Follow the numbers: light therapy's projected market revenue surges
Light therapy is used for many problems, such as skin conditions, eczema, vitiligo, acne, and rosacea. But it's also very popular as a skincare remedy for wrinkles, age spots, and collagen production. While helping outwardly, it also works directly with mitochondria, the cells' powerhouse, improving our cell production and increasing cellular function. The non-invasive treatment is gaining popularity for its incredible benefits and cost-effectiveness.
Light therapy also helps with our lack of vitamin D, and with the current world situation of quarantine and COVID-19, the lack has been more than evident. It helps with psychological conditions that have been rapidly increasing in the past few years, and the current situation only aids in the battle against winter blues and depression. This form of therapy increases melatonin levels and mood levels, helping with fatigue and sleep quality.
Since the market has been affected due to the pandemic, people have been turning to light therapy for its mental and physical benefits. The light therapy market is anticipated to reach 1,112.16 million dollars at a CAGR of 5.1% by 2025, says Market Research Future (MRFR).
The American market is set to take the lead over in the next few years. Growing international curiosity for light therapy will also help the infrastructure, improve quality with more developers, stimulating substantial market growth.
For winter blues, light therapy should experience a rise in growth by 5.1% till 2027. Due to less sunlight, light therapy proves as the ultimate fit for those in the Northern Hemisphere. The Asia Pacific light therapy market revenue surpassed USD 175 million in 2018, it is poised to expand at 5.7% CAGR through 2027. Their awareness of the growing patient pool and beauty conscious people fuel the demand for light therapy because of its amazing results in various skin conditions.
Rising per capita income and the growing influence of social media are opening new avenues for the Asian Pacific market. The demand for light therapy is considerable among people in China and Japan. In addition, its popularity is also rising in developing nations owing to its advanced features and low cost.
A segment of light therapy specializing in floor and desk lamps of the market was valued at more than 140 million dollars in 2018 and will witness a similar growth trend in the future. Similarly, large reflectors in the floor and desk lamps that diffuse bright light for accurate visualization are predicted to be in higher demand in the upcoming years.
Homecare settings portion had its share of revenue, counting more than 490 million dollars in 2018, and will exhibit a similar rising forecast in the upcoming timeline for light therapy. In 2020 these products held up to 60% of the market share.
Demand for simplicity and more availability is what allows the rising demand for homecare handheld and user-friendly devices. It's predicted to grow gradually. Manufacturers will focus on developing light therapy devices that specifically solve health-related issues at home by providing easy access and improved patient management.
North America light therapy market size crossed 350 million dollars in 2020 due to technological advancements paired with light therapy's growing use of light therapy.
Key developers in the U.S. have gained approvals from the FDA for new products, like Kaiyan Medical. With FDA-certified and MDA-approved devices, Kaiyan leads the light therapy devices industry and will continue to play a crucial role for the overall growth in the North American industry.