As per IndustryARC’s recent publication, the global light therapy market will accomplish a revenue worth $390 billion by 2023 which is influenced by growing seasonal effective disorder (SAD) incidences globally. Kids Health organization states that globally, nearly six in every 100 people are affected with SAD. This is reflective of the need for effective non-pharmacological light therapy treatment, which is also beneficial in treating various other disorders such as delayed sleep phase disorder, retinal abnormalities, skin diseases, and many others. Due to high-stress lifestyle of millennial in North America, high risk of seasonal depression and sleep disorder majorly prevails in this continent. This has largely influenced the establishment of related healthcare facilities and introduction of advanced treatment procedure owing to which North America Light Therapy Market is maneuvering huge demand. The analyst highlights that depending on the aforementioned factors, North America contributed a major revenue of $122.53 million in the year 2018, followed by Europe and APAC.
The report is titled “Light Therapy Market: By Source of Light (LED, Fluorescent Lamps, and Polychromatic Polarisedor); By Disease (Psoriasis, Cancer, Acne, Seasonal Effective Disorder, and Neonatal Jaundice); & By Geography - Forecast (2018-2023).” It focuses on the market flux, new technological innovation and its application in the global market and provide a customized analysis of the niche market whereabouts for concerned vendors.
Global Light Therapy Market: Segmentation And Key Players:
As per the above mentioned report, LED light segment will grow at a CAGR of 10% during the forecast period 2018-2023. Although post treatment, side effects of light therapy causes nausea, mild headache, and eyestrain, this non-pharmacological treatment is rapidly gaining traction in the modern medical sector in cold countries such as Canada, the U.S., Russia, and others. Lack of sunlight majorly affects the physical and mental well-being of a large section of the population, but with the emergence and application of advanced methods and devices such as fluorescent lamps, LED, lasers, and polychromatic polarisedor, the light therapy market is leveraging huge public demand which is projected to grow at a CAGR of 5.1% through to 2023.
Some leading companies such as Koninklijke Philips N.V., Verilux, Inc., Beurer Gmbh, Zepter International, Carex Health Brands, and others are largely emphasize on colossal investment on R&D activities to build strong brand base. Koninklijke Philips N.V. is a multinational technology company offering innovative solutions towards healthcare sector and commercial products. One of its major approaches towards the light therapy market includes the Blue Control device which is FDA approved wearable for psoriasis treatment.
Global Light Therapy Market: Disruptive Trends and Growth Drivers:
· Increasing skin ailments such as psoriasis, scleroderma, and vitiligo, incessantly rising chronic diseases, and growing pediatric illnesses will aid to the development of global light therapy market.
Trends and Innovations:
· Sports injuries are frequent incidences in athletics' lives which require immediate non-surgical treatment, fast healing, and recovery procedures for continuing unhindered sports activity. Innovative devices such as Sport-LT and CareWear offer solutions for effective healing process for patient which is likely to boost the light therapy market growth and generate huge demand.
· Modern lifestyle includes unhealthy and unhygienic food habits and irregular sleep routines which results in several skin problems among which acne account as major issue. Johnson and Johnson’s Neutrogena Light Therapy Acne Mask is a revolutionary treatment alternative for acne treatment over conventional gels and creams.
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