Light Therapy: The Emerging Market
Life without light is darkness. Light plays a vital role in our healthy life. Now, the light is expanding the business scope in business for Light Therapy.
Light therapy also known as phototherapy is a simplified process, where the skin is precisely exposed before a light-emitting source on a routine. This light resembles natural light which helps to stimulate cells in the affected section.
Light Therapy has a notable history. It started back in 1903, when Niels Ryberg Finsen, developed a device that produced synthesized light. He was also awarded Nobel Prize in Medicine for this discovery. Later in 1938, a hospital in Massachusetts performed effective testing on patients with colored lights.
Light therapy at the present considered as one of the standard of care for the treatment of various diseases by most of the healthcare professionals.
According to research, the global cosmetic products market is estimated to be valued at US$ 69 billion in the year 2025. One of the emerging business amongst the beauty and medical market is Light Therapy.
Light Therapy Market size was valued at USD 811.8 million in the year 2018 and is expected to witness a rise of 5.1% CAGR from 2020 to 2025.
Drivers for the growth
The reason behind the growth of the market is driven by factors like the increase in dermatological disorders such as acne vulgaris, psoriasis, wrinkles. Light therapy market includes the usage of various lights like red, blue, green in dermatological as well as medical, health, sports industry too. The application of light therapy is vast and wide, which makes the market more diverge. It gives different companies an opportunity to participate and explore the market.
Additionally the rising disposable income, growth of upper middle-class population and increasing awareness of beauty products.
Also, modern users are more inclined towards the non-invasive treatment. With favorable reimbursement scenario in and advancement in the product technology, the liking of the light therapy has increased.
The handheld devices for skin treatment (HDST) category held over 31.92% revenue share in 2019 and is now estimated to grow significantly by 2025. There is a wide adoption of handheld devices in home-care settings since the handheld devices have the ability to avoid the cell disruptions during light therapy treatment.
Light Therapy Market, By Product
Handheld devices for skin treatment (HDST) segment held over 31.92% revenue share in 2019 and is projected to grow significantly by 2025. Ability of handheld devices to avoid cell disruption during light therapy device placement will upsurge its adoption in noninvasive interventions. Wide adoption of handheld devices in homecare settings will thus spur segment size.
Light visor segment is projected to witness robust CAGR of more than 4% over the forthcoming years. Adoption of portable lightening units such as light visors for effective patient management will accelerate segment growth over the coming years.
Light Therapy Market, By Application
Light therapy market is evolving day by day. In the past decade, there is a significant growth in this market. The wide range of applications in health, fitness, sports, beauty and medical field has increased the interest of buyers.
Sleeping disorder market segment was valued over USD 110 million in the year 2018 and is estimated to witness a similar trend during the upcoming years. The rising prevalence of sleep disorders such as Seasonal Affective Disorder (SAD), insomnia and jet lag and will uplift this segment growth. Additionally, the rising demand for light therapy for patients suffering from circadian rhythm will amplify the adoption of light therapy in the predictable future.
Another segmentation of application is the different forms where light therapy is being used like clinics, salons, home, hospitals etc. Dermatology clinics held more than 58.42% revenue share in 2019 as per a report. Also, the application at home is at soar. The end-users convenience is a major reason for the home-care setting application great market value which was around USD 495 million in 2018.
Light Therapy Market, By Light Type
Blue light segment accounted for more than 49.23% revenue share in 2019 and will exhibit substantial growth over the coming years. Extensive adoption of blue light in the treatment of sun damage as well as premalignant or malignant skin cancer should propel segment growth.
Red light segment is anticipated to witness around 4.5% CAGR over the forthcoming years. Wide application of red-light therapy in the treatment of orthopedic conditions such as joint pain, inflammation and arthritis will surge its adoption over the coming years.
Light Therapy Market, By End-use
Dermatology clinics held more than 58.42% revenue share in 2019 and will exhibit momentous growth over the forecast timeline. Rising incidence of skin disorders coupled with increasing demand for non-invasive procedures will foster segment growth during the forthcoming years.
Home-care settings segment was valued around USD 495 million in 2018 due to increasing patient preference towards home-care. Benefits offered by home-care settings such as quality treatment at affordable prices and reduced risk of dermatological clinics acquired infections will fuel the business growth.
Light Therapy Market, By Region
50% of growth will come from North America and their light therapy market will witness over 4% CAGR over the analysis timeline. Rising prevalence of skin disorders including eczema and skin cancer in North America is key factor driving light therapy business growth. Strong foothold of key industry players in the region will positively impact industry growth.
Asia Pacific light therapy market was valued more than USD 175 million revenue in 2018. Urbanization, changing lifestyle and increasing prevalence of depression and hypertension in the region will favor regional business growth. Increasing healthcare reforms in countries such as China will further drive Asia Pacific light therapy industry growth in the coming years.