Global Light Therapy Market to Surpass US$ 1,227.3 Million by 2027, Says Coherent Market Insights (CMI)
SEATTLE, March 11, 2021 (GLOBE NEWSWIRE) — According to survey, the global light therapy market is estimated to be valued at US$ 874.0 million in 2020 and is expected to exhibit a CAGR of 4.9% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Light Therapy Market :
Key trends in the market include increasing research and development activities, acquisitions, collaborations, regulatory approvals, and others.
Market players are focusing on inorganic activities such as acquisitions and collaborations, in order to expand their product portfolio and to strengthen their position in the global market, which is expected to drive growth of the market over the forecast period. For instance, on December 11, 2020, DJO, LLC, a subsidiary of Colfax Corporation acquired LightCure, a manufacturer of therapeutic laser technology for human and animal health. This acquisition has led to the addition of new and innovative products for providing better light therapy to the patients.
Key players are also focusing on receiving approvals from the regulatory authorities, which is an important step for launching the products in the market. For instance, on May 7, 2020, PhotoPharmics received the U.S. Food and Drug Administration (U.S. FDA) approval for its non-invasive phototherapy device for the treatment of Parkinson’s disease. It is a table top device, which is intended to be used with the standard dopaminergic therapy at home. In the phase II clinical trial, it was found that the light therapy improved the motor and non-motor functions in the Parkinson’s patients.
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Market players are indulged in providing reimbursement for their products, so that the products can be easily accessible for the patients. For instance, in February 2019, Clarify Medical, Inc. announced that its product, Clarify Home Light Therapy System, company’s smartphone-connected home phototherapy system is been covered under Medicare services. The devices produces ultraviolet B radiations, which is indicated for the treatment of psoriasis.
Key Market Takeaways:
The researchers are involved in conducting research and development activities for testing the efficacy of light therapy for the treatment of fatigue among the cancer patients. For instance, in 2018, the researchers at the Icahn School of Medicine at Mount Sinai in collaboration with Memorial Sloan Kettering Cancer Center and Hackensack Meridian Health, initiated clinical trials for comparing the efficiency of bright white light and dim red light for the treatment of fatigue in cancer patients. During the trails, it was found that the patients who were exposed to white light showed proper recovery, as compared to the patients exposed to dim red light. The study is expected to be completed by December 2021.
Among regions, North America is expected to hold a dominant position in the global light therapy market over the forecast period, owing to increasing prevalence of Parkinson’s disease in this region. For instance, according to the Parkinson’s Foundation, it has been reported that, in U.S., currently in 2020, around one million people are suffering from Parkinson’s disease. Moreover, every year around 60,000 Americans are diagnosed with Parkinson’s disease. It has also been reported that the incidence of diagnosing Parkinson’s disease before the age of 50 is around 4%.
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Competitive Landscape:
Key players operating in the global light therapy market include Koninklijke Philips N.V., Verilux, Inc., Northern Light Technology, TheraLight, LLC, Zepter International, Photomedex Inc., Beurer GmbH, Nature Bright, Lucimed SA, PhotonMD, Inc., BioPhotas, Chal-Tec GmbH, Johnson & Johnson, and Carex Health Brands Inc.
Market Segmentation:
- Global Light Therapy Market, By Product Type:
- Light Box
- Lamps
- Light Visor
- Dawn Simulator
- Light Therapy Bulbs
- Handheld Devices
- Global Light Therapy Market, By Light Type:
- White Light
- Blue Light
- Red Light
- Others
- Global Light Therapy Market, By End User:
- Dermatology Clinics
- Home Care Settings
- Others
- Global Light Therapy Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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