The global photorejuvenation equipment market, valued at US$ 2,046.8 million in 2021, is on a trajectory for significant expansion in the forthcoming years. Market projections indicate that by 2022, the industry is expected to reach US$ 2,182.3 million, with a forecasted surge to US$ 3,168.6 million by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 6.4%.
This exponential growth is underpinned by the evolution of laser technology, which has revolutionized the landscape of aesthetic treatments. The accessibility and effectiveness of these treatments have witnessed a substantial surge, propelling the demand for photorejuvenation equipment on a global scale. As technological advancements continue to unfold and the prevalence of skin-related concerns escalates, the utilization of photorejuvenation equipment is anticipated to become even more pervasive.
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Scarring is caused by the rising frequency of skin issues. Permanent scarring is one of the significant physical changes brought on by acne. In addition, acne affects around 85% of persons between the ages of 12 and 24. Laser resurfacing is the most popular non-invasive treatment for acne scars. In dermatology, the use of photorejuvenation equipment to treat a range of skin problems is widely accepted. Thus, during the course of the projection period, the market for photorejuvenation equipment will rise due to the rising prevalence of these skin issues.
Manufacturers are using strategic methods to expand the market for their products in the photorejuvenation equipment sector. With frequent product approvals and improvements in photorejuvenation equipment technology, rising demand for photorejuvenation equipment for non-invasive photorejuvenation treatments is further boosting strategic actions like mergers and collaboration agreements among manufacturers and fostering the growth of the photorejuvenation equipment market.
Businesses in the photorejuvenation equipment market are also persistently concentrating on expanding the reach of the photorejuvenation equipment globally. As a result, they are using distribution agreements as part of their expansion plan in order to capture the largest possible revenue share in the market for photorejuvenation equipment. The development of numerous cosmetic treatment applications made possible by advances in laser technology over the years has also aided in the expansion of the global photorejuvenation equipment market.
Increasing healthcare spending is an indicator of improvement in the healthcare setting as a whole. Increase in the budget of hospitals would indicate the use of better quality equipment’s and thus drive the growth of the global photorejuvenation equipment market. According to the IMF, healthcare spending is expected to increase by over 6% yearly, based on the current GDP forecast.
Key factors driving the growth of the photorejuvenation equipment market include:
- Aging Population: The global population is aging, leading to an increased demand for anti-aging and skin rejuvenation treatments.
- Non-Invasive Procedures: Many individuals prefer non-surgical and minimally invasive treatments like photorejuvenation to avoid the risks and downtime associated with surgery.
- Advancements in Technology: Ongoing research and development efforts have led to the development of more effective and safe photorejuvenation devices.
- Rising Beauty Consciousness: People are becoming more conscious of their appearance and are willing to invest in cosmetic treatments to maintain youthful skin.
- Increasing Disposable Income: As disposable income levels rise, more individuals can afford cosmetic procedures, driving market growth.
- Regulatory Approvals: Regulatory approvals and safety certifications for these devices are crucial for market growth as they instill trust in both healthcare providers and patients.
- Medical Tourism: Medical tourism destinations offering affordable cosmetic procedures are contributing to the market’s growth.
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The company’s report tracks some of the key companies operating in the photorejuvenation equipment market, such as:
- Hologic Inc. (Cynosure, Inc.)
- Lumenis
- Syneron Medical Ltd.
- Lynton Lasers Ltd
- EL.EN. S.p.A. (Deka Mela S.r.l.)
- Fotona, Cutera, Inc.
- Lutronic Corporation
- Beijing Nubway S & T Co., Ltd
Key Segments Covered in the Photorejuvenation Equipment Report:
Photorejuvenation Equipment by Product Type:
- Intense Pulse Light (IPL)
- Laser Equipment
- Ablative Fractional Laser
- CO2 Laser
- Erbium YAG Laser
- Non-Ablative Fractional Laser
- Nd: YAG Laser
- Er: Glass Laser
- Others
- LED Equipment
Photorejuvenation Equipment by End User:
- Hospitals
- Dermatology Clinics
- Wellness Centres
- Laser Therapy Centres
- Home Care Settings
Photorejuvenation Equipment by Modality:
- Standalone Photorejuvenation Equipment
- Handheld/Portable Photorejuvenation Equipment
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