Skincare Devices Market: Introduction
According to the report, the global skincare devices market was valued at US$ 11.4 Bn in 2020 and is projected to expand at a CAGR of 9.9% from 2021 to 2028. Skincare devices are gaining importance not only because of extensive usage in aesthetics, but also due to increase in incidence of skin disorders globally. Skincare devices assist in efficient diagnosis and treatment of various skin conditions including skin cancers and dermatological indications such as pigmented lesions, acne, wrinkles, and vascular lesions.
Increase in Incidence of Skincare Disorders and Surge in Geriatric Population to Drive Global Market
Rapid increase in the incidence rate of skin cancer and other skin disorders across the globe will lead to a surge in the number of patients needing to undergo diagnosis in the form of dermatoscopy and biopsies, as well as the treatment using techniques such as lasabrasion and light therapy. This, in turn, will increase the uptake of skincare devices, thereby driving the market. According to the Skin Cancer Foundation, one in five people in the U.S. will develop skin cancer by the age of 70 and more than two people succumb of skin cancer in the U.S. every hour.
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For simple skin related problems such as unwanted hair, wrinkles, and lines, patients prefer faster solutions with minimal pain that will help them resume work at the earliest. Furthermore, the introduction of handheld devices in the microdermabrasion and lasabrasion segments would increase convenience for service providers, thereby driving the uptake of these devices and growth of the overall market.
Treatment Devices to Witness High Demand
In terms of type, the global skincare devices market has been bifurcated into diagnostic devices and treatment devices. The diagnostic devices segment has been split into biopsy devices, image guidance systems, and dermatoscopes. The treatment devices segment has been segregated into LED therapy, lasabrasion, liposuction, microdermabrasion, electrosurgical, and cryotherapy.
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The LED therapy sub-segment is projected to account for major share of the treatment devices segment during the forecast period. The LED therapy in dermatology, also known as photon rejuvenation therapy, is used to treat acne, reduce fine wrinkles and scars, and for skin rejuvenation.
Presently, manufacturers are offering LED devices that incorporate all the three LED wavelengths in one unit. LED therapy devices are available for both professional and personal use.
Cellulite Reduction Segment Held Significant Market Share
Based on application, the global skincare devices market has been classified into cellulite reduction, disease diagnosis & treatment, hair removal, skin tightening & body contouring, skin rejuvenation, and damage repair. The cellulite reduction segment led the global skincare devices market in terms of revenue in 2020, and the trend is projected to continue during the forecast period. Rise in obesity rates across the world, increase in popularity of non-invasive procedures for fat removal over conventional methods, and large consumer population willing to spend their deposable incomes on these measures are likely to drive the segment during the forecast period.
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The disease diagnosis & treatment segment held the second-largest share of the market in 2020. Skincare devices are used in the diagnosis and treatment of various skin disorders and indications, including skin cancer (melanoma and non-melanoma), scabies, warts, fungal infections, psoriasis, and pubic louse. The increase in incidence of these disorders is likely to drive the segment.
North America to Dominate Skincare Devices Market
North America dominated the global skincare devices market in 2020, accounting for 40% market share. Presence of large high-income consumer base and introduction of latest technologies for various medical procedures are likely to drive the market in the region. Moreover, surge in geriatric population, increase in incidence of skin disorders, and high adoption of advanced products & techniques are expected to fuel the growth of the market in North America.
Asia Pacific is a rapidly expanding market for skincare devices. The market in the region is likely to expand at a high CAGR from 2021 to 2028, due to rise in demand for skincare devices.
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The global skincare devices market is fragmented due to presence of large number of leading players. Key players operating in the market include Alma Lasers, Inc., Cutera, Inc., Cynosure, Inc., GE Healthcare, Human Med AG, Lumenis, Ltd., Michelson Diagnostics, Photomedex, Inc., Solta Medical, Inc., and Syneron Medical Ltd.
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