Photo rejuvenation devices such as intense pulsated light (IPL) devices, laser resurfacing devices, and light therapy devices are increasingly being used for non-invasive and minimally invasive skin treatments. These devices help reduce signs of aging such as wrinkles, fine lines, dark spots, and scars. IPL devices perform procedures such as photorejuvenation, which uses pulses of light energy to stimulate the production of collagen in skin. Laser resurfacing devices use highly concentrated beams of light to remove the top layers of aged and damaged skin. Light therapy devices use specific wavelengths of light to treat various dermatological conditions. Growing consumer demand for aesthetic procedures and rising disposable income levels in developing nations are fueling the adoption of non-invasive aesthetic treatments. This is driving the demand for photo rejuvenation devices.
The global Photo Rejuvenation Devices Market is estimated to be valued at US$ 0.8 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of non-invasive and minimally invasive aesthetic treatments mentioned in the heading is one of the key drivers of the photo rejuvenation devices market. Non-invasive procedures have lower perceived risks, shorter recovery times, and improved outcomes compared to invasive surgeries. This makes them an attractive option for individuals seeking aesthetic treatments. With rising health awareness, individuals are increasingly opting for skin rejuvenation treatments that employ modern technologies to obtain youthful and glowing skin. This is fueling the demand for photo rejuvenation devices.
Another driver is the growing body of clinical evidence validating the efficacy and safety of photo rejuvenation procedures. Various clinical studies have proven the ability of IPL, laser resurfacing, and light therapy procedures to effectively reduce signs of aging, acne scars, sun damage, and other dermatological conditions. Demonstrating treatment outcomes boosts consumer confidence in these procedures and increases the uptake of procedures that employ photo rejuvenation devices. This accelerates revenue growth of the global photo rejuvenation devices market.
Segment Analysis
The global photo rejuvenation devices market can be segmented into different types such as intense pulsed light (IPL), laser equipment, and LED equipment. Among these, the IPL segment dominates the market and accounts for over 40% share owing to its wide application in treating conditions such as sun damage, redness reduction, skin tightening, etc. IPL delivers pulsed light that penetrates and heats the dermis layer of the skin without damaging the outer epidermis layer. This results in collagen production and elastin tightening for skin rejuvenation.
PEST Analysis
Political: The regulations governing the usage and marketing of photo rejuvenation devices vary across countries. Stringent regulations in some parts of the world can hamper the growth prospects.
Economic: Rising disposable incomes coupled with growing awareness about aesthetic procedures are fueling the demand. The affordable costs of treatments also support the market expansion.
Social: Increasing social acceptance of cosmetic treatments is positively impacting the market. People are more open about undergoing minor procedures to improve appearance.
Technological: Advancements are allowing devices to deliver treatments in less time with minimal side effects. Touchscreen interfaces and improved precision are enhancing the user experience.
Key Takeaways
The global photo rejuvenation devices market share is expected to witness high growth.
Regional analysis: North America dominates the global market and is expected to maintain its lead position during the forecast period. This can be attributed to advanced healthcare infrastructure and rising expenditure on aesthetic treatments in the region.
Key players: Key players operating in the global photo rejuvenation devices market are Mylan N.V., Bristol-Myers Squibb, Dr Reddy’s Laboratories, Teva Pharmaceuticals USA, Inc., AstraZeneca, Genentech, Eli Lilly and Company, Panacea Biotec, CHIESI USA, Inc., Lupin, Cipla, and Biocon. Major players are focusing on new product launches and geographic expansions to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
