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 10. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photo rejuvenation devices utilize different types of light energy such as lasers, intense pulsed light, and light-emitting diodes for skin rejuvenation. These devices are used to treat various skin concerns such as wrinkles, skin laxity, uneven pigmentation, acne scars, and photodamage. They help stimulate collagen production and reduce fine lines and wrinkles providing a more youthful appearance.
Market key trends:
Increased consumer spending on aesthetics and rising adoption of non-invasive procedures are majorly driving the growth of the global photo rejuvenation devices market. Key players are focusing on continuous innovations by launching new devices with advanced technologies. For instance, in 2019, Cynosure introduced TempSure Envi from its portfolio of laser, light, and radio frequency based energy-based aesthetic devices. It offers fractional RF skin tightening in a single treatment. Growing medical tourism in developing nations is also expected to create lucrative opportunities over the forecast period.
Porter's Analysis
Threat of new entrants: The global photo rejuvenation devices market is dominated by few major market players which makes the entry of new players difficult due to high capital requirement.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of alternative treatment options. However, growing awareness is shifting buyers' preference towards non-invasive procedures.
Bargaining power of suppliers: Presence of numerous device manufacturers reduces the bargaining power of suppliers in the market.
Threat of new substitutes: Threat from new substitutes is moderate as photo rejuvenation serves as an effective alternative to conventional surgical processes.
Competitive rivalry: Intense competitive rivalry exists among existing players to gain higher market share.
SWOT Analysis
Strength: Photo rejuvenation devices offer non-invasive aesthetic treatments with minimal downtime. Growing demand for aesthetics has boosted the market strength.
Weakness: High cost of devices limits their adoption in developing regions. Requirement of trained professionals also poses operational challenges.
Opportunity: Rising medical tourism and increasing disposable incomes in emerging nations provide major market opportunities.
Threats: Presence of alternative skin treatments poses a threat. Stringent regulatory framework in some regions increases compliance challenges.
Key Takeaways
Global Photo Rejuvenation Devices Market Size is expected to witness high growth at a CAGR of 10% over the forecast period, due to rising consciousness about physical appearance and increasing medical tourism globally.
Regionally, North America dominated the global market in 2023 due to early availability of novel technologies and rising preference for non-invasive procedures. Asia Pacific is anticipated to exhibit the fastest growth through 2030 on the back of growing medical tourism and rising per capita incomes in the region.
Key players operating in the global photo rejuvenation devices market are Cynosure, Lumenis, Syneron Medical, Lynton Lasers, EL.En. S.p.A., Fotona, Cutera, Strata Skin Sciences, Lutronic Corporation, Sciton, Alma Lasers, Venus Concepts, Asclepion Laser Technologies, Laseroptek, Quanta System, SharpLight Technologies, Aerolase, HONKON, LISA Laser Products, MeDioStar. These players primarily focus on new product launches and expansion strategies to gain higher market shares.
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