The Birth and Evolution of Light Beds
Phototherapy, or light bed therapy, involves exposing the skin to red light, similar to natural light, which stimulates cells in the targeted area of the body.
Light bed therapy has a long history, dating back to 1903 when Niels Ryberg Finsen invented a mechanism that created artificial light, earning him the Nobel Prize in Medicine. In 1938, a Massachusetts hospital utilized red lights to perform effective testing on patients.
Today, light bed therapy is widely regarded by healthcare practitioners as a standard treatment for various disorders. The global market for cosmetic products is projected to be worth $69 billion by 2025, with light bed therapy emerging as a leading enterprise in the beauty and medical industries. Valued at USD 811.8 million in 2018, the light bed therapy market is expected to grow at a 5.1% CAGR from 2020 to 2025.
Market Growth
Several factors contribute to the expansion of the light bed therapy market, including the rise in dermatological conditions such as acne vulgaris, psoriasis, and wrinkles. The diverse applications of light bed therapy attract many businesses, facilitating market exploration. Additionally, rising disposable income, population growth in the upper middle class, and increased awareness of cosmetic products bolster market growth. Modern consumers’ preference for non-invasive treatments, coupled with improved funding conditions and technological advancements, further boost the popularity of light bed therapy.
Light Therapy Market Dynamics
The light bed therapy market has experienced significant growth over the past decade, driven by its wide range of applications in health, fitness, sports, beauty, and medicine. Different settings, such as clinics, salons, homes, and hospitals, contribute to market segmentation. Dermatology clinics accounted for over 58.42 percent of revenue in 2019.
The number of people purchasing light beds for home use is increasing, emphasizing convenience for end users. The home-care setting application was valued at approximately USD 495 million in 2018.
Regional Insights
North America is expected to account for 50% of the market growth, with a growth rate of over 4% during the study period. The increasing prevalence of skin conditions such as eczema and skin cancer, along with the presence of major industry players, drives the growth of the light therapy market in North America.
In the Asia Pacific, the light bed therapy market was valued at over USD 175 million in 2018. Urbanization, changing lifestyles, and rising rates of depression and hypertension contribute to regional economic growth. Healthcare reforms in countries like China are expected to further propel the Asia Pacific light bed therapy market in the coming years.