May 24, 2024
Photo Rejuvenation Devices Market

The Growing Global Photo Rejuvenation Devices Market is Driven by Increased Awareness Regarding Aesthetic Procedures

Photo rejuvenation devices are medical devices that utilize light energy such as laser, intense pulsed light, and LED for skin rejuvenation through various treatment procedures like hair removal, wrinkles treatment, skin resurfacing and others. These minimally-invasive procedures are gaining popularity as they effectively treat skin conditions and eliminate the need for prolonged downtime associated with traditional invasive procedures. With advancement in technology, new photo rejuvenation devices are introduced that effectively perform various aesthetic procedures with increased safety and efficacy.

The global photo rejuvenation devices market offers a wide range of products such as multi-application photo rejuvenation devices that can perform different procedures like hair removal and skin rejuvenation. These versatile devices are preferred by practitioners to treat multiple concerns. Furthermore, fractional photo rejuvenation devices employ light therapy to stimulate natural collagen production, reducing fine lines and wrinkles. This leads to younger and rejuvenated skin with minimal side effects.

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 key trends:
One of the key trends in the global photo rejuvenation devices market is the growing demand for at-home devices. Several companies are now offering photo rejuvenation devices that can be used safely at home under dermatologist supervision. This makes treatment more convenient and accessible to customers. Another major trend is integration of new light-based technologies in photo rejuvenation devices such as pulsed light, laser and LED for enhanced results. Manufacturers are focusing on innovations to introduce devices that perform efficiently with minimal side effects. This is increasing the adoption of photo rejuvenation procedures globally.

Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand recognition create barriers for new companies to enter the market.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of influence over prices. However, large pharmacy chains can negotiate lower prices in bulk purchases.
Bargaining power of suppliers: The market has several device manufacturers supplying patented technologies, giving each supplier some market power over price setting.
Threat of new substitutes: New energy-based treatments pose a minimal threat currently due to high investment required and limited clinical benefits over existing photo rejuvenation devices.
Competitive rivalry: Major players compete on device efficiency, treatment effectiveness and brand reputation. Market fragmentation leads to intense competition.

Key Takeaways

Global Photo Rejuvenation Devices Market Demand 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 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. These companies invest heavily in R&D to launch novel, effective products and expand their global footprint through strategic collaborations.

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