Increasing Cases of Insomnia, Depression, and Atopic Dermatitis Encouraging Light Therapy Adoption: FMI Study
Future Market Insights, Dubai: ESOMAR-certified consulting firm Future Market Insights projects a positive growth outlook for the global light therapy market over the forecast period of 2021 and 2021. The market posted expansion at an impressive pace in the past, underpinned by rising prevalence of skin disorders and insomnia across the globe.
As per FMI’s report, burgeoning cases of skin disorders such as atopic dermatitis, acne, psoriasis and others across the U.S., UK, and India are propelling the market growth. According to World Health Organization (WHO), approximately 50 million Americans suffer from skin disorders such as acne and atopic dermatitis annually.
Using therapeutic approaches such as light therapy has emerged as an effective way of treating skin disorders across the globe. Furthermore, surging cases of insomnia are widening the growth prospects over the forecast period.
According to the Center for Diseases Control and Prevention, around 50%-60% of older adults suffer from chronic insomnia and according to the World Health Organization (WHO), around 264 million suffered from depression in 2020. Hence, light therapy products are expected to alleviate the seasonal affective disorders by enhancing serotonin levels. Thereby, accelerating the market growth.
On the back of these factors, the global light therapy market is poised to surpass the valuation of US$ 1 billion through 2031.
“Surging cases of insomnia, depression, and skin disorders have increased the adoption of light therapy among the consumers, encouraging the manufacturers to focus on product development. Driven by ongoing trends, producers also are integrating advanced technologies such as artificial intelligence and big data science to offer more effective solutions,” says the FMI analyst
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Key Takeaways
Competitive Landscape
Leading players are relying on slew of expansion strategies including mergers, targeted partnerships and collaborations for new product innovations and revenue generation. For instance, in April 2021, PhotoPharrmics, opened a pivotal Phase 3 clinical trial of its light-based and noninvasive Celeste device in treating Parkinson’s symptoms.
In October 2020, Joovv Inc., a California-based company focused on developing light therapy products for performance, recovery and overall health announced the partnership between a professional sports franchise and a light therapy brand.
Also, in March 2020, TheraLight, LLC, an FDA-registered manufacturer and distributor of cutting-edge light therapy products announced the acquisition of the assets from Theralight, Inc., a manufacturer of phototherapy devices. The acquisition included a portfolio of products, trademarks, and FDA 510k clearances.
Prominent manufacturers profiled by FMI operating in light therapy market include:
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More Insights on the Global Light therapy Market
Future Market Insights, in its new offering, provides an unbiased analysis of the light therapy market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the light therapy market with a detailed segmentation on the basis of:
Product
Light Type
End User
Region
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Key Questions Covered in the Report
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