Light Therapy Market Overview
MRFR (Market Research Future) expects the light therapy market 2020 to surpass the valuation of USD 1,112.16 Million by 2025. The global market is also set to expand at a rate of 5.1% from 2019 to 2025 (analysis period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on the Light Therapy Market
The COVID-19 outbreak has caused massive implications for electronics suppliers, in view of the severe supply chain disruptions. While the SARS-CoV-2 pandemic has brought down the sales of a number of consumer goods, the delivery of orders’ lead time has also surged considerably. The worldwide lockdown has curbed the availability of various essential components such as desk lamps, light visor, HDST and more, which are the products commonly used during the light therapy. Increased costs of supply chains are some of the other challenges being faced by the leading firms in the light therapy market.
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However, it is anticipated that as soon as the lockdown is lifted, the market could observe significantly better consumer traffic, primarily via online channels. Taking into account the huge revenue loss caused by the novel coronavirus, manufacturers are now redesigning their distribution networks and production plans in tandem with the evolving business scenario across the globe. Most of the companies are also focusing on bridging the demand and supply gap to ensure business continuity, in the face of increasing pandemic.
Light Therapy Market Top Growth Boosters and Barriers
The considerable spike in the number of dermatological cases including acne vulgaris, psoriasis and wrinkles in developing and developed countries can be touted as a key growth booster in the light therapy market. Widespread use of narrow band ultraviolet (UVB) and broad band (UVB) phototherapy for treatment of various skin disorders could be a lucrative business opportunity for the key firms in the global market. Another growth rendering factor can be the rising uptake of light boxes and handheld devices for treating certain skin disorders. The fact that the light therapy helps boost cellular rejuvenation and blood circulation, should foster its demand further in the coming years.
The UV light therapy techniques including psoralen and UVB phototherapy plus ultraviolet A or PUVA are increasingly being used to reduce the symptoms associated with psoriasis. In some cases, this therapy is used in combination with topical tablets or medication to bring down the inflammation and curb the production of the skin cells. Sensing the opportunity, several players are either introducing new products or are focusing on technically innovative their existing product lines, with the key target being psoriasis. Light therapy is also combined with a plant-derived substance known as psoralen for treating vitiligo. This approach has been found to be quite effective, particularly for the extensively spread lesions that occur in adults.
Supportive reimbursement schemes are available in most of the developed countries, which help encourage patients to seek treatment and in the process, helps enhance the light therapy market size. In a nutshell, reimbursement policies for neonatal jaundice, psoriasis, eczema and cancer have fostered the preference for light therapy to a large extent. For instance, in October 2020, medical technology vendor STRATA Skin Sciences Inc. announced that the health services company, Cigna will now be issuing a medical coverage policy for the former’s excimer laser therapy for dermatologic ailments. SRATA’s XTRAC excimer laser therapy delivers a highly precise therapeutic UVB light beam to treat vitiligo, psoriasis, atopic dermatitis, leukoderma and eczema diseases and with the availability of this medical coverage, the company expects a surge in consumer traffic.
Light Therapy Market Segmentation
Light therapy as a market has been extensively studied in the MRFR report, while segmenting it with respect to product, application, light type, and end user.
Depending on product, the market segments are dawn simulator, light therapy bulbs, handheld devices for skin treatment (HDST), floor and desk lamps, light visor, light box, and others. Light visors are observing escalating demand and are expected to be the fastest advancing segment, since they are portable and extensively deployed for curbing the effects of jet lag, SAD and fatigue. Handheld devices for skin treatment has emerged as the largest segment, in view of the surging preference for handheld devices among patients, for treating skin disorders and the resultant rise in its use in homecare settings.
The applications of light therapy are seasonal affective disorder (SAD), vitiligo, psoriasis, acne vulgaris, eczema, and more. The applications of light therapy are the highest in psoriasis, and the segment is expected to land the top position and race ahead at the fastest rate, in line with the soaring demand for novel therapeutics.
In terms of light type, the market can be considered for white light, red light, blue light, and more. The biggest share in the market belongs to the blue light segment, with the key reason to be its increased adoption in the treatment of skin cancer and sun damage. Red light should however, procure the fastest growth rate as its applications are increasing in arthritis and joint pain treatment.
The top market end-users are dermatology clinics, home care settings, and others. Homecare settings are in the lead as the top segment.
Light Therapy Market Regional Study
The prominent regions across the light therapy industry is expected to grow in the near future include APAC/Asia Pacific, Europe, MEA or Middle East as well as the Americas.
The American market is presumed to take the lead over the next couple of years, thanks to the soaring preference for non-invasive procedures along with the surging burden of various dermatological ailments in the region. The high focus of the vendors on research & development activities also boosts the regional market’s growth. High prevalence of skin cancer and eczema in the United States also adds significantly to the market value in the region.
The APAC market will be charging ahead at the fastest rate, in light of the surge in psychological issues like anxiety and depression brought on by various dermatological conditions. Growing interest of international players in the region along with the improving quality of the healthcare infrastructure in the region also stimulates substantial market growth.
Light Therapy Market Top Contenders
Key contenders in the worldwide market are Zepter International (Switzerland), Chal-Tec GmbH (Germany), Lumie (UK), Lucimed SA (Belgium), Northern Light Technology (Canada), Beurer (Germany), Verilux (US), Nature Bright (Taiwan), Koninklijke Philips (Netherlands), BioPhotas (US), and more.
Table Of Contents
1. REPORT PROLOGUE
2. MARKET INTRODUCTION
2.2. Scope Of The Study
2.2.1. Research Objective
3. RESEARCH METHODOLOGY
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
4. MARKET DYNAMICS
5. MARKET FACTOR ANALYSIS
LIST OF TABLES
TABLE 1 GLOBAL LIGHT THERAPY MARKET SYNOPSIS, 2019–2025
TABLE 2 GLOBAL LIGHT THERAPY MARKET ESTIMATES & FORECAST, 2019–2025 (USD MILLION)
TABLE 3 GLOBAL LIGHT THERAPY MARKET, BY PRODUCT, 2019–2025 (USD MILLION)
TABLE 4 GLOBAL LIGHT THERAPY MARKET, BY APPLICATION, 2019–2025 (USD MILLION)
TABLE 5 GLOBAL LIGHT THERAPY MARKET, BY LIGHT TYPE, 2019–2025 (USD MILLION)
TABLE 6 GLOBAL LIGHT THERAPY MARKET, BY END USE, 2019–2025 (USD MILLION)
LIST OF FIGURES
FIGURE 1 RESEARCH PROCESS
FIGURE 2 MARKET STRUCTURE FOR THE GLOBAL LIGHT THERAPY MARKET
FIGURE 3 MARKET DYNAMICS FOR THE GLOBAL LIGHT THERAPY MARKET
FIGURE 4 GLOBAL LIGHT THERAPY MARKET SHARE, BY PRODUCT, 2018 (%)
FIGURE 5 GLOBAL LIGHT THERAPY MARKET SHARE, BY APPLICATION, 2018 (%)
FIGURE 6 GLOBAL LIGHT THERAPY MARKET SHARE, BY LIGHT TYPE, 2018 (%)
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