|Status : Published||Published On : May, 2019||Report Code : VRHC1001||Industry : Healthcare||Available Format :||Page : 167|
Global skincare devices market was valued at USD 9.1 billion in 2018 and is set to reach USD 17.8 billion by 2024, growing at a CAGR of 12.0% during the forecast period. Different types of diagnostic and treatment devices contributed to the skincare devices market size. The market has witnessed a high demand for diagnostic devices for skin diseases over the last few years due to the increasing awareness regarding the diagnosis of skin ailments.
Insight by Type
There are two types of skincare devices, diagnostic devices and treatment devices. Treatment devices were used more in comparison to the diagnostic devices and also generated larger revenue for market players. Diagnostic devices market is further segmented into biopsy devices, dermatoscopes, and image-guided systems. Of all these diagnostic devices image-guided systems market witnessed the highest growth worldwide, which is due to the technological advancements and miniaturization of these devices. Advancement in technology has made image-guided systems easy to use and led to an efficient diagnosis of skin diseases.
Skincare treatment devices market is categorized into electrosurgical devices, laser devices, liposuction devices, light-based devices, cryotherapy devices, microdermabrasion devices, and other treatment devices. Of all these devices laser devices market is growing at the highest CAGR and expected to maintain the highest demand in skin care devices market during the forecast period.
Insight by Distribution Channel
On the basis of the distribution channel, skincare devices market is segmented into direct channels and indirect channels. 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 cost. The skincare devices market through direct channels is anticipated to grow at 13.5% CAGR during 2019-2024.
Insight by Application
On the basis of application, the skincare devices market is segmented into disease diagnosis and treatment, hair removal, skin rejuvenation, cellulite reduction, body contouring and skin tightening, and other applications. Aging population and increasing awareness among the people to look young has led to the highest growth in body contouring and skin tightening devices market during the historical period.
Insight by End-User
The global skincare market has also been segmented by end-user into dermatology clinics, spas and salons, hospitals and other end users. Skincare devices were mostly sold to dermatology clinics and hospitals, however, their demand in salons and spas is increasing rapidly due to miniaturization of these devices and reducing costs.
The increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices are the primary growth drivers for skin care devices market. Healthcare expenditure has witnessed high growth globally which has led to increasing adoption of skin care devices in hospitals and dermatology clinics.
Development of technologically advanced skincare devices is the most impactful driver for the skincare devices market. Different vendors are focusing on the miniaturization of skincare devices so that healthcare providers and dermatology clinics are better positioned to adopt these devices, as these devices are easy to use and less complex.
The high cost of equipment and side effects associated with these devices are the major challenges for the growth of skincare devices market. Certain side effects of using skincare devices such as swelling, chemical exposure, allergies, burn, irritation and skin color change make consumers cautious in adopting skincare treatment and diagnostic devices. This is the key factor hindering the skincare devices industry growth, globally.
Globally industry players are leveraging market growth through the usage of e-commerce. Consumers can easily access these devices through online channels of distribution. Home-use skincare devices and hand-held devices have seen the maximum growth in demand through e-commerce. In the coming years also, industry players are anticipated to investing the direct marketing and sales of their products.
Geographically, North America is the largest skincare devices market as the region is home to a large number of industry players and also has the highest healthcare expenditure globally. Moreover, high disposable income in the region leads to high out of pocket expenditure by consumers in North America especially in the U.S. According to the World Bank, the GNI per capita in the U.S. was $48,880 in 2010 and increased to $58,700 in 2016. Also, as per the data reported by the same organization, the U.S. health expenditure per capita was $7,949.9 in 2010 and it increased to $9,535.9 by 2015.
Asia-Pacific is observed to witness the fastest growth in the market. As the region comprises of largest population and the awareness for these devices is increasing rapidly among them. In addition, a large number of local players in the region are providing skin care devices at low cost which lead to increased rivalry in the market, which creates a positive impact on the skincare devices market growth in the region.
Market players in the skincare devices industry are focusing on investing in home use and handheld devices to increase their market share. 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 are the key players offering skincare products in the market.