The light therapy market share is projected to grow up to USD 206.39 million, accelerating at a CAGR of 4.75% during the forecast period. The increased adoption of spa treatments to provide pain and stress relief will drive the demand for light therapy. Technavio's light therapy market report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends, and challenges that are likely to impact market growth.
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SAD is a type of depression that is caused due to changes in seasons and mainly occurs due to limited exposure to sunlight. The decrease in serotonin levels, which is a neurotransmitter that affects the mood of patients, can be due to limited exposure to sunlight. Hence, the growing prevalence of SAD is likely to drive the growth of the light therapy market during the forecast period.
In addition, the significant strategic initiatives by market vendors in the light therapy market are one of the major light therapy market trends that will fuel the light therapy market growth. However, the low awareness about light therapy is a major challenge for the light therapy market.
The light therapy market is segmented by End-user (Commercial, Domestic, and Healthcare) and Geographic Landscape (North America, Europe, Asia, and ROW).
Based on the end-user segmentation, the light therapy market growth in the commercial segment will be significant during the forecast period. BY geography, 54% of the market's growth will originate from North America during the forecast period. The US is the key market for light therapy market in North America. The growing prevalence of SAD will facilitate the light therapy market growth in North America over the forecast period.
The market is fragmented, and the growth of the players depends on several factors such as market conditions, government support, and industry development. Market players must distinguish their product and service offerings through a clear and unique value proposition to prosper in this competitive market. Biophotas Inc., Beurer GmbH, Johnson & Johnson, Koninklijke Philips NV, Lucimed SA, and Lumie, Nature Bright, Northern Light Technologies Inc., Red Light Man Ltd., and Verilux Inc. are some of the major light therapy market vendors. The report offers a detailed analysis of each of the above-listed vendors and their product portfolios.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download the Free PDF Sample Report
