Photorejuvenation Equipment Market Segment Analysis- By Product
The photorejuvenation equipment market is bifurcated into tree subcategories namely- Intense Pulsed Light, Light Emitting Diode and Laser Treatment. Intense Pulsed Light dominated the market in the year 2020. The reason associated with a surge in demand was an increase in skin diseases in the geriatric population. The technology of Intense Pulsed Light uses a broad spectrum of lights which potentially delivers higher energy than LED, which makes it a proficient method. Owing to the higher energy, the light is absorbed by the skin more deeply. The demand for intense pulsed light is to treat hard marks such as port-wine stains or vascular lesions. Melanoma, malignant skin cancer has struck Europe and North America and the numbers are bound to grow at a higher rate. As of 2018, the total number of patients who were suffering from cancer was 144,200, which is estimated to grow at a rate of 3-7% in the majority of the European countries. Treatment from intense pulsed light has been widely used to mend cancer at the early stage, thereby preventing death by a margin of 95%.
The intense pulsed light will grow at the fastest CAGR of 7.4% over the forecast period of 2021-2026. This is owing to the greater benefits the IPL form offers over the LED. IPL treatment has the capacity to deliver a variety of wavelengths which in turn makes it a favorable choice for the patients with varied diseases and conditions. IPLs demand will also be fueled by their use to cure skin cancer.
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Photorejuvenation Equipment Market Segment Analysis- By Application
By application, the photorejuvenation equipment market is separated into the following categories- skin diseases, birthmark removals, hair removal and others. Skin Diseases dominated the segment in the year 2020. The rising demand for the following subsegment was subject to a rise in cases of acne, skin cancer, atopic dermatitis, rosacea in the geriatric population. In the USA, Skin Cancer is the most common form of cancer, with staggering numbers of 9500 cases per day. Of which, melanoma is found to be present in 1 million of the entire population, and the number for which are continually increasing. Laser therapy and IPL are the most common techniques to cure cancer at early stages. Atopic Dermatitis, another skin disease is prevalently found in the region of North America- with a probability of 10% throughout ones lifetime. Atopic Dermatitis, can be treated with photorejuvenation techniques.
The application segment of skin diseases at the fastest CAGR of 7.8% over the forecast period of 2021-2026. With elevated pollution levels, and a higher exposure to ultraviolet rays, the skin cancer numbers will increase at a rapid rate in the coming decades.
Photorejuvenation Equipment Market Segment Analysis- By Geography
North America has dominated the regional segments for the year 2020 and had a market share of 38.1%. It is also positioned favourably for the years ahead. The reason for higher demand in the following geography is attributed to the rising skin diseases in the geriatric population. The USA elder population is set to outgrow the younger population by the year 2044, which in turn will make the cases for skin diseases prevalent in the demography. Another reason for a higher demand is owing to higher cases of atopic dermatitis in the younger population. With an increase in disposable income, the population will be able to procure skin therapy sessions such as photorejuvenation which will, in turn, propel the market forward.
Photorejuvenation Equipment Market Drivers
Safe and Non-Invasive
While comparing it to other skin treatments like chemical peel the procedure for performing the photorejuvenation is safe, and patients almost have no side effects following the procedure. The following methods provide a pain equivalent of a snapped rubber band, and most patients feel comfortable and safe throughout the procedure.
Less time consuming
The sessions are generally short in time and are often less time consuming than other skin therapies and treatments. The use of LED lights and Intense pulsed light covers a broader area of the affected skin, which in turn helps the procedure time to be cut short.
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Photorejuvenation Equipment Market Challenges
Higher Costs involved
The costs involved in the procedures are comparatively higher than chemical peels and other skill-related treatments. Typically the cost for taking a professional IPL treatment is $400-$600 for each visit while the cost involved for the procedure such as chemical peel is around $150-$200. The following challenge can hamper the market growth.
The industry has adopted strategies such as mergers and acquisitions, product launches and developments to propel the industry. The top 10 companies operating in the photorejuvenation equipment market are Abbott Medical Optics, Biolitec AG, Lumenis Ltd., Candela Corporation, Erchonia Medical, LISA Laser Products, Alcon Inc, Deka Laser, Nidek Company Ltd, and Vascular Soultion Inc.
In February 2020, Venus Concept launched a product by the name of Venus Viva. The product positions the company on the topmost tier, as the product offers solutions for photorejuvenation with minimal downtime. The added applications for Venus Viva is that it can assist in ablation and resurfacing of the skin, and also can be used as a non-invasive wrinkle reduction technique.
North America will reign over the photorejuvenation equipment market owing to the rising geriatric population, and the associated skin diseases.
Photorejuvenation offers benefits over other skin therapy procedures, which makes its future look optimistic.
Strength, Weaknesses, Opportunities and Threats will be provided in our premium report.
A major challenge for the industry is the costs associated with the treatments, as they are potentially priced higher than the other techniques.
A. Acne Vulgaris Market
B. Atopic Dermatitis Treatment Market
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