Light therapy, which utilizes either natural light or its artificial equivalent to treat specific conditions, including skin disorders like psoriasis and vitiligo, neurological disorders like depression, anxiety, mood, and sleep disorders, and seasonal affective disorder (SAD), as well as some cancer and precancerous conditions, involves the use of natural light or similar forms of light. Light therapy devices, which are available as handheld and tabletop devices, are used for this purpose. Additionally, hyperbilirubinemia and jaundice in neonates can also be treated using light therapy.
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Impact of the Coronavirus (COVID-19) Pandemic:
The global light therapy market is projected to experience growth during the forecast period due to the COVID-19 pandemic and the rising incidence of insomnia, anxiety, and depression among COVID-19 patients. A Lancet Psychiatry article published on November 12, 2020, reported that 57,476 COVID-19 positive patients exhibited symptoms of insomnia, anxiety, and depression, as shown in the table below:
| Neurological Disorder | Number of Patients |
| Mood disorder | 9,921 (15·9%) |
| Alzheimer’s disease | 672 (1·1%) |
| Psychiatric illness | 15,980 (25·6%) |
| Vascular dementia | 558 (0·9%) |
| Anxiety disorder | 12,145 (19·5%) |
| Psychotic disorder | 1,219 (2·0%) |
In addition, various market participants are involved in conducting clinical studies to assess the effectiveness and safety of light therapy in promoting the recovery of COVID-19 patients. As an example, Vielight Inc. began clinical trials on October 14, 2020, to determine whether photobiomodulation, which involves using a combination of LED-based red light delivered intranasally and LED-based near infrared (NIR) light applied to the body, could hasten the recovery of COVID-19 patients. Research has shown that photobiomodulation stimulates the immune system and reduces inflammation, which may be effective in preventing coronavirus replication. As a result, these research and development initiatives are predicted to drive market growth in the future.
The Global Light Therapy Market was worth US$ 874.0 Million in 2022 and is projected to grow at a CAGR of 4.9% between 2023 and 2030.
During the projected duration, the global light therapy market is predicted to experience growth as market participants engage in inorganic strategies like acquisitions and collaborations with the aim of enhancing their product range and reinforcing their market position.
The market is expected to experience growth during the projected timeframe due to prominent leaders’ rising inclination towards inorganic operations. An example of this is TheraLight LLC’s acquisition of all assets from TheraLight Inc., a producer of phototherapy devices, on March 12, 2020. This acquisition has resulted in the expansion of the company’s product line by incorporating DuaLight and VersaClear products.
The global light therapy market is anticipated to experience growth as market participants focus on obtaining regulatory approvals, a crucial step towards commencing clinical studies and introducing new products to the market.
The market is anticipated to experience growth during the forecast period due to a rise in the number of product approvals granted by regulatory bodies. An example of this is the Investigational Testing Approval (ITA) granted by Health Canada in 2019 to ToeFX Inc., a medical device company located in Canada. The company’s innovative photodynamic product for onychomycosis has been authorized to undergo clinical trials using the ToeFX Light Therapy device in Hamilton, Ontario. The trials began in early 2020.
Top companies
Top companies including Verilux, Inc., Photomedex, Inc., Carex Health Brands Inc., Koninklijke Philips N.V., Northern Light Technology, Beurer GmbH, TheraLight, LLC, Lucimed SA, Zepter International, PhotonMD, Inc., Johnson & Johnson, Chal-Tec GmbH, Nature Bright, and BioPhotas are operating in the global light therapy market.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐔𝐩 𝐓𝐨 𝟐𝟓% 𝐎𝐅𝐅 @
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| The market size value in 2023 |
Market Restraints
During the forecast period, the global light therapy market growth is likely to be restricted by the rising number of product recalls. An illustration of this is the Neutrogena Light Therapy Acne Mask, a skincare brand owned by Johnson & Johnson that was recalled in 2019 due to reported instances of eye injuries caused by the mask.
The market’s growth is expected to be impeded by the increasing side effects associated with light therapy. For example, the use of high-intensity light to treat neurological disorders like multiple sclerosis and bipolar disorder may result in post-treatment side effects, including cough, headache, dizziness, nausea, eye strain, and irritability. Additionally, light therapy may induce a hyperactive state called mania in people with drug-resistant non-seasonal depression, which is also likely to hamper the market’s growth. These factors are anticipated to restrict the growth of the global light therapy market during the projected duration.
Regional Analysis
The global light therapy market is categorized by geographical region into Africa, Latin America, Asia Pacific, North America, the Middle East, and Europe.
The global light therapy market is predicted to be dominated by North America due to the rising incidence of skin diseases and favorable reimbursement policies available in the region. A study published in the American Academy of Dermatology, Inc. in 2018 presents a graph indicating the occurrence of skin diseases in various age groups of the United States’ population.
The pie chart below illustrates the proportion of various age groups in the US population that had health insurance coverage, including Medicare, Medicaid, and other policies, in the year 2017, as cited in the aforementioned source. Since Medicare and some other insurance plans cover light therapy, this is likely to result in a rise in the number of patients who choose this treatment option.
Moreover, there is an anticipated substantial expansion in the light therapy market in Europe, attributed to the rise of novel and innovative product introductions in the area. An illustration of this is the recent release of Sula Health’s Sula glasses and app on various online shopping platforms on July 21, 2020. The Sula glasses provide light therapy that enhances users’ sleep quality.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Light Therapy Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Light Therapy Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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