Light Therapy Market Size forecast to reach over $980mn by 2024
Global light therapy market size is largely driven by increased prevalence of skin disease and growing adoption of therapy to treat psoriasis, cancer, acne, seasonal affective disorder, and neonatal jaundice. According to WHO, Psoriasis affects approximately 2% of the world population with nearly two thirds of people have mild form while others have extensive involvement of skin. Psoriasis prevalence among the developed countries ranges between 1.5% to 5.0%.
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Increased adoption of boxes to treat SAD has accelerated light therapy market growth. It is the primary treatment method to treat neonatal jaundice, eczema and psoriasis. Photo oxidation is believed to provide these beneficial effects. Narrow band ultraviolet (UVB) and broad band UVB phototherapy is used to treat various skin disorders. Increased applications, favorable reimbursement policies, and insurance for such treatments will boost demand.
Based on the products, light therapy boxes market share is expected to dominate sales due to its application in various sleep disorders. Visor market is gaining traction due to its applications in treatment of SAD. The head-mounted portable lighting devices intended to increase convenience and flexibility of use, are suited for novel applications such as in-flight treatment.
LED has become popular due to its various applications on aging epidermis. It enables healthy blood circulation which augments the skin’s natural radiance and improves skin elasticity and surface. Infrared LED is used to treat acne vulgaris. These factors will drive growth.
Blue fluorescent products are widely across the light therapy market. Rising demand for blue therapy for treatment of skin disorders such as psoriasis, eczema and SAD will maintain industry growth with blue light therapy market share expected to dominate by 2024.
Increase in the incidence of various types of depression, rapid technological advancement, and increasing awareness of therapy is anticipated to accelerate the global industry growth through the forecast timeframe.
U.S. light therapy market size contributed to majority of North America revenue in 2015, and is anticipated to increase owing to growing prevalence of psoriasis and other dermatological diseases. According to American Academy of Dermatology (AAD), psoriasis remains a common skin ailment in U.S. affecting 7.5 million people.
Germany contributed considerably to European revenue in 2015, mainly due to the adoption of innovative technologies to treat skin diseases. Favorable public and private reimbursement policies are encouraging patients to access novel therapies to treat dermatological diseases.
Asia Pacific is expected to grow rapidly during the forecast period mainly due to steady economic development in the region. As per IFPA, more than 43 million people living with psoriasis in Asia Pacific. China light therapy market size is anticipated to hold majority regional share due to high geriatric population and rise in prevalence of dermatological diseases.
Key operating participants in the global light therapy market share include Northern Light Technology, Verilux, Inc., Koninklijke Philips N.V., Photomedex Inc, Zepter International, Beurer, Nature Bright, Chal-Tec-GmbH, Lucimed SA, Lumie, Aura Daylight, Sphere Gadget Technologies. Major strategies adopted by these players include agreements, contracts, strategic partnerships, R&D investment, and mergers and acquisitions to consolidate market share.