Skincare Devices Market Identifies the Key Drivers of Growth and Challenges

The prosperity of the skincare devices market is driven by the growing prevalence of skin cancer and other skin-related issues, technological developments in skincare devices, rising disposable income, and surging geriatric population. In 2017, the market generated a $7,787.4 million revenue, and it is predicted to attain a size of over $14,600.0 million by 2023, progressing at an 11.2% CAGR during the forecast period (2018–2023). Skincare devices are medical equipment or devices used for the diagnosis and treatment of skin-related disorders, such as acne, abnormal pigmentation, and eczema.

On the basis of application, the skincare devices market is broadly categorized into cellulite reduction, hair removal, and skin tightening & body contouring. Out of these, in 2017, the cellulite reduction category led the market in terms of revenue, and it is expected to continue leading it during the forecast period, owing to the high amount of cellulite in post-pubertal female patients of all races and the surging aging population.

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However, the skin tightening & body contouring category is predicted to exhibit the fastest growth at a 12.5% CAGR during 2018–2023. This is attributed to the rising prevalence of obesity and increasing number of people going for liposuction, who need skin tightening for loose skin, later. Further, based on product, the skincare devices market is bifurcated into skin treatment and skin diagnostic devices. Of these, during the historical period (2013–2017), the skin treatment bifurcation dominated the market in terms of revenue, and it is anticipated to continue dominating it during the forecast period.

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As per the World Health Organization, nearly 132,000 cases of melanoma and 2–3 million cases of non-melanoma skin cancer are registered every year, worldwide. According to the Skin Cancer Foundation, it is possible that one in every five Americans will face skin cancer in their lifetime. Some of the major reasons behind such disorders are anxiety, stress, alcohol and tobacco consumption, and unhygienic environmental conditions. Owing to the rising incidence of skin cancer cases, the demand for skincare devices is expected to accelerate, thereby resulting in the growth of the skincare devices market.

Hence, the increasing incidents of skin diseases and technological advancements in skincare devices are expected to boost the market growth.

The major players in the skincare devices market are partnering with other firms to improve their position in the market. For instance, March 2017, Galderma S.A., medical solution provider for skincare, announced a collaboration with Colorescience, Inc., a company that produces and sells mineral-based cosmetics and sun screen products. The collaboration aimed to expand skincare solutions for individuals who seek daily skincare products which can be used with traditional facial injectable aesthetic treatments.

Some of the other key players operating in the skincare devices market include Merz Pharma GmbH & Co. KGaA, Michelson Diagnostic Ltd., Lumenis Ltd., PhotoMedex Inc., Alma Lasers Ltd., Hologic Inc., Panasonic Corporation, Valeant Pharmaceuticals International Inc., and Beijing Toplaser Technology Co Ltd.

Global Skincare Devices Market Segmentation

By Product

• Skin treatment devices
• Light/LED therapy & photorejuvenation
• Liposuction devices
• Electrosurgical devices
• Laser based devices
• Cryotherapy devices
• Microdermabrasion devices
• Others
• Skin diagnostic devices
• Dermatoscopes
• Biopsy devices
• Image guided systems
• Others

By Application

• Cellulite reduction
• Disease diagnosis & treatment
• Hair removal
• Skin tightening & body contouring
• Skin rejuvenation
• Others

By Geography

• North America skincare devices market
• By product
• By application
• By country- U.S. and Canada
• Europe skincare devices market
• By product
• By application
• By country- Germany, France, U.K., Italy, Spain and Rest of Europe
• Asia-Pacific skincare devices market
• By product
• By application
• By country- Japan, China, India, Australia and Rest of Asia-Pacific
• Latin America skincare devices market
• By product
• By application
• By country- Brazil, Mexico and Rest of Latin America
• Middle East & Africa (MEA) skincare devices market
• By product
• By application
• By country- South Africa, Israel, Saudi Arabia, U.A.E, and Rest of MEA

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