The jet lag therapy device market is set to grow with a CAGR of 11.5% during the forecast period.
Market Insights
The global jet lag therapy device market is driven by the advancement in the science of the jet lag management. The jet lag management has evolved significantly over the years from pills and drugs to light box, wearable masks, ear plugs, and glasses. The intensive research activities by the market players with encouraging clinical trials have led to the development of the multiple devices to manage jet lag. This is the primary factor driving the growth of the market.
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Moreover, the health and economical impact of the jet lag has also encourages the development of the jet lag devices market. The health hazards caused to athletes and business owners is significantly high and amounts to approximately US$ 1,000.0 Mn annually. To address these issues the market players are focusing on developing more reliable solutions to reduce the impact of the jet lag.
The jet lag therapy devices are bifurcated based on the end-users into business travelers, cabin crew, athletes, seasonal travelers, and others. Business travelers are estimated to account for more than 40% share in the overall revenue. The frequent air travelling is the primary factor augmenting the demand of jet lag devices among business travelers. On the other hand, the demand across the athletes and sports persons is estimated to grow significantly during the forecast period.
The Asia Pacific is projected to grow at a CAGR of over 12% during the forecast period. The increasing middle class in the region is estimated to be the primary factor accelerating the growth of the market. Asia is the home more than 40% of the middle class population worldwide, and the number is further estimated to increase during the forecast period. Moreover, the rapidly growing aviation market in China and India also severs as a major driver for the growth of the market.
The major vendors in the jet lag therapy device market are Ayo (Novalogy), Chrono Eyewear BV, Inteliclinic, Litebook Co. Ltd., Lucimed S.A., Lumie, Nature Bright, Northern Light Technologies, Propeaq, Re-Time Pty Ltd., Valkee, and Verilux, Inc.
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Blue Light Devices is Estimated to Grow Significantly During the Forecast Period
The jet lag therapy device market is categorized based on the type into white light device, blue light device and others. The white light devices accounted for more than 45% share in the overall jet lag therapy devices market in 2018. The growth of the market is attributed to the wide spread adoption among the business class travelers. On the other hand, the blue light devices are estimated to grow significantly during the forecast period.
North America is Leading the Jet Lag Therapy Device Market
North America led the jet lag therapy device market with 35% share in the revenue in 2018. The growth of the market is attributed to large number of the air travelers in the region. It is justified by the fact that U.S. is the largest aviation market across the globe. Moreover, the high disposable income of the population in the region along with cheap airfares is the primary factor supporting the growth of the jet lag therapy devices in the region.
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