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Light therapy, also known as phototherapy, utilizes light exposure to treat various skin conditions and mood disorders such as seasonal affective disorder (SAD). Light therapy devices emit specific wavelengths of light that interact with photoreceptors in the eyes and the skin to positively impact mood and skin health. Light therapy is used to reduce symptoms of SAD, psoriasis, eczema, vitiligo and neonatal jaundice. It provides a non-invasive solution for these conditions as an alternative to medication.
Light therapy devices are compact and convenient to use at home or the workplace. They are powered by LED or fluorescent bulb technology and emit full-spectrum white light or narrowband wavelengths that target photoreceptors related to mood and skin health. Regular light exposure through these devices reduces melatonin secretion and increases serotonin production to boost mood during winter months. It also stimulates keratinocyte and melanocyte activity in the skin to help conditions like psoriasis and vitiligo. The global light therapy market is estimated to be valued at US$ 989.02 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the light therapy market is the rising popularity of compact and portable devices for home use. Busy lifestyles have increased demand for light therapy solutions that can be used conveniently at home or work. This has prompted manufacturers to develop smaller, travel-friendly devices that maintain the same therapeutic effects as larger models. Wi-Fi connectivity is another trend as it allows controlling light sessions remotely through apps. Customizable light intensities catering to individual conditions and skin types are also gaining favor.
Porter’s Analysis
Threat of new entrants: Low. Requires substantial investments and established distribution channels in the market.
Bargaining power of buyers: Moderate. Buyers have limited substitutes but growing awareness reduces dependence on any single supplier.
Bargaining power of suppliers: Moderate. Suppliers of light therapy devices have established supply chains and relationships.
Threat of new substitutes: Low. Light therapy has proven efficacy in conditions like seasonal affective disorder with limited substitutes.
Competitive rivalry: High. Large players compete on quality, features and pricing with private labels intensifying competition.
Key Takeaways
The global light therapy market is expected to witness high growth.
Regional analysis: Asia Pacific is expected to grow at the fastest pace during the forecast period. Rising cases of winter blues, winter SAD and increasing awareness about light therapy devices are driving the market in the region.
Key players: Key players operating in the light therapy market are Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC. Koninklijke Philips N.V. has led innovation and brand recognition with its Lumie range of light therapy devices.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
