DERMATOSCOPE MARKET ANALYSIS

Global dermatoscope market is estimated to be valued at US$ 951.1 million in 2023 and is expected to exhibit a CAGR of 12.85% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in prevalence of skin cancer such as melanoma and others is also expected to drive the market growth.

Analysts’ Views on Global Dermatoscope Market:

The global dermatoscope market growth can be driven by an increase in technologically advanced product offered by key market players. For instance, Sklip, Inc., a company involved in manufacturing artificial intelligence (AI) powered medical imaging instrument, offers Sklip At-Home Dermoscope, an AI powered dermatoscope, which can be attached with smartphone for skin visualization at home.

Figure 1. Global Dermatoscope Market Share (%), By Product, 2023

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Global Dermatoscope Market- Driver

Increase in the prevalence of skin cancer

An increase in the prevalence of skin cancer is expected to increase the demand of its early diagnosis, which in turn is expected to drive the global dermatoscope market growth during the forecast period. For instance, according to an article factsheet published by European Commission, a part of European government, in May 2021, it is estimated that skin melanoma accounted for 4% of all new cancer diagnoses in European Union (EU) countries in 2020 and melanoma accounted for 1.3% of all deaths due to cancer in EU.

An increase in the funding by government organizations

Increase in the initiatives by various government organization for providing funding for cancer research and its screening is expected to increase the demand for dermatoscopes, which is expected to propel the global dermatoscope market growth for the forecast period. For instance, in May 2022, the U.S. Department of Health and Human Services (HHS), an U.S. federal government organization, announced the funding of US$ 5 million to promote the research of life-saving cancer screenings

Figure 2. Global Dermatoscope Market Share (%), By Region, 2023

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Global Dermatoscope Market- Regional Analysis

Among all regions, North America is expected to dominate the global market over the forecast period. This is attributed to North America holding a 34.8% market share and due to presence of major players such as Firefly Global, Bio-Therapeutic, Canfield Scientific, 3Gen, and others are contributing for development of dermatoscope market in North America.

The Europe region is expected to be second dominating region over the forecast period, due to increase in technologically advance product offered by key market players. For instance, Rudolf Riester GmbH, a Germany-based manufacturer of medical devices, offers RCS-100, which is a multi-functional , portable and versatile medical camera system that can be used with a choice of lenses and adapters to assess and visualize a patient's eyes, ears, nose, throat, skin and more.

Global Dermatoscope Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively. Additionally, decline in number of patients visit to dermatologist decreased, which is expected to affect the global dermatoscope market over the forecast period. For instance, according to an article published in National Library of Medicine, in January 2021, during the COVID-19 pandemic there was reduction of 75% patient visit into the dermatologic clinic.

Global Dermatoscope Market Segmentation:

The global dermatoscope market report is segmented into product, light source, modality, and end user

Based on product, the market is segmented into Contact Dermatoscope, Noncontact Dermatoscope, and Hybrid Dermatoscope. Out of which, the Contact Dermatoscope segment is expected to dominate the golabl dermatoscope market during the forecast period and this is attributed to an increase in the product launches by key market players.

Based on light source, the market is segmented into Light-emitting Diodes (LED), Xenon, Halogen, and Ultraviolet. Out of which, the Light-emitting Diodes (LED), segment is expected to dominate the market over the forecast period and this is attributed to increase in use of LED as compared to other light sources due advantages.

Based on modality, the market is segmented into Handheld, Trolley Mounted, and Headband. Out of which, the Handheld segment is expected to dominate the market over the forecast period and this is attributed to advantages of handheld dermatoscope as compared to others type of dermatoscope.

Based on end user, the market is segmented into Hospitals, Dermatology Clinics, and Specialty Centers. Out of which, the hospital segment is expected to dominate the market over the forecast period and this is attributed to increase in the number of hospitals globally.

Among all segmentation, the end user segment has the highest potential due to an increase in the number dermatologist in U.S. For instance, according to an article published in ScienceDirect, an open access scientific and medical journal, in July 2022, there were more than 12,516 dermatologist in the U.S. in the year 2020.

Global Dermatoscope Market Cross Sectional Analysis:

In the light source segment, LED segment held a dominant position in the Europe region due to increase in the partnership between key market players. For instance, in March 9, 2023, Open Medical Ltd, a U.K.-based medical device manufacturing company, and FotoFinder Systems GmbH, a Germany-based manufacturer of skin imaging systems, together announced that they have partnered to combine the technology provided by each company to enhance the skin visualization by using advanced LED technology.

Global Dermatoscope Market: Key Developments

In June 2022, Galderma, a Switzerland-based pharmaceutical company, focused on dermatology segment, announced that they have entered into a partnership with Camp Wonder, a non-profit summer camps for childern with skin condition, to spread the awareness regarding the skin related diseases such as Psoriasis, Eczema, and others in the U.S.

In September 2022, Artemis Health Inc., a healthcare services provider, announced that they have entered into a partnership with Zerigo Health, a U.S. based medical imaging devices manufacturer, to develop soloution for diagnosis of skin diseases such as psoriasis and atopic dermatitis (eczema).

Global Dermatoscope Market: Restraint

High cost associated with dermatoscope

The major factors that can hamper the growth of the global dermatoscope market over the forecast period include high cost of dermatoscope. For instance, according to IndiaMART, an online store, the average cost of digital dermatoscope manufactured by Krupa Medi Scan is around US$ 424 – 450. Thus, key market players should focus on manufacturing cost effective dermatoscopes

Global Dermatoscope Market: Key Players

Major players operating in the global dermatoscope market include Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco

Definition: Dermatologists use Dermatoscope in dermatoscopy, which includes observing skin lesions to detect skin diseases such as skin cancer (melanoma). Dermatoscope is a device that allows dermatologists to visualize the surface of skin structures that cannot be seen with the naked eye. It also helps examine the nails, scalp, and hair. The dermatoscope device contains a non-polarized light source, a magnifier, and a transparent plate that allows proper skin visualization in detail.