ROCKVILLE, Md., March 09, 2022 (GLOBE NEWSWIRE) -- The global skincare devices market is anticipated to secure a market value of US$ 14 Bn in 2022 and is forecast to reach US$ 43.48 Bn by 2032. The predicted market growth is 12% during the forecast period from 2022 to 2032. Growth of the market can be attributed to the increasing prevalence of skin cancer and the growing desire to enhance aesthetic appeal. The American Cancer Society reveals, in 2022, about 99,780 men and women will be diagnosed with new melanomas, and nearly 7,650 are likely to die due to the same.
Moreover, the rise in disposable income is expected to offer a significant push to the rise of the market. From 2015 to 2021, skincare devices sales flourished at a CAGR of 10.2% to reach US$ 12 Bn in value. During the COVID-19 pandemic, prospects fell significantly, as priority was given to coronavirus infected patients. However, this blip was short-lived, as flattening infection curves and speeding vaccination drives permitted a resumption of non-COVID procedures.
Future growth of the market can be credited to the increasing prevalence of skin cancer and other skin diseases among the masses. On the contrary, high expenses associated with the market and the side effects of using skincare devices like skin eruptions and heat injury to the skin can hamper the market growth during the forecast period.
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| Report Attribute | Details |
| Documented Market Value in 2021 | US$ 12 Bn |
| Anticipated Market Value in 2032 | US$ 14 Bn |
| Projected Forecast Value in 2032 | US$ 43.48 Bn |
| Global Growth Rate (2022-2032) | 12% CAGR |
| Market Share of North America | 42% |
| Growth Rate of Asia Pacific | 9.9% CAGR |
Key Takeaways from the Skincare Devices Market Study
- Global skincare devices market to experience threefold growth from 2022 to 2032
- Skincare devices for hair removal market demand to accumulate 15% of the global industry in 2022
- Around 47% of skincare devices to be deployed across hospitals in the long-run
- North America to be a highly lucrative skincare devices market, accounting for 2/5th of global market demand
- Asia Pacific to register impressive market growth, expanding at a CAGR of 9.9% until 2032
“Rapid advancements in healthcare technology to yield faster and more accurate patient outcomes are leading to increased adoption of automated skincare devices, a trend which is likely to be capitalized upon in the future, widening prospects for key manufacturers,” says a Fact.MR analyst.
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Competitive Landscape
Key players of the global skincare devices market adopt various tactics to enhance their customer base. Acquisition, partnership, and collaboration are some of the methods adopted by the vendors to strengthen their position in the market. Some of the developments among the key players are:
- In August 2020, Shiseido inked an agreement to enter into a Joint Venture with Ya-Man Ltd. The new company, called Effectim Co began the operations in October 2020 and owned 65:35 in favor of Shiseido.
- In November 2021, Lancer Skincare joined hands with the tech startup ByondXR and launched The Virtual Lancer Dermatology Shop. The new virtual store will offer in-home benefits of Lancer dermatology through a digital platform.
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Key Segments Covered in the Skincare Devices Market Report
- By Product :
- Diagnostic Devices
- Dermatoscopes
- Microscopes
- Biopsy Devices
- Other Imaging Devices
- Treatment Devices
- Light Therapy Devices
- Lasers
- Electrosurgical Equipment
- Liposuction Devices
- Microdermabrasion Devices
- Cryotherapy Devices
- Diagnostic Devices
- By Application :
- Diagnostic Devices
- Skin Cancer Diagnosis
- Other Skincare Diagnostic Devices
- Skincare Treatment Devices
- Skincare Devices for Hair Removal
- Skincare Devices for Skin Rejuvenation
- Skincare Devices for Acne, Psoriasis & Tattoo Removal
- Skincare Devices for Wrinkle Removal and Skin Resurfacing
- Skincare Devices for Body Contouring and Fat Removal
- Skincare Devices for Cellulite Reduction
- Skincare Devices for Vascular and Pigmented Lesion Removal
- Other Skincare Treatment Devices
- Diagnostic Devices
- By End Use :
- Skincare Devices for Hospitals
- Skincare Devices for Clinics
- Skincare Devices for Other End Uses
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global skincare devices market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on product (diagnostic devices and treatment devices), application (diagnostic devices and treatment devices) and end use (hospitals, clinics and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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