LONDON, March 25, 2024 (GLOBE NEWSWIRE) -- The global dermatoscopes market is experiencing rapid expansion, according to the latest findings from The Business Research Company. The "Dermatoscopes Global Market Report 2024" reveals a significant increase, with the market size set to grow from $1.18 billion in 2023 to $1.35 billion in 2024, showcasing a compound annual growth rate (CAGR) of 14.6%. The dermatoscopes market size is expected to see rapid growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
Key Drivers and Growth Outlook
The report attributes this robust growth to several factors, including technological advancements, rising healthcare expenditure, and an increasing focus on preventive healthcare measures. Furthermore, the rising incidence of skin cancer emerges as a significant driver propelling the dermatoscopes market forward.
Skin cancer, characterized by abnormal proliferation of skin cells, is on the rise due to factors such as ultraviolet radiation exposure from sunlight. Dermatoscopes play a vital role in visualizing skin lesions, aiding in the differentiation between benign and malignant lesions. For instance, the American Cancer Society reports a notable increase in skin cancer cases diagnosed in the US, underscoring the importance of dermatoscopes in early detection and diagnosis.
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Innovative Products and Strategic Acquisitions
Major companies in the dermatoscopes market, including Hitachi Ltd., Canon Inc., and Nikon Corporation, are focusing on innovation to meet market demands. Products like the DZ-S50 dermoscope from Casio Computer Co. Ltd. showcase advancements such as optional conversion lenses, enabling enhanced imaging capabilities and portability.
Strategic acquisitions, such as Canfield Scientific Inc.'s acquisition of Medici Medical s.r.l., demonstrate the industry's commitment to innovation and customer service. This acquisition is expected to bolster Canfield Scientific Inc.'s presence in the Italian market and drive customer-driven innovation.
Regional Insights and Market Segmentation
North America emerged as the largest region in the dermatoscopes market in 2023, owing to advanced healthcare infrastructure and rising healthcare expenditure. The market segmentation includes various product types such as contact dermatoscopes, hybrid dermatoscopes, and non-contact dermatoscopes, catering to diverse clinical needs.
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The dermatoscopes market continues to witness rapid growth, driven by technological advancements, rising healthcare awareness, and an increasing emphasis on preventive healthcare measures. As the market expands, stakeholders in the dermatology and healthcare sectors stand to benefit from innovative products, improved diagnostic capabilities, and enhanced patient care.
Dermatoscopes Global Market Report 2024 by The Business Research Company provides insights on the dermatoscopes market size, dermatoscopes market segments, dermatoscopes market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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