Rise in Skin Disorders Driving Global Light Therapy Market
- Light therapy or phototherapy is a treatment type wherein a patient is exposed to an artificial light source. It affects brain chemicals linked to mood and sleep, and also helps to reset the circadian rhythms, which control the sleep-wake cycle. This therapy is often used in the treatment of various disorders, including depression, jet lag, and sleep disorders. Light therapy is also used to treat seasonal affective disorder (SAD).
- Rise in prevalence rate of skin disorders as well as continuous investment by manufacturers to launch innovative products fuel market growth. In February 2018, Clarify Medical launched handheld, smartphone-connected phototherapy device, which received the U.S. FDA approval in June 2017. This advanced device is used in the treatment of skin diseases, including psoriasis, vitiligo, and eczema.
Get a Glimpse of the In-Depth Analysis through our Comprehensive Light Therapy Market Brochure
Key Drivers and Restraints of Global Light Therapy Market
- Increase in the burden of dermatological disorders, including acne vulgaris and psoriasis is fueling market growth. According to an article published in Clinical, Cosmetic and Investigational Dermatology in 2017, major skin disorders include dermatitis/eczema (31.5%), viral infections (12.5%), pigmentary disorders (7.4%), melanocytic nevi (5.8%), alopecia areata (5.8%), acne (5.6%), nail disorders (3.3%), vascular malformations and hemangiomas (2.9%), psoriasis (2.6%), and bacterial infections (2.6%). Being a highly effective treatment for several skin diseases, including psoriasis, vitiligo, scleroderma, and other dermatologic disorders, light therapy market is expected to grow.
- Favorable reimbursement policies in developed countries will further boost the market growth. Light therapy is eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA).
- Side effects of light therapy include headaches, burning sensation, eye pain, itching, and nausea. This factor may hamper light therapy market growth in the near future.
Handheld Devices for Skin Treatment to Witness High Demand
- Based on product type, the global light therapy market can be segmented into light box, floor and desk lamps, light visor, handheld devices for skin treatment (HDST), dawn simulator, light therapy bulbs, and others
- Handheld devices for skin treatment (HDST) held a major share of the global light therapy market and is projected to grow significantly during the forecast period. Allure received dermatologist- and editor-approved skin care tools in 2019, including a handheld LED light that destroys fine lines over time.
- Light visor segment is projected to expand at a significant CAGR during the forecast period. Acceptance of portable lightening devices, such as light visors for effective patient management will accelerate segment growth in the near future.
Red Light Segment to Witness Highest Growth
- Based on light type, the global light therapy market can be divided into blue light, red light, white light, and others (green light and yellow light)
- Blue light segment dominated the global light therapy market in 2018. The adoption of blue light in the treatment of numerous medical conditions and disorders, such as seasonal effective disorder (SAD), acne vulgaris, etc., is likely to boost segment growth. Rise in demand for blue light therapy in the treatment of different skin diseases will further propel the segment.
- Red light is expected to be the rapidly growing segment during the forecast period due to wide acceptance of red light therapy in various treatments. In 2019, PhotonMD, Inc. announced positive results from a pivotal clinical trial assessing a series of hair growth devices, including REVIAN RED for the treatment of androgenetic alopecia. In the trial, REVIAN RED successfully demonstrated the ability to stop hair loss and subsequently grow new hair.
Expanding Operations in Future? To Get the Perfect Launch Ask for a Custom Light Therapy Market Report
North America to Dominate Global Light Therapy Market
- In terms of region, the global light therapy market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global light therapy market in 2018. Rise in prevalence of skin disorders, including eczema and skin cancer, in North America is driving the light therapy market. According to current studies by National Psoriasis Foundation, U.S., more than 8 million Americans have psoriasis. As per the American Academy of Dermatology (AAD), acne is the most common skin condition in the U.S., affecting up to 50 million Americans annually. Increase in investments from government and various organizations is expected to drive the light therapy market in North America.
- Awareness, along with rise in the burden of the disease are a few factors that are anticipated to drive the light therapy market in Asia Pacific. Emerging markets, such as China and India, offer high growth potentials to market players. The prevalence of psoriasis in China ranged from 0.11% to 0.47%, as per a study published on Epidemiology and treatment of psoriasis: a Chinese perspective in 2014.
Key Manufacturers Operating in Global Market
The global light therapy market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Northern Light Technologies
- Verilux, Inc
- Koninklijke Philips N.V.
- Lucimed SA
- Sphere Gadget Technologies
Light Therapy Market: Research Scope
Light Therapy Market, by Product Type
- Light Box
- Floor & Desk Lamps
- Light Visor
- Handheld Devices for Skin Treatment (HDST)
- Dawn Simulator
- Light Therapy Bulbs
Light Therapy Market, by Light Type
- Blue Light
- Red Light
- White Light
- Others (green light, yellow light)
Light Therapy Market, by Application
- Acne Vulgaris
- Seasonal Affective Disorder
- Neonatal Jaundice
- Sleeping Disorders
- Mood Disorders
Light Therapy Market, by End-user
- Homecare Settings
- Dermatology Clinics
- Others (workplace, salons)
Light Therapy Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.