Rising prevalence of the target disease such as skin related disorders, underlying environmental factors, increasing demand for non-invasive and minimally invasive procedures, technological advancements in skin treatment devices such as laser-based technology, increasing awareness about cosmetic procedures are the key factors contributing to high CAGR of skincare devices market during the forecast period.
According to the current analysis of Reports and Data, the global skincare device market was valued at USD 50.31 Billion in 2018 and is expected to reach USD 101.28 Billion by the year 2026, at a CAGR of 9.1%. There are possibly two clinically and biologically distinct aging processes affecting the skin. The first is intrinsic aging, defined by “the biologic clock,” which affects the skin by slow, irreversible tissue degeneration. The second is extrinsic aging, “photo-aging’, which is due to the chronic exposure of the elements such as ultraviolet radiation. The world of skincare can seem a bit overwhelming. The beauty and wellness industry is growing extensively all over the world. Increased emphasis on holistic wellbeing with people’s desire to look good and young are other motivators for the growth of the skincare device market.
Cosmetic procedures may be undertaken to achieve different objectives, even among a specific age demographic. There are two types of skincare devices, diagnostic devices and treatment devices. With a shift in focus towards the quality of service, the industry has been looking for a professionally skilled workforce to sustain growth. Different types of diagnostic and treatment devices contributed to the skincare devices market due to the manufacturing of technologically well-equipped devices. The medical and aesthetic skin procedures have shown the rapid surge within the last decades due to the greater number of new skin cancer diagnoses and higher demand for skin rejuvenating practices. The changing trends and technologies have also played a huge role in the high boom of the skincare device market during the forecast period. Shift from traditional method to a minimally invasive procedure improved the diagnostic procedure, and reliable outcome of the skincare treatment is significantly contributing to the market growth. Treatment of skin disorder using laser technologies is one of the popular methods for improving facial wrinkles, scars, and blemishes. Despite the success of the treatment, factors such as high cost of treatment, associated side effects, heat injury to the skin, scarring, skin eruptions, and infections as well as increased pain and discomfort down the line, are expected to hinder the skincare devices market during the forecast period.
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Further key findings from the report suggest
- The skin care device market is growing at a CAGR of 9 %in Asia Pacific followed by North America and Europe, with 8.9% and 8.6% CAGR, respectively. High demand for skin care procedure across the globe is the key factor to accelerate market growth during the forecast period across all regions.
- Skin rejuvenating is expected to be the dominating segment of skincare device market. which holds the highest market share of 27.5% and growing with the CAGR of 8.8% due to the high demand for skincare treatment among the females and better and reliable outcomes of the global skincare device market
- Disease diagnosis segment is expected to be the fastest-growing market segment during the forecast period with a CAGR of 10.7%. Due to high rise of skin diseases, individuals are pertaining to the skincare device market. According to the American Academy of Dermatology it is estimated that more than 9,500 people in the U.S. are diagnosed with skin cancer every day.
- Skincare devices are more sold through indirect channels as compared to direct channels; however, with the increasing internet penetration market players are leveraging the benefits of direct channels also. Direct channels offer market players opportunities to increase their profit margin even by pricing their products at a lower costs
- Key participants include Michelson Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA, Lumenis Ltd., Alma Lasers Ltd., PhotoMedex Inc., Hologic Inc., Valeant Pharmaceuticals International Inc., Galderma SA, Beijing Toplaser Technology Co Ltd., Syneron Medical Ltd., and Panasonic Corporation
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For the purpose of this report, Reports and Data have segmented the skincare device market. On the basis of type, distribution, application, end use, and region:
Type (Revenue, USD Million; 2016–2026)
- Treatment Devices
- Diagnostic Devices
- Biopsy Devices
Distribution Channel (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
- Hair Removal
- Skin Rejuvenation
- Diseases Diagnosis
- Cellulite Reduction
- Skin Tightening & Body Contouring,
End-Use (Revenue, USD Million; 2016–2026)
- Dermatology Clinics
- Spas and Salons
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Key Advantages of the Skincare Devices Market Report:
- Detailed analysis of changing dynamics of the global Skincare Devices market
- Valuable insights on key market growth driving trends and monetary competence over the forecast period
- SWOT analysis and Porter’s Five Forces analysis for each key market player to offer competitive advantage to readers and investors
- Comprehensive assessment of competitive landscape and regional analysis
- Assessment of key factors driving and restraining market growth
- Analysis of threats, limitations, growth prospects, opportunities, and barriers in the market
- Strategic recommendations to key market players and new entrants to assist them in gaining a robust footing in the market
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