July 21, 2024

The Global Photo Rejuvenation Devices Market Is Propelled By Rising Demand For Minimally Invasive Cosmetic Procedures

The global photo rejuvenation devices market consists of various light-based medical aesthetic devices that are used for skin rejuvenation. Various photo rejuvenation devices such lasers, intense pulsed light (IPL), and light-emitting diodes (LED) are used for conditions like skin resurfacing, wrinkle reduction, acne treatment, hair removal and other cosmetic procedures. These devices offer non-surgical and minimally invasive procedures to reduce the appearance of lesions, blemishes or wrinkles. 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising demand for minimally invasive cosmetic procedures: The key trend fueling the growth of global photo rejuvenation devices market is rising consumer preference for minimally invasive cosmetic procedures over surgical procedures. Factors like lesser downtime, lower costs, minimal risks of complications are increasing the popularity of light-based photo rejuvenation treatments for skin issues. Various advanced photo rejuvenation technologies are enabling quick and effective treatments while avoiding hospital stays, pain and visible scarring associated with conventional cosmetic surgeries. This rising demand is subsequently driving the demand for photo rejuvenation devices.

SWOT Analysis
Strength: Photo rejuvenation devices offer non-invasive skin treatment procedures with minimal side effects and faster recovery time. This is preferred over other surgical procedures.
Weakness: High cost of photo rejuvenation treatments limits their adoption. Lack of reimbursement and insurance coverage for cosmetic procedures also hinders market growth.
Opportunity: Rising geriatric population and greater demand for anti-aging treatments present an opportunity. Growing medical tourism in developing regions further expands the market scope.
Threats: Social stigmas and reluctance associated with cosmetic procedures act as a threat. Presence of alternative low-cost treatment options further intensifies the competition.

Key Takeaways
The global photo rejuvenation devices market demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size was valued at US$ 0.8 Bn in 2023 and is projected to grow at a CAGR of 3.8% during the forecast period.

Regional analysis: North America dominates the global market and is expected to maintain its leading position over the forecast period. This can be attributed to the greater awareness about aesthetics, higher disposable income, and well-established healthcare infrastructure. Asia Pacific is anticipated to witness fastest growth due to improving accessibility of treatment and influx of medical tourists in countries like India, Thailand, and China.

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. These key players focus on new product launches and increasing their geographical presence to strengthen their market positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it