Skincare Device Market surpassed USD 12.7 billion in 2021, owing to increasing incidences of hormonal disorders | insightSLICE
The global Skincare Device market size was estimated to be US$ 12.7 billion in 2021 and is expected grow at a CAGR of 11.3% between 2023 to 2032.
The vast majority of individuals are aware of beauty products and how to use them. Beauty devices have several benefits for users and professionals. They can be employed to cure, enhance, and beautify the skin’s look. Devices for the face, hair, arms, and foot, among several other things, are available in the current market.
These beauty gadgets are widely used in salons, spas, and at beauty treatment clinics. Skincare gadgets have a wide range of applications in dermatology, including diagnosis, treatment, skin improvement, and diverse aesthetic purposes for body cosmetic care.
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The key players of the Global Skincare Device Market are:
Among some of the main firms in the worldwide skincare treatment devices market are Allergan, Bausch Health Companies, Inc., Cutera, Candela Corporation, Panasonic Corporation, Hologic, Inc., Merz Pharma, Michelson Diagnostics Ltd., Lumenis BE Ltd., and Photomedex Inc. These players are concentrating on expanding, diversifying their market presence, and obtaining a new customer base to capitalize on current business prospects.
Factors accelerating growth of the Skincare Devices Market
The increasing awareness of cosmetic products, rising prevalence of skin illnesses, growing elderly population, increasing expendable income, and increasing incidences of hormonal disorders are the primary drivers driving market expansion.
The growing prevalence of cosmetic operations such as liposuction, skin rejuvenation, dermal fillers, and skin rejuvenation to make individuals appear younger and fitter has fuelled growth in the global skincare devices market.
Furthermore, operations such as laser tattoo removal, scar elimination, and spot reduction have also resulted in a rise in the demand for skincare devices.
The increasing demand for consumer durable electronic goods has expanded revenue prospects for organizations in the skincare devices market. Furthermore, an increase in R&D activity is resulting in new product developments in the skincare treatment devices market.
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Statistical facts of skin related diseases/abnormalities
Skin problems such as acne, rosacea, atopic dermatitis, psoriasis, and skin cancer are becoming more common.
As reported by the American Academy of Dermatology Association, over 50 million individuals in the United States are plagued by pimples every year, approximately 7.5 million individuals have Psoriasis, 16 million people have Rosacea, and approximately 9500 people are detected with skin cancer each day.
Such high prevalence increases the likelihood of patients looking for advanced treatment and thus, increased demand for skin care devices.
Non-invasive fat removal methods are also becoming more popular as obesity rates climb around the world. People with large available salaries are prepared to spend on such operations, which should boost the market’s growth.
To raise consciousness about the advantages of skincare devices, businesses are offering discounted prices and capturing interest via marketing and advertising on online sales channels. As a result of such campaigns, the demand for skincare gadgets has increased.
Global Skincare Device Market Key Segments:
By Type
- Diagnostic devices
- Biopsy devices
- Image guidance systems
- Dermatoscopes
By Technology
- LED therapy
- Lasabrasion
- Liposuction
- Microdermabrasion
- Electrosurgical
- Cryotherapy
By Application
- Cellulite reduction
- Disease diagnosis & treatment
- Hair removal
- Skin tightening & body contouring
- Skin rejuvenation
- Damage repair
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
Regional performance of Skincare Device Market
North America controls 40% of the worldwide skincare device market. The existence of a significant high-income consumer base, as well as the introduction of cutting-edge skincare technology, are drivers driving market expansion.
Furthermore, the rise in skin problems and the adoption of sophisticated goods and processes will drive the growth of this market.
The Asia-Pacific market is also rapidly expanding and is likely to rise at a rapid CAGR over the forecast period. because of its vast population, high frequency of skin illnesses and obesity, and older population.
The number of senior people is predicted to double from 535 million in 2015 to about 1.3 billion by 2050, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
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COVID-19 impact on Skincare Device market
The fast spread of COVID-19 has had a profound influence on the worldwide healthcare business. COVID-19 had a detrimental influence on the global skincare device market, particularly in the first two quarters of 2020.
The effect of global economic circumstances and investor sentiment has a direct impact on important companies’ businesses. As a result, the recession they experienced was mostly caused by closed and non-operational dermatological facilities, spas, and salons in various nations.
As a consequence of widespread financial trouble, which prevented individuals from spending on non-essential products, the number of treatments and markets for skincare devices decreased.
Factors limiting growth of the Skincare Devices Market
Creating skincare devices is a time-consuming and expensive procedure that needs substantial capital, clinical trial experience, quality management systems, scientific standards, and technological abilities.
Due to the severe regulations imposed by regulators, skincare device vendors are compelled to invest in clinical studies and post-approval safety monitoring systems. Furthermore, many incidents involving the malfunction of skin care products have led to patient deaths and disabilities.
As a result, government officials have implemented a variety of severe standards and regulations for electronic features, which are projected to limit the market growth.
The shortage of competent dermatologists required to properly utilize the device and prevent negative responses caused by the wrong usage are important constraints limiting the global market growth. Unless skincare agencies solve these challenges, worldwide market growth would be hampered even over the projection period.
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