PUBLISHER: Grand View Research | PRODUCT CODE: 1233028
PUBLISHER: Grand View Research | PRODUCT CODE: 1233028
The global light therapy market size is expected to reach USD 1.44 billion by 2030, expanding at a CAGR of 4.6% during the forecast period, based on a new report by Grand View Research, Inc. The primary factor driving the growth is the expansion of the home healthcare industry and the preference for home light therapy devices. Additionally, advantages associated with the treatment such as fewer side effects, as well as improved focus, and reduced anxiety are fueling the demand.
Factors such as an increase in awareness about the benefits of light therapy, and an increase in health expenditure are driving the growth of the market. In addition, the presence of major players such as BioPhotas, Northern Light Technologies, Verilux, and others is influencing the market growth positively.
The COVID-19 pandemic negatively impacted the light therapy industry. Working from home led to higher adoption of light therapy devices. Increasing awareness about self-care and personal wellness has also driven the demand for light therapy. Moreover, increased investments in telemedicine and remote patient monitoring have fueled the demand in the market.
Some of the key players such as Koninklijke Philips N.V. and Beurer GmbH BioPhotasare are introducing innovative products, influencing the market growth positively. In April 2019, Philips introduced a multi-part program called VitalMinds as a non-pharmacological way to treat delirium in critical care unit (CCU) patients. The remedy entails the use of the CE-certified VitalSky individualized light treatment system, which provides a circadian-effective program to assist the patients' sleep-wake routine.