by Photo rejuvenation devices are medical devices used to perform non-invasive treatments for skin pigmentation, wrinkles, acne scars and other photoaging symptoms. These devices use various technologies such as IPL (intense pulsed light), laser, LED (light emitting diode) to treat skin rejuvenation needs. Non-invasive nature, minimal side-effects and faster recovery time are some of the advantages of photo rejuvenation treatments which are driving the demand.
The Global Photo Rejuvenation Devices Market Share 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 2030.
Key Takeaways
Key players operating in the Global Photo Rejuvenation Devices 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. Increasing medical tourism and growing demand for aesthetic treatments especially in emerging economies provide key opportunities in the market. North America dominates currently due to rapid adoption of new technologies followed by Western Europe and Asia Pacific regions.
Key opportunities in the market include rising disposable incomes in emerging economies allowing more customers to opt for aesthetic treatments, increasing social media influence encouraging people to look younger and growing medical tourism industry. The Global Photo Rejuvenation Devices Market is expanding rapidly with key players focusing on geographic expansion plans to expand in high potential emerging countries.
Market drivers
The growing demand for non-invasive cosmetic procedures is one of the major drivers of the Global Photo Rejuvenation Devices Market. Non-invasive aesthetic treatments have advantages over invasive surgeries such as shorter recovery time, minimal risks and lower costs. Changes in lifestyle and increasing focus on looks are encouraging people to opt for periodic aesthetic treatments. Photo rejuvenation using technologies like IPL, laser and LED addresses multiple aesthetic concerns effectively with minimal downtime encouraging its adoption.
PEST Analysis
Political: Governments worldwide are focusing on improving healthcare infrastructure and increasing healthcare spending which is positively impacting the growth of photo rejuvenation devices market. Some countries have regulations regarding the usage of certain devices which manufacturers have to adhere to.
Economic: Stable economic growth in developing nations is increasing disposable incomes leading to higher expenditure on aesthetic procedures driving the demand for photo rejuvenation devices. The high cost of these devices can negatively impact the market.
Social: Growing social acceptance of medical aesthetics and rising self-esteem and self-confidence is fueling the adoption of non-invasive cosmetic procedures propelling the photo rejuvenation devices market. Social media is promoting beauty standards increasing the need for anti-aging treatments.
Technological: Constant innovation is leading to the development of new photo rejuvenation technologies and devices with advanced features, improved efficacy, reduced treatment duration and enhanced safety profiles. Portable devices are also being introduced.
Geographical regions with higher market value concentration
The North America region dominates the global photo rejuvenation devices market in terms of value owing to factors like rising aesthetic consciousness, availability of advanced healthcare infrastructure and more disposable incomes in countries like the US and Canada. The growing geriatric population requiring anti-aging treatments also drives the regional market.
Fastest growing region
The Asia Pacific region is projected to be the fastest growing market for photo rejuvenation devices during the forecast period. This can be attributed to increasing medical tourism, growing middle class incomes, rising standards of living and emergence of local manufacturers in developing countries like India, China and Japan. Favorable government initiatives are also promoting the healthcare industry in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
