The red light therapy (RLT) market has grown by nearly 40% since 2018, to its current estimated value of over $1.2 billion, an indication of the major results this new and innovative therapy provides.
Scott Chaverri, CEO of Mito Red Light and his team, were interested in fighting out just much the RLT market has grown, and will grow in the next five years, so they conducted their own study.
Using data from various sources, Mito collected data on the red light therapy market value from 2018 to 2024. They then predicted the growth rate from 2025 to 2030, using the most recent compound annual growth rate (CAGR) of 5.4%. They multiplied the market value of each year by 1.054 to calculate the following year’s predicted market value.
Related: Top Revolutionary Ways to Utilize Red Light Therapy
How Much The Market Grew
Between 2018 and 2024, the RLT market grew from $871,700,000 in 2018 to $1,240,000,000 in 2024, an increase of nearly 40%. The only year that saw a decrease in growth rate rather than an increase was 2020, most likely due to the COVID-19 pandemic. Every other year saw an increase in growth; the smallest increase was 2.57% in 2019, while the largest was 17.45% in 2023.
“RLT has been expanding in several ways over the last five years,” says Chaverri. “One of the biggest changes was the move to at-home treatments. While previously RLT could only be administered in specialist clinics, advancements in the technology mean that now consumers can buy products like panels and belts that can be used at home, opening up a whole new market.”
How The Market Will Continue To Grow
Mito’s data predicts that the RLT market will continue to grow, potentially reaching a high of $1,700,064,311 by 2030. Their prediction uses a set 5.40% Compound Annual Growth Rate (CAGR), which is a way to measure how much something grows, on average, per year over a specific period, assuming the growth happens at a steady rate.
“As more research is done into RLT, more and more applications for the treatment are discovered. This growing diversity of applications could see RLT expand into multiple industries, such as sports and personal fitness or mental health treatment," said Chaverri. "Growing awareness of RLT’s benefits for treating skin conditions, for example, could see RLT manufacturers being able to tap into the extremely lucrative beauty market.”
