Global Light Therapy Market is Predominantly Led by the Rising Applications of the Light Therapy; FMI Reveals the Forecast Till 2026
Future Market Insights (FMI) delivers key insights on the global light therapy market in its upcoming report titled, “Light Therapy Market: Global Industry Analysis and Opportunity Assessment 2016 – 2026.” FMI expects light therapy market to expand at 4.8% during the forecast period 2016-2026, majorly driven by its applications in the treatment of Seasonal Affective Disorder (SAD).
Increasing demand for blue light therapy procedures for treatment of various disorders and conditions, including SAD, globally is prompting manufacturers to launch blue light therapy devices to cater to the growing needs in this regard. Also, over the last few years, leading players are focusing on introducing portable light therapy devices, targeting the consumer segment, which is anticipated to witness surge in market share globally by 2026.
Treatment of acne using LED light is gaining popularity due to various benefits such as cellular regeneration and increased blood circulation. LEDs emit both blue and red light, thus offering added advantage over conventional light therapy, which in turn, is driving growth of the light therapy market globally.
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Global light therapy market is segmented on the basis of product type, light type, end user and region.
On the basis of product type, the market has been segmented into light box, floor and desk lamps, light visor, dawn simulator, light therapy bulbs, and handheld devices for skin treatment. Among the various product type segments, light box segment consists the highest market share and is expected to expand at the CAGR of 4.3% between 2016 and 2026.
On the basis of light type, the market is segmented into white light, blue light, red light and others (green light, yellow light).
On the basis of end user, market is segmented into dermatology clinics, homecare settings and others (salons, workplace). Among the end user type segments, homecare settings segment consists the highest market share and is expected to expand at the highest CAGR of 5.1% between 2016 and 2026.
On the basis of region, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Middle East & Africa and Japan.
North America accounted for the largest market share of 42.4% in 2015, followed by Western Europe. However, the Asia Pacific excluding Japan (APEJ) market is expected to expand at the highest CAGR of 6.5% over the forecast period.
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In 2014, the Latin America light therapy market was valued at US$ 26.8 Mn, reflecting a Y-o-Y growth rate of 6.4%.The Eastern Europe light therapy market is expected to expand at a CAGR of 4.5% during the forecast period. In terms of revenue, the Russia market accounted for the largest market share in the Eastern Europe region in 2014, and the country is expected to continue to dominate the market in the region in the coming years, expanding at a CAGR of 4.6% during the forecast period.
Key players in the global light therapy market include Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, Zepter International, Photomedex Inc, Beurer, Nature Bright, Lucimed SA, Chal-Tec-GmbH, Lumie, Aura Daylight, Sphere Gadget Technologies.
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