GLOBAL PHOTO REJUVENATION DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Global Photo Rejuvenation Devices Market size is expected to reach US$ 1,343.5 million by 2030, from US$ 527.4 million in 2023, at a CAGR of 14.3% during the forecast period. Photo rejuvenation devices are used for treating skin conditions through light-based technology. These devices improve skin tone and texture, reduce wrinkles, pigmentation, acne scars, and sun damage using lasers, intense pulsed light (IPL), radiofrequency (RF), and LEDs. The growth of this market is driven by rising awareness about safety and advantages of laser-based devices, growing popularity of non-invasive aesthetic treatments, availability of advanced photo rejuvenation devices, and increasing disposable income and changing lifestyles.

The global photo rejuvenation devices market is segmented based on product type, application, end user, and region. Based on product type, the IPL devices segment is expected to account for the largest market share during the forecast period owing to its ability to treat large areas and multiple conditions.

Global Photo Rejuvenation Devices Market Regional Insights:

• North America is expected to be the largest market for photo rejuvenation devices during the forecast period, which accounted for over 35.1% of the market share in 2022. The growth of the market in North America is attributed to the high adoption of advanced aesthetic devices, established healthcare infrastructure, and rising awareness about latest skin treatment technologies in the region.
• Europe market is expected to be the second-largest market for global photo rejuvenation devices, which accounted for over 22.7% of the market share in 2022. The growth of the market in Europe is attributed to the rising geriatric population, high disposable incomes, and increasing demand for non-invasive anti-aging treatments in the region.
• Asia Pacific is expected to be the fastest-growing market for photo rejuvenation devices, which is projected to grow at a CAGR of over 29.2% during the forecast period. The growth of the market in Asia Pacific is attributed to the expanding target patient pool, improving healthcare infrastructure, growing medical tourism, and increasing awareness about latest aesthetic devices in the region.

Figure 1. Global Photo Rejuvenation Devices Market Share (%), by Region, 2023

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Analyst’s Views:

The global photo rejuvenation devices market is poised to witness steady growth over the forecast period driven by rising consumer awareness about beauty treatments and increasing demand for non-invasive aesthetic procedures. The non-invasive nature and minimal downtime associated with photo rejuvenation treatments will continue attracting more patients. Additionally, growing affordability of these devices will boost their adoption rates.

The market is witnessing immense opportunities emerging from developing economies of Asia Pacific as their spending power on healthcare and beauty treatments rise. The APAC region is expected to be the fastest growing market owing to factors such as large patient pool, increasing medical tourism, and availability of cost-effective photo rejuvenation procedures. North America will continue dominating the global photo rejuvenation devices market. However high device costs and lack of reimbursement for aesthetic treatments limits its growth prospects.

While the market shows positive outlook overall, device recalls and lack of clinical studies act as restraints. Stringent regulatory approvals also delay new product launches. The market is highly competitive with the presence of both global and regional players. This puts pressure on pricing and promotion spending. However, growing inclination towards combination therapies utilizing multiple photo rejuvenation technologies will provide opportunities to differentiate product offerings and stay ahead of competition.

The mergers, acquisitions, and partnerships among players will intensify over the coming years to gain a stronger foothold in Asia Pacific and emerging regions.

Global Photo Rejuvenation Devices Market Drivers:

• Growing adoption of non-invasive aesthetic procedures: The rising preference for non-invasive aesthetic treatments over traditional surgical procedures is a key factor driving the photo rejuvenation devices market growth. These devices offer skin rejuvenation and renewal without surgery, lengthy downtime, and risk of complications. The minimal discomfort and quick recovery has led to the increased adoption of these non-invasive procedures among target demographics.
• Technological advancements in energy-based aesthetic devices: Continuous advancements in photo rejuvenation technologies, such as lasers, RF, IPL, and LED, have expanded the capabilities of these devices. The incorporation of novel light sources, optimized wavelengths, and enhanced interface cooling systems have enabled faster treatment, improved safety profiles, and ability to treat wider range of skin conditions. This is expected to boost the adoption of the latest generation photo rejuvenation devices.
• Rising disposable incomes and aesthetic consciousness: The increasing per capita expenditure on aesthetic procedures is attributed to the rising disposable incomes especially among urban populations. Along with greater affordability, the growing aesthetic awareness and desire to retain younger looking skin, especially among aging demographics is propelling the uptake of anti-aging skin rejuvenation treatments.
• Increasing prevalence of skin conditions: The rising cases of skin disorders and conditions, such as acne, hyperpigmentation, skin laxity, wrinkles, scars, and vascular lesions, is creating a huge demand for effective treatment modalities. Photo rejuvenation offers safe and effective treatment for such skin issues, which is expected to aid in the market growth.

Global Photo Rejuvenation Devices Market Opportunities:

• Untapped opportunities in emerging economies: The emerging markets in Asia Pacific, Latin America, Middle East, and Africa offer significant untapped opportunities for photo rejuvenation devices owing to the enormous population base, rising disposable incomes, and increasing consumer spending on aesthetic treatments. Players can focus on expanding their presence in these high potential markets.
• Combination therapies: The development of devices offering combination treatments by integrating multiple modalities, such as lasers, RF, and ultrasound, is gaining traction in skin rejuvenation. This provides synergistic effects of different technologies and enhances overall outcomes. Companies can focus on R&D in multi-technology platforms to capitalize on this opportunity.
• Strategic collaborations: Partnerships between device manufacturers, physicians, clinicians, and health facilities provide opportunities for expanding consumer reach and driving device commercialization. Moreover, collaborations allow leveraging complementary capabilities and gaining foothold across high-potential markets.

Global Photo Rejuvenation Devices Market Trends:

• Adoption of laser technology: Lasers are expected to gain increasing adoption over other light-based devices owing to precision targeting, lesser side effects, and ability to treat wide range of skin conditions effectively. Technological enhancements in laser devices coupled with new product launches will continue to support the market growth.
• Growing preference for non-ablative procedures: Non-ablative lasers, IPL, and RF devices are witnessing greater uptake over traditional ablative lasers for skin rejuvenation applications owing to their non-invasive nature, minimal downtime, and faster recovery. This has been a key trend driving the segment growth of non-ablative technologies.
• Combination therapy gaining traction: The combination of photo rejuvenation technologies such as IPL/laser along with other modalities like radiofrequency is gaining traction. This approach leverages synergistic effects of different treatments, enhances efficacy, and reduces the overall treatment duration, stimulating the market growth.
• Home-use devices gaining popularity: Home-use photo rejuvenation devices designed for consumer application are gaining popularity owing to convenience, cost-effectiveness, and easy availability. Leading companies are targeting this trend through the launch of compact and easy-to-use devices for home application.

Global Photo Rejuvenation Devices Market Restraints:

• High cost of devices: Photo rejuvenation devices, especially laser-based systems involve high installation and maintenance costs. Also, the treatment procedures using these devices are expensive. The high costs are a major adoption barrier
• Therapeutic challenges: Limitations in achieving desired therapeutic outcomes in conditions such as thick, deep wrinkles using non-ablative methods can inhibit adoption of therapeutic challenges. Moreover, the need for multiple treatment sessions is also a restraining factor impeding the market growth.
• Shortage of trained professionals: The lack of adequate skilled expertise required for operating sophisticated devices like lasers is posing a key challenge to the market growth. This necessitates the need for training and education programs to address the dearth of qualified technicians for driving device commercialization.

Figure 2. Global Photo Rejuvenation Devices Market Share (%), by Application, 2023

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Recent Developments:

New Product Approvals:

• On April 26, 2023, Galderma, a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) has approved Sculptra (injectable poly-L-lactic acid (PLLA-SCA)) for the correction of fine lines and wrinkles in the cheek area
• On April 29, 2021, Lumenis Ltd., a medical device company for ophthalmic, aesthetic, and surgical applications and the inventor of intense pulsed light (IPL) technology, announced that the U.S. FDA has granted De Novo authorization for Lumenis Ltd. newest IPL device for improving signs of dry eye disease due to Meibomian Gland Dysfunction (MGD).

New Product Launches:

• On May 10, 2021, AbbVie, a pharmaceutical company, acquired Soliton, Inc., a medical device company, gaining access to its Resonic device which uses rapid pulses of acoustic shockwaves to address aesthetics indications including cellulite
• On March 8, 2021, Bausch Health Companies Inc., is a Canada based multinational specialty pharmaceutical company and its Solta Medical business, a global leader in the medical aesthetics market, announced the U.S. launch of the Clear + Brilliant Touch laser, the company's next generation Clear + Brilliant laser. The Clear + Brilliant Touch laser delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths. By seamlessly switching between two wavelengths with the Original and Perméa handpieces, physicians can now more easily deliver a more complete treatment during a single appointment.

Top Companies in the Global Photo Rejuvenation Devices Market:

• Asclepion
• Cynosure
• Lumenis Be Ltd.
• Candela Corporation
• Lynton Lasers Ltd
• En. S.p.A.
• Fotona
• Cutera
• STRATA Skin Sciences
• Lutronic Corporation
• Sciton
• Alma Lasers
• LASEROPTEK
• Quanta System
• SharpLight Technologies Inc.

Definition: The global photo rejuvenation devices market refers to the market involving the manufacturing, development, and sale of aesthetic devices that use light-based technology such as lasers, RF, IPL, and LED to improve skin appearance and texture. These devices offer non-invasive treatment for conditions like fine lines, wrinkles, pigmentation, vascular lesions, acne scars, and uneven skin tone. The market is driven by the growing preference for non-surgical anti-aging treatments owing to various advantages like minimal downtime, improved results, and quicker recovery. With technological advancements and new product launches, the photo rejuvenation devices market is witnessing robust growth worldwide.