United States, Rockville MD, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Fact.MR- a market research and competitive intelligence provider- skin treatment devices demand flourished at a CAGR of 10.2% from 2015 to 2021. As per the report, the industry closed in at a valuation of US$ 12 Bn by the end of the aforementioned period of assessment. Increasing prevalence of skin disorders, both benign and malignant, have pushed up skincare devices sales in the recent past.
Future market demand for skincare devices is expected to bank on key technological advancements in the global healthcare industry. The need to disburse efficient and accurate care has prompted manufacturers to introduce key advancements, including the introduction of LED therapy devices, AI-enabled gadgets, etc. Based on these developments, it is expected that sales of skincare devices will expand at a CAGR of 12% across the 2022-2032 period of assessment.
Skincare device sales are expected to be maximum across hospitals, comprising over 2/5th of global market demand, while over 1/10th of skincare devices are expected to be deployed for hair removal purposes. The market is likely to expand its outreach by virtue of increased penetration of key technological advancements.
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Key Insights & Findings from the report:
- APAC region is anticipated to witness significant growth during the forecast period, registering a CAGR of 9.9%.
- Hospital segment is expected to have dominated the market and secure the largest market share of about 47% in 2022.
- The clinics segment is expected to record the highest CAGR during the forecast period.
- Hair removal application segment is anticipated to have dominated the market in 2021, while acquiring the largest revenue share of 15%.
- The growth of the segment can be attributed to increasing demand for various skincare-related services.
- In dermatology clinics, nonsurgical services and surgical services are offered by certified plastic surgeons.
- As per the International Society of Aesthetic Plastic Surgery, laser hair removal increased by 76.1% and Photo Rejuvenation surged by 32.3% in 2020 as compared to 2019. The facts reveal that there has been a rise in the adoption of efficient dermatology devices, which has brought significant dividends to the market.
Skincare Devices Market Growth & Trends
The global skincare devices market is expected to grow in the future, due to the increasing rate of skin-related disorders, worldwide. Technological advancement in designing these devices, which are highly efficient and growing preference for them due to non-invasive procedures are the key drivers for the growth of this market. Additionally, rise in the demand for aesthetic processes such as skin rejuvenation, skin tightening, body contouring and liposuction will also drive the growth of the skincare devices market in the future. However, competitive pricing and equipment cost are the major restraints for the growth of this market.
Rising incidences of skin cancer and other skin-related disorders such as dermatitis, acne and psoriasis as well as skin abnormalities such as warts, lesions and moles are the key opportunities for the growth of this market worldwide. Moreover, “Medspas” and rise in medical tourism make the global skincare devices market very attractive.
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COVID-19 Impact on Skincare Devices Market
The COVID-19 pandemic had significantly affected the market for skincare devices. Initially, the lockdown and supply chain disruption had negatively affected the market. Short-term negative growth was observed in the market due to almost entirely suspension of non-COVID-19 related surgeries, limited operations of manufacturing, and disruption in the supply chain. However, the market for dermatological devices has seen a V shape recovery. With the successful rollout of vaccines in all regions, the volume of dermatological devices is beginning to recover to its pre-pandemic levels. In 2021, the market has witnessed high demand due to the backlog of 2020 and increased interest from people related to dermatological procedures.
In addition, the outbreak of COVID-19 brought a significant impact on the market. The lockdown caused disruptions in the supply chain. There was a short-term negative growth due to the lockdown. The market witnessed high volatility from the past few months and is likely to regain its momentum by 2023.
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.
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
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Key Benefits of this Report
- The analysis provides an overview of the factors driving and limiting the growth of the market including market trends, market structure and others.
- Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
- Porter’s Five Force Model and SWOT analysis are used to study the global skincare devices market and would help stakeholders make strategic decisions.
- The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
- In-depth analysis of the types of skincare devices would help in identifying future applications in this market.
More Valuable Insights on Offer
Skincare Devices Market by Types (Diagnostic devices, Biopsy devices, Dermatoscopes, Image guidance systems, Treatment devices, Microdermabrasion devices, Lasabrasion devices, Electrosurgical devices), Application (Skin rejuvenation, Disease diagnosis & Treatment, Hair Removal, Skin Tightening & Body Contouring, Cellulite Reduction, Damage Repair) - Global Opportunity Analysis and Industry Forecast, 2022-2032
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