Photorejuvenation Devices Market Expected to Reach $1,543.5 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Photorejuvenation Devices Market," The photorejuvenation devices market size was valued at $587.44 million in 2021, and is estimated to reach $1,543.5 million by 2031, growing at a CAGR of 10.4% from 2022 to 2031. Photorejuvenation is a broad category that includes a variety of non-invasive cosmetic procedures that use the natural energy of light to improve the condition of the skin. This procedure helps to tackle redness and brown spots on the face and is also called a "photo facial" or "intense pulsed light" (IPL) procedure. It is a non-invasive procedure that makes the face look more youthful by removing sun damage, and signs of rosacea, and reducing pores or acne spots.

It is highly recommended for those who have various skin problems, such as rosacea, stretch marks, hyperpigmentation or brown spots, or the darkening of the skin due to the overproduction of skin pigment called melatonin, wrinkles, spider veins, which are caused by dilated capillaries, melasma, or blotchy, gray, or brown patches on the face (also known as chloasma), freckles, age and sun spots, and visible or broken capillaries.

The rise in the prevalence of skin disorders, which cause scarring, is one of the key factors driving the Photorejuvenation Devices Market growth. For instance, according to the Institute of Health Metrics and Evaluation, skin diseases contributed to 4.86 billion incident cases around the world in 2019. Moreover, age is a factor in the prevalence of skin disorders. As one gets older, the risk of acquiring a skin disorder increases due to the changes in connective tissue, the reduction in the skin’s strength and elasticity, as well as the reduction in secretions from sebaceous glands. According to a report published by the Asia Development Bank, it has been estimated that Asia-Pacific’s elderly population is projected to reach 923 million by 2050. Additionally, a few photorejuvenation devices market trends such rise in the number of people and an increase in the adoption of non-invasive photorejuvenation equipment with fewer side effects have also led to an increase in demand for technologically advanced photorejuvenation devices that propel the growth of the market. Furthermore, the surge in investments in R&D activities by pharmaceutical companies for the development of technologically advanced medical devices boosts the Photorejuvenation Devices Market share.

However, the high risk associated with photorejuvenation devices, such as the burning of skin during treatments for skin resurfacing, skin rejuvenation, and other facial treatments, has been a major source of concern. The side effects of such injuries are sometimes extensively severe, leading to permanent and disfiguring injuries. This is one of the major barriers to the growth of the market. Emerging economies such as India, China, Mexico, and Brazil are anticipated to create new opportunities during the forecast period owing to the rising population, rapid increase in the prevalence of skin cancer, and lack of healthcare facilities in underdeveloped and developing nations.  

On the basis of type, the Photorejuvenation devices industry is segmented into intense pulsed light, laser equipment, and LED equipment. In 2021, the laser equipment segment accounted for the largest share of the market. The dominance of this segment can be attributed to rising in the demand for laser-based equipment for aesthetic procedures.

The intense pulsed light segment is anticipated to be the fastest-growing segment during the forecast period, owing to a rise in the prevalence of skin disorders and an increase in the demand for non-invasive intense pulsed light (IPL) technology.   

On the basis of modality, it is bifurcated into a standalone photorejuvenation device and a portable photorejuvenation device. In 2021, the standalone photorejuvenation device segment accounted for the largest share of the market. The dominance of this segment can be attributed to the advantages offered by standalone photorejuvenation devices such as standalone laser devices that have a single wavelength and a small variety of applicators.

The portable photorejuvenation device segment is anticipated to be the fastest growing segment during the forecast period, owing to the benefits offered such as they are designed to be easily moved from one place to another and can be easily accessible from remote places where the person can't be brought to the cosmetic clinic or hospital setups.

On the basis of end-user, the photorejuvenation equipment market is segmented into hospitals, dermatology clinics, and others, the hospital segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in the prevalence of skin disorders and an increase in demand for photorejuvenation treatment is best suited for patients with chronic sun damage, and rosacea is the key factors that drive the growth of the market in upcoming years.

The clinic's segment is anticipated to be the fastest growing segment during the forecast period, owing to the rise in the prevalence of dermatological problems, with a large number of patients seeking treatment at specialized dermatological centers boosting the growth of the market.

North America accounted for a majority of the photorejuvenation device market share in 2021 and is anticipated to remain dominant during the forecast period. Owing to the high adoption rate of technologically advanced medical devices, increase in healthcare expenditure, and presence of major key players in the country and the strategies they adopt for the development of photorejuvenation devices to provide better skin care facilities. 

Asia-Pacific is expected to register the fastest CAGR during the forecast period. The market growth in the Asia-Pacific region is supplemented by highly populated countries along with a high prevalence of skin-related disorders. In addition, the increasing demand for aesthetic products due to a rise in awareness among the population toward enhancing their appearance have to surge the demand for photorejuvenation devices which provide lucrative opportunities for market growth. 

Key players operating in the global photorejuvenation devices market are, Hologic, Lumenis, Candela Corporation, Lynton Lasers Ltd., Cutera, Lutronic Inc, Nubway, Fotona, Biolitec AG, and Deka Laser.

KEY FINDINGS OF THE STUDY

• By type, the laser equipment segment was the highest contributor to the market in 2021.
• By modality, the standalone photorejuvenation device segment was the highest contributor to the market in 2021.
• By end user, the hospital segment was the highest contributor to the market in 2021.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 11.8% during the forecast period.