Light Therapy Market Price
Global light therapy market is slated to witness substantial growth in the ensuing years, primarily due to the high prevalence of dermatological disorders and psychological conditions. The skin utilizes light as a source of energy to rejuvenate damaged cells, which makes dermatological disorders like psoriasis, eczema, vitiligo, and acne primary applications for light therapy market. Shifting preference toward unique and effective skin treatment methods will proliferate product demand in the coming years.
U.S. Light Therapy Market, By Product, 2018 & 2025 (USD Million)
Acne is a common skin condition involving blockage or inflammation of hair follicles that can lead to inflammatory or non-inflammatory lesions. Numbers by the Global Burden of Disease suggests that the condition affects 85% of youngsters between 12 to 25 years of age globally. Growing use of blue light phototherapy and LED light therapy for treating acne will drive light therapy market growth.
The psoriasis segment accounted for significant revenue share in the past and is likely to continue growing in the coming years. According to the National Psoriasis Foundation, the condition affects 125 million people or 2% to 3% of the entire population. In such cases of moderate and severe psoriasis, UV therapy is often considered together with externally applied medication or tablets. Increasing cases of psoriasis throughout the world will boost the demand for UV phototherapy, thus augmenting light therapy industry share.
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Phototherapy is also an effective treatment for psychological conditions, such as depression and anxiety disorder, and can be used together with antidepressant drugs. Depression is a major concern worldwide, primarily attributable to the increasing stress levels from hectic work life. According to WHO, over 300 million individuals of all ages suffer from depression, which is a leading cause of disability and is also known to affect cardiovascular health. Products like SAD lamps are widely used by people suffering from psychological ailments, as they positively influence the circadian system. Increasing penetration of such products will augment light therapy market size.
Growing geriatric population worldwide has increased the demand for home care settings. Phototherapy products such as light therapy mask, lightbox, dawn simulators, floor, and desk lamps help patients receive cost-effective treatments at the convenience of their home. Introduction of favorable health insurance programs or subsidies for home health care will further support the demand for such products, thereby amplifying revenues for light therapy market from the homecare setting end-use segment.
North America light therapy market is poised to garner immense momentum, attributable to the high prevalence of mental and dermatology disorders in the region. Numbers by ADAA reveal that major depressive disorder affects more than 16 million people over the age of 18 in the U.S. Reportedly, over 8 million people are affected with psoriasis in the U.S. Together with growing geriatric population, pervasiveness of mental and dermatology disorders offers numerous growth prospects to North America light therapy market, that accounted for 34% of the industry share in 2018.
The market is bound to witness considerable demand from emerging economies in the Asia Pacific like India and China. High prevalence of depression and anxiety in the region can be attributed to hectic work schedules and inactive lifestyle. This is estimated to boost the demand for SAD lamps and other phototherapy products in the region.
Increasing cases of winter blues across cold regions in Europe and North America will foster regional growth. Furthermore, the increasing buzz around light therapies across social media has contributed to the increasing public awareness concerning the benefits of light therapy for skin, mental, and neurological disorders, thus boosting the demand for light therapy products.
A research report by Global Market Insights, Inc., anticipates light therapy market to be worth more than US $1 billion by 2025.
Author Name : Krithika Krishnan