Factors behind $2,500 million Photorejuvenation Devices Market growth, by 2025
Latin America photorejuvenation devices market accounted for more than 14% revenue share in 2018 and is assessed to witness a significant CAGR by 2025. Growing medical tourism in Brazil coupled with the availability of technologically advanced aesthetic devices is anticipated to drive the regional revenue growth. Moreover, the presence of favorable exchange rate of cosmetic surgeries at very competitive prices boosts the adoption of cosmetic procedures devices in region. According to the World Health Organization (WHO), Brazil has the best healthcare system in Latin America and ranks among the top countries, for the same, in the world.
North America photorejuvenation devices market held more than USD 500 million in 2018 and will grow substantially during the forecast period. The North America region is anticipated to hold maximum market share in the market due to the continuous advancements of technology in the aesthetic industry. Furthermore, the growing advent of social media in the region is making information available to everyone, which is making people more aware of cosmetic procedures. Rising awareness among the general population about the cosmetic procedures are likely to pose a positive impact on the sales of cosmetic procedures devices in the region, resulting in considerable growth in the market size.
The hospitals segment will witness robust growth during the forecast timeframe. The growing prevalence of skin problems and number of surgical procedures will augment segmental growth. Furthermore, cost-effective portable photorejuvenation devices provided by various government hospitals in middle-and-low income countries will act as a positive impact rendering factor in the segment growth.
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The portable photorejuvenation devices segment is anticipated to hold a significant revenue share in 2018 and is projected to witness the growth of 6.8% over the forthcoming years. The segment growth due to the rising preference of portable devices over standalone devices among healthcare professionals. Portable devices minimize the number of sessions required for aesthetic treatment and similarly, reduce treatment cost and hospital stays.
Intense Pulsed Light (IPL) product segment accounted for more than 40% revenue share in 2018 and is expected to witness similar growth trend over the forecast years. The first intense pulsed light medical device aimed to benign vascular lesions was commercially launched in 1994. Since then, IPL devices became widely preferred product for cosmetic procedures. Some of the advantages of IPL devices are robust technology, lower purchase price, versatility, and minimum risk of serious adverse effects.
Some of the notable business players operating in the photorejuvenation devices market include Hologic (Cynosure), Lumenis, Syneron Medical, Lynton Lasers, EL.EN. S.p.A. (Deka Mela S.r.l.), Cutera, Fotona, Lutronic Corporation, and Beijing Nubway S & T.
Global Photorejuvenation Devices Market is set to achieve 6.6% CAGR from 2019 to 2025; according to a new research report by Global Market Insights, Inc. growing disposable income and consumer awareness in the developing region has augmented the installations of medical aesthetic devices. Moreover, favorable reimbursement scenario in developed regions for various cosmetic surgical procedures will surge industry demand over the coming years. Growing awareness regarding reduced side effects of cosmetic procedures with photorejuvenation devices among the population will further increase the adoption rate of medical aesthetic devices. However, high cost of laser devices might hamper photorejuvenation devices market growth.
Photorejuvenation devices market growth is majorly driven by increasing demand for non-invasive procedures due to rise in prevalence of skin problems. The rising number of aesthetic problems is significantly increasing the adoption of medical aesthetic devices. Presently, majority population from the upper-middle-class group are opting for cosmetic procedures to increase their self-esteem and self-confidence.