Light Therapy Market Expected to Reach $802.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Light Therapy Market," The light therapy market was valued at $521.09 million in 2021, and is estimated to reach $802.7 million by 2031, growing at a CAGR of 4.4% from 2022 to 2031.

Light therapy is also known as phototherapy, which is a treatment in which a patient is exposed to a light source such as ultraviolet radiations. This therapy is often used in the treatment of various diseases, including depression, skin disorders, sleep disorders, and jaundice. Furthermore, light therapy is also used to treat seasonal affective disorder (SAD).
Light therapy market trends include increasing burden of dermatological disorders, favorable reimbursement policies in developed and developing countries and increase in awareness regarding personal care. In addition, increase in prevalence of psychological disorders such as depression, anxiety, and insomnia contributes toward the global market growth. Increase in acquisition and collaboration strategies by key market players and increase in research and development activities provide opportunities for the light therapy market forecast growth.
Depending on product, the floor and desk lamps segment exhibited highest growth in light therapy market size in 2021, owing to increase in demand for floor and desk lamps as these are more convenient to use. However, handheld devices for skin treatment (HDST) is expected to register highest CAGR of 5.5% from 2022 to 2031 in the light therapy industry, owing to increased use of handheld laser devices for skin treatments by dermatologists.
On the basis of application, skin conditions segment was the major revenue contributor in the light therapy industry and fastest growing segment, owing to rise in prevalence of various skin diseases such as acne, psoriasis, vitiligo, and eczema and rise in demand of non-invasive light therapies.
On the basis of light type, the blue light segment dominated the light therapy market size in 2021, and is expected to remain dominant during the forecast period. The market growth for this segment is driven by increase in use of blue light therapy devices such as handheld lasers and LED to treat various skin conditions and mood disorders in the U.S. However, the red light segment is expected to register highest CAGR of 5.3% from 2022 to 2031, owing to increase in prevalence of dementia and other skin conditions and increase in patients seeking red light therapy treatments.
Region wise, North America has the highest light therapy market share in 2021, and is expected to maintain its lead during the forecast period, owing to rise in prevalence of acne and availability of reimbursement policies in the region. However, Asia-Pacific is expected to register highest CAGR of 6.2% from 2022 to 2031 in light therapy market analysis, owing to rise in awareness about skin diseases and treatments for skin diseases and surge in healthcare expenditure.

Key findings of the study

•    Based on product, the floor and desk lamps segment was highest contributor to the market in 2021.
•    On the basis of application, skin conditions segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
•    By light type, the blue light segment dominated the market in 2021, and is expected to grow at a CAGR of 4.5%
•    Region wise, North America generated the largest revenue share in 2021, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.