Market Trends of Global Light Therapy Industry
This section covers the major market trends shaping the Light Therapy Market according to our research experts:
Red Light Segment is Expected to Account for the Largest Market Share During the Forecast Period
Red light therapy (RLT) or photobiomodulation is an emerging treatment showing promise in treating wrinkles, redness, acne, scars, and other signs of aging. This therapy is not toxic, not invasive, and not as harsh as some topical skin treatments. Red light therapy (RLT) is a treatment that uses low wavelength red light to reportedly improve the skin's appearance and treat other medical conditions.
Launching new red light therapy products and services, increased adoption of RLT, huge investments, adoption of key strategies by major players, and rising research and development studies are expected to boost the studied market.
In October 2021, Lifepro launched its Red Light Therapy line to provide access to non-invasive wellness care at a competitive price. Each product targets different points on the body to provide a full suite of support for various ailments and wellness goals. Such launches of therapies by market players increase accessibility and thus boosts the market's growth.
Adopting key strategies such as partnerships and collaborations, investments, and others by major players will boost the studied segment. For instance, in February 2022, UFC Performance Institute and GameDay Ready Recovery Zone entered into a partnership to provide red light therapy to all UFC athletes, which will help in enhancing their performance. Red light helps return the body to optimal performance at a cellular level by Increasing adenosine triphosphate (ATP) production and reducing oxidative stress following challenging workouts.
In February 2022, the Arizona Coyotes partnered with Mito Red Light Inc., an Arizona-based company that develops red light therapy products to support recovery, performance, and overall health and wellness. Thus, the ready adoption of red-light therapy in various areas will drive the market growth significantly.
Additionally, rising research and development studies proving the efficacies of red light therapy in various diseases will boost the market studies. For instance, as per clinicaltrials.gov, a study was initiated by Zhongshan Ophthalmic Center, Sun Yat-sen University, in March 2021 to evaluate the adjunctive effect of repeated low-level red-light therapy (RLRL) and orthokeratology (ortho-k) on myopia control in ortho-k non-responders who have undergone ortho-k treatment but were still experiencing fast myopia progression. Thus, results from such research studies will increase its adaptability, leading to lucrative market growth.
Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
The primary driving factors for the growth of the North American light therapy market are the growing burden of mental health and skin-related disorders, growing research and development activities, increasing investments, rising product launches, and key initiatives taken by the key market players.
The rising burden of skin-related disorders such as acne vulgaris, psoriasis, vitiligo, and others is expected to boost the light therapy market as they treat these disorders. According to a Medscape article published in August 2021 titled "How common is acne vulgaris in the United States?" acne is the most common skin condition in the United States, affecting 50 million people each year. Acne vulgaris affects 80% of people in the United States at some point. Severe acne affects 20% of people, causing long-term physical and mental scarring. Thus, the high prevalence of acne vulgaris is expected to boost the market growth in the country.
Launching the region's light therapy products and services will also drive the market significantly. For instance, in November 2021, Vital Red Light launched a new collection of at-home, professional-grade red and near-infrared light therapy devices, which will provide patients the accessibility to light therapy treatments from the comfort of their zone. Additionally, in February 2022, Oralucent launched its multi-patented, blue, and red-light emitting phototherapy toothbrush to address whitening and other common dental concerns safely and effectively.
Moreover, strategies such as rising partnerships and increasing investments by major players in the market will also boost innovation in the region, thereby boosting the market in the region. For instance, in October 2021, Zerigo Health received USD 43 million in the funding round led by 7wireVentures. This will help Zerigo in scaling up the availability of its phototherapy system and allow it to reach an even greater percentage of people living with chronic skin conditions in the United States.
The positive results from the research activities in the region will also drive the market significantly. For instance, as per Clinicaltrials.gov, a study was initiated by Portland VA Medical Center and Oregon Health and Science University in April 2022 and is estimated to be completed by August 2026. This study aimed to assess the feasibility and preliminary efficacy of morning bright light therapy to improve sleep in Veterans with traumatic brain injury.
Therefore, the studied market is expected to lead to lucrative growth in North America due to the above-mentioned factors.
