The global skincare devices market was pegged at USD 8.2 billion in 2017 and is expected to reach USD 17.8 billion by 2024. Driven by factors such as increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices. The skincare devices market is poised to grow at CAGR of 11.8% during the forecast period (2018-2024).
Market Report “Skincare Devices Market – Analysis and Forecast (2018-2024)
The market for skin care devices is primarily driven by increasing adoption of aesthetic procedures worldwide. With the invention of non-invasive and minimally invasive procedures, consumers and patients are rapidly adopting skin treatment devices such as laser-based technology. Furthermore, with the increasing awareness for cosmetic procedures, the skincare devices market is on surge during the last few years. The International Society of Aesthetic Plastic Surgery (ISAPS) reported in 2017 that women continue to drive the demand for cosmetic surgeries, accounting for 86.2% or 20,362,655 cosmetic procedures worldwide in 2016.
In terms of type of skincare devices, a treatment device generated the largest revenue in the market USD 6.4 billion in 2017 and is expected to grow at a significant rate during the forecast period. Of all the treatment devices, laser devices have witnessed the highest growth during 2014-2024. In terms of application, body contouring and skin tightening devices are anticipated to grow at the highest CAGR of 12.8% in the skincare devices market during 2018-2024. Increasing demand for technologically advanced products, growing geriatric population and increasing awareness regarding the adoption of aesthetics are boosting the growth of body contouring and skin tightening devices.
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On the basis of distribution channel, indirect channel holds larger share in the skincare devices market due to the dominance of conventional distribution network of wholesalers and retailers. However, the market by direct channels is expected to grow at 13.1% during the forecast period. Increasing profit margin and expanding reach of e-commerce network are leading to higher growth in the market by indirect channels.
North America accounted for the major share in the skincare devices market in 2017 as the players in the region are continuously investing capital for the advancement of technology for skincare devices. U.S. accounted for the most number of cosmetic surgeries in 2016. The country registered approximately 4,217.9 thousand cosmetic surgeries in 2016, which is highest among all the countries across the globe, representing around 18% of cosmetic procedures performed worldwide.
Moreover, Asia-Pacific is observed to witness fastest growth in the skincare devices market. Increasing disposable income, development of low cost devices by local players and large consumer base in the region are the leading factors fuelling the Asia-Pacific skincare devices market.
Key players in the skincare devices market are investing in the development of at home andhand held devices, which is strengthening their position in the market. However, local players are depending upon new technology todeveloplow cost products, thus increasing the rivalry in the market to some extent. 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.and Panasonic Corporation are the key players offering skincare products in the market.
Global Skincare Devices Market Coverage
Type Insight and Forecast 2014-2024
• Diagnostic devices
o Biopsy devices
o Image-guided systems
• Treatment devices
o Electrosurgical devices
o Light-based devices
o Laser-based devices
o Cryotherapy devices
Distribution Channel Insight and Forecast 2014-2024
• Direct channels
• Indirect channels
Application Insight and Forecast 2014-2024
• Disease diagnosis and treatment
• Hair removal
• Skin rejuvenation
• Cellulite reduction
• Body contouring and skin tightening
End-User Insight and Forecast 2014-2024
• Dermatology clinics
• Spas and salons
Skincare Devices Market by Region
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
Rest of the World (RoW)
• Saudi Arabia
• South Africa
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