New Castle, Delaware, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Skincare Devices Market, by Product Type (Diagnostic Devices and Treatment Devices), Application (Disease Diagnosis and Skin Treatment), and End User (Dermatology Clinics, Salons and Spas, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, skincare devices market was valued at $14.3 billion in 2022, and is projected to reach $38.8 billion by 2032, registering a CAGR of 10.5% from 2023 to 2033.
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Prime Determinants of growth
Technological advancements in the laser and microneedling systems, rise in number of people suffering from various skin diseases such as skin cancer and acne, and shift of patient preference towards non-invasive procedures drives the growth of the skincare devices market. However, high cost of skincare devices such as lasers and electrosurgical devices is hampering the market growth. On the contrary, increase in the new product approvals and rise in beauty conscious population are expected to offer remunerative opportunity for expansion of the skincare devices market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $14.3 Billion |
| Market Size In 2032 | $38.8 Billion |
| CAGR | 10.5% |
| No. Of Pages In Report | 270 |
| Segments Covered | Product Type, Application, End User, And Region |
| Drivers | Rise In Prevalence Of Skin Disorders Increase In Demand For Non-Invasive Procedures |
| Opportunity | Technological Advancement In The Skincare Devices |
| Restraint | High Cost Of Skincare Devices |
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Recession Scenario
- In the economic recession, skincare devices market is driven by technological advancements in laser systems and portable microdermabrasion devices and rise in adoption of new skincare devices.
- However, increased manufacturing and operating costs, and fluctuations and adverse movement in shipping cost impact the skincare devices market growth during the recession.
The treatment devices segment to maintain its leadership status throughout the forecast period
By product type, the treatment devices segment held the highest market share in 2022, accounting for nearly three fourths of the skincare devices market revenue, and it is projected to register the highest CAGR of 10.7% from 2023 to 2032, owing to increase in demand for lasers and light therapy devices for various skincare treatments.
The skin treatment segment to maintain its leadership status throughout the forecast period
By application, the skin treatment segment held the highest market share in 2022, accounting for nearly three fourths of the skincare devices market revenue, and it is expected to register the highest CAGR of 10.7% from 2023 to 2032, owing to increase in body contouring, hair removal, and skin tightening procedures.
The dermatology clinics segment to maintain its leadership status throughout the forecast period
By end user, the dermatology clinics segment held the highest market share in 2022, accounting for nearly half of the skincare devices market revenue, owing to increase in the visits of patients to dermatology clinics for skin treatment. However, the salons and spas segment is expected to witness the fastest CAGR of 10.9% from 2023 to 2032, owing to rise in adoption of lasers and other skincare devices in salons for various skin resurfacing and skin contouring procedures.
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North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global skincare devices market revenue, owing to high adoption of advanced laser systems, rise in prevalence of skin diseases in this region, and strong presence of market key players. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.3% from 2023 to 2032, owing to development of medical technology industry, rise in geriatric population that are more prone to develop various skin diseases, and increase in disposable income.
Leading Market Players: -
- Cutera
- Lumenis Ltd.
- Cynosure Inc.
- Lutronic
- Bausch Health Companies, Inc.
- Fotona
- Sciton
- Sisram Medical Ltd.
- Michelson Diagnostics Ltd
- Candela Corporation.
The report provides a detailed analysis of these key players of the skincare devices market. These players have adopted strategies such as product approval, agreement and product launch to increase their market share and maintain dominant shares in the different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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