by Photo rejuvenation devices are used for non-invasive aesthetic treatments to reduce signs of skin aging such as fine lines, wrinkles, dark spots, acne scarring and overall skin rejuvenation. These devices utilize different light technologies including intense pulsed light (IPL), light emitting diodes (LED) and lasers to stimulate collagen production and elastin in the skin. The global demand for aesthetic treatments is growing due to rising consciousness about appearance and availability of various non-invasive procedures. This has led to an increase in demand for photo rejuvenation devices for skin treatments.
The global Photo Rejuvenation Devices Market is estimated to be valued at US$ 0.93 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends witnessed in the global photo rejuvenation devices market size is the introduction of new innovative products with improved features. Manufacturers are focusing on developing devices that are less painful, provide faster results and have multi-application capabilities. For instance, in 2019, Cutera Inc. launched their Fraxis PRO fractional laser system with dual wavelength and enhanced UltraPulse DFX technology to treat both superficial and deep skin layers simultaneously. Similarly, companies are integrating various light technologies into single devices to widen their application areas. This is encouraging the adoption of advanced photo rejuvenation devices for a variety of aesthetic procedures.
Porter’s Analysis
Threat of new entrants: Low threat exists due to the presence of costly infrastructure for manufacturing established brands.
Bargaining power of buyers: Buyers have low bargaining power as many brands and treatments are available in the market.
Bargaining power of suppliers: The suppliers have moderate bargaining power as there are many suppliers for raw materials and components.
Threat of new substitutes: Moderate threat exists as new substitutes like laser hair removal, botox injections are gaining popularity.
Competitive rivalry: High as major players compete on the basis of technology, brand image and customer experience.
Key Takeaways
The global Photo Rejuvenation Devices market is expected to witness high growth. The global Photo Rejuvenation Devices Market is estimated to be valued at US$ 0.93 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031.
North America is dominating the market currently due to growing awareness about aesthetics and presence of major players. Asia Pacific is expected to witness fastest growth during the forecast period due to rising disposable income, growing middle class and increasing medical tourism.
Key players: Key players operating in the 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.
