Global Skincare Devices Market Overview
The key driver impacting the skincare devices market is the increasing rate of skin cancer and skin-related disorders such as acne, dermatitis, psoriasis, and skin abnormalities such as lesions, warts, and moles. The Global Burden of Disease project reveals that skin diseases are the 4th leading cause of nonfatal disease burden worldwide. Acne is likely to affect 9.4% of the worldwide population, making it the 8th most prevalent disease globally. Skin cancer ranks 19th most common cancer worldwide, occurring in men and women. There were nearly 300,000 new cases recorded in 2018 compared to 2019, as per the American Institute of Cancer Research. Moreover, increasing technological advancement in designing these highly efficient skin treatment devices and growing liking for non-invasive procedures contribute to skincare device's market demand in the coming years.
According to Value Market Research, the global Skincare Devices market size was valued at about USD 5 billion in 2020 and is estimated to grow at a CAGR of around 11% during the forecast period 2021 to 2027.
The escalating demand for aesthetic processes such as skin tightening, skin rejuvenation, liposuction body contouring will likely augment the need for skincare devices in the forecast period. The International Society of Aesthetic Plastic Surgery (ISAPS), 2019 report, presents that the total number of surgical liposuction procedures executed in 2018 was 1,732,620, which is 1,573,680 in 2017 and 1,372,901 in 2014, which is an around 9.2% increase from 2017 and 20.8% increase from 2014. However, the high cost incurred in skin treatment and the high price of equipment hampers the market in the long run. Nevertheless, the industry trends, the constantly rising consciousness regarding aesthetics, and rising technological advancements in different medical procedures might provide massive market opportunities to the market's key players.
The skincare devices market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players in the report are Alma Lasers, Cutera Inc., Michelson Diagnostics Ltd., Cynosure Inc., Lumenis Ltd., Solta Medical, Inc., Palomar Medical Technologies, Syneron Medical Ltd., and Photomedex Inc.
In this research report, the Skincare Devices market is segmented by type, application, and region.
Analysis by Type:
By type, the report is categorized into skincare diagnostic devices, skincare treatment devices. The skincare treatment devices segment dominates the type segment with the largest market share in 2020. Among the skincare treatment devices, LED therapy devices hold the largest share. It is due to the rising number of hair removal and liposuction procedures for skincare treatment. Moreover, dermatologists majorly prefer to utilize LED treatment or therapy to remove wrinkles, acne, sun-damaged skin, and facial lines, contributing to the growth of the skincare treatment devices segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into disease diagnosis & treatment, hair removal, skin rejuvenation, cellulite reduction, and body contouring, and skin tightening. The skin tightening and body contouring segment dominate with the highest market share in 2020. Due to the mounting occurrence of obesity cases and the rising number of people who go through liposuction creates the need for skin tightening. Moreover, the increasing demand for aesthetic procedures and worldwide acceptance of light and laser-related devices contributed to the growth in body contouring and skin tightening application segment in the coming years.
Analysis by Region:
In the regional outlook of the global skincare devices market, the North America region dominates with the largest market share in 2020. Due to the increasing prevalence of obesity, high per capita income leads to the affordability of skincare devices and treatments. Moreover, the introduction of advanced technologies such as U-P-5 and health coverage for skin cancer through Medicaid and Medicare in the U.S. contributes to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Type
- Skincare Diagnostic Devices
- Dermatoscopes
- Image Guidance Systems
- Biopsy Devices
- Skincare Treatment Devices
- Lasabrasion Devices
- LED Therapy Devices
- Liposuction Devices
- Microdermabrasion Devices
- Cryotherapy Devices
- Electrosurgical Devices
By Application
- Disease Diagnosis & Treatment
- Hair Removal
- Skin Rejuvenation
- Cellulite Reduction
- Body Contouring And Skin Tightening
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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