dermatology clinics are anticipated to be the primary end-users throughout the forecast period
Rising prevalence of seasonal affective disorder across the U.S. is expected to foster the sales
Heavy presence of leading players across UK is likely to aid the growth of light therapy over the coming years
Surging adoption of photodynamic therapy across German clinics and hospitals will foster the sales
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Competitive Landscape
Leading players are relying on slew of expansion strategies including mergers, targeted partnerships and collaborations for new product innovations and revenue generation. For instance, in April 2021, PhotoPharrmics, opened a pivotal Phase 3 clinical trial of its light-based and noninvasive Celeste device in treating Parkinson’s symptoms.
In October 2020, Joovv Inc., a California-based company focused on developing light therapy products for performance, recovery and overall health announced the partnership between a professional sports franchise and a light therapy brand.
Also, in March 2020, TheraLight, LLC, an FDA-registered manufacturer and distributor of cutting-edge light therapy products announced the acquisition of the assets from Theralight, Inc., a manufacturer of phototherapy devices. The acquisition included a portfolio of products, trademarks, and FDA 510k clearances.
Prominent manufacturers profiled by FMI operating in light therapy market include:
Koninklijke Philips NV
Verilux Inc.
Northern Light Technology
Sphere Gadget Technologies
Zepter International
PhotoMedex Inc.
Luminette
Klarstein
Lumie
Aura Daylight
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More Insights on the Global Light therapy Market
Future Market Insights, in its new offering, provides an unbiased analysis of the light therapy market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the light therapy market with a detailed segmentation on the basis of:
Product
Light Box
Floor and Desk Lamps
Light Visor
Dawn Simulator
Light Therapy Bulbs
Light Type
White Light
Blue Light
Red Light
End User
Dermatology Clinics
Homecare Settings
Others (Workplace, Salons)
Region
North America
Latin America
Asia Pacific excluding Japan
Western Europe
Eastern Europe
Middle East & Africa
Japan
Key Questions Covered in the Report
What is the future outlook for global light therapy market?
Which light type is the most preferred in global light therapy market?
What are the key drivers and trends that will foster the light therapy sales?
Which are the leading players operating in global light therapy market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on light therapy market?
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/light-therapy-market
Source: MarketersMedia
Release ID: 89022997
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