Photo rejuvenation devices are light therapy devices used for non-invasive skin treatments to reduce signs of aging such as fine lines, wrinkles, skin laxity, sun damage, acne scars, and pigmented lesions. Various products such as Intense Pulsed Light (IPL) devices, laser devices, LED therapy devices, and excimer lasers are available and help revitalize the skin by stimulating collagen production. The demand for non-invasive cosmetic treatments over surgical procedures is rising due to advantages such as minimal downtime and lower costs.
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 Opportunity:
Growing Awareness of Non-Invasive Cosmetic Procedures
The awareness regarding non-invasive cosmetic treatments over surgical procedures is increasing globally due to benefits such as minimal downtime, lower costs, and lesser risks involved. According to estimates by the American Society of Plastic Surgeons, around 18.1 million cosmetic procedures were carried out in 2019 in the United States alone. Among non-surgical procedures, laser hair removal saw a 6% rise while botox saw a 7% increase from the previous year. The advancements in technology are leading to development of more effective light and laser-based devices for skin rejuvenation which is further driving the demand. Growing youth population, rising disposable incomes, and increasing social media influence are expected to continue pushing the demand for photo rejuvenation therapies during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement for Photo Rejuvenation Devices but presence of major players makes entry difficult.
Bargaining power of buyers: Buyers have high bargaining power due to availability of devices from multiple vendors.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material suppliers and components producers.
Threat of new substitutes: Threat of new substitutes is low as Photo Rejuvenation offers non-invasive treatment option.
Competitive rivalry: High due to presence of global and regional vendors offering low cost devices.
SWOT Analysis
Strength: Non-invasive cosmetic treatments, rising aesthetic concerns, growing medical tourism.
Weakness: Huge capital investments, limited medical reimbursements, lack of skilled professionals.
Opportunity: Expanding middle class in emerging nations, growing awareness through social media & influencers.
Threats: Economic slowdowns, stringent regulations & safety standards, social stigma regarding cosmetic procedures.
Key Takeaways
Global Photo Rejuvenation Devices Market Demand is expected to witness high growth due to rising aesthetic consciousness and growing medical tourism industry.
Regional analysis focuses on developing Asian countries such as China and India where increasing disposable incomes and growing middle class are driving the demand for non-invasive aesthetic treatments.
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.
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