Impact Analysis of Covid-19
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Dermatology refers to the science of diagnosis and treatment of skin abnormalities and disorders. Skincare devices are used in diagnosis and treatment of diseases such as eczema, psoriasis, acne, rosacea, ichthyosis, vitiligo, hives, seborrheic dermatitis, and others.
The global skincare devices market is estimated to account for US$ 25,533.7 Mn in terms of value by the end of 2027.
Global Skincare Devices Market: Drivers
Increasing prevalence of skin disorders is expected to propel growth of the global skincare devices market over the forecast period. For instance, according to Global Polaris Atlas Annual Report 2018-2019, the annual incidence rate of psoriasis was 280 per 100,000 person-years during 2017 and the prevalence of the disease witnessed an increasing trend (from 2.5% in 2011 to 3.9% in 2017).
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America held dominant position in the global skincare devices market in 2019, accounting for 44.1% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Skincare Devices Market Share (%) Value, By Region, 2019
Global Skincare Devices Market: Restraints
High cost of procedures is expected to hinder growth of the market. For instance, according to the American Society of Plastic Surgeons (ASPS), the average cost of ablative laser skin resurfacing ranges from US$ 2,000 to US$ 25,000.
Moreover, lack of insurance for LED light therapy is also expected to limit growth of the market.
Skincare Devices Market Report Coverage
||Market Size in 2019:
||US$ 11,752.2 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 25,533.7 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
- Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East: GCC Countries, Israel, Rest of Middle East
- Africa: North Africa, Central Africa, South Africa
- By Product Type: Diagnostic, Treatment.
- By Application: Disease Diagnosis/Treatment, Skin Rejuvenation (Wrinkles, Sun, Acne), Hair Removal, Cellulite (fat) Reduction, Skin Tightening & Body Contouring, Damage Repair (Vascular & Pigmented Lesions, Tattoo Removal).
Alma Lasers, Ltd., InMode Ltd., Cutera, Inc., Cynosure, Inc., Lumenis, Ltd., Hologic, Inc., Michelson Diagnostics Ltd., PhotoMedex, Inc., Solta Medical International Inc., and Syneron Medical Ltd
- Increasing prevalence of skin diseases
- Increasing product launch
|Restraints & Challenges:
- High cost of skin treatment procedures
Global Skincare Devices Market: Opportunities
Significant growth in medical tourism in emerging economies is expected to offer lucrative growth opportunities for players in the global skincare devices market. For instance, according to India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016, and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.
Moreover, geographical expansion of market players is also expected to aid in growth of the market. For instance, in October 2019, InMode Ltd. completed the establishment of two new subsidiaries in the Asia Pacific region - InMode India, located in Delhi, and InMode Australia, located in Sydney.
The global skincare devices market was valued at US$ 11,752.2 Mn in 2019 and is forecast to reach a value of US$ 25,533.7 Mn by 2027 at a CAGR of 10.2% between 2020 and 2027.
Figure 2: Global Skincare Devices Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
The market is witnessing increasing preference for nonsurgical cosmetic treatments among men. For instance, in June 2019, RealSelf, an online resource to learn about aesthetic procedures and connect with the doctors who provide them, reported 6% increase in the number of men researching for nonsurgical cosmetic treatments in 2019, compared to 2018.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, InMode Ltd. launched Evoke, a non-invasive, RF-based platform for facial remodeling. It is a hands-free device that addresses patient aesthetic concerns with uniform and controlled heating of the skin and subdermal tissue.
Global Skincare Devices Market: Competitive Landscape
Major players operating in the global skincare devices market include, Alma Lasers, Ltd., InMode Ltd., Cutera, Inc., Cynosure, Inc., Lumenis, Ltd., Hologic, Inc., Michelson Diagnostics Ltd., PhotoMedex, Inc., Solta Medical International Inc., and Syneron Medical Ltd.
Global Skincare Devices Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in March 2020, Lumenis Ltd. launched Stellar M22 used for the treatment of vascular lesions, skin texture, tone, and hair removal.
Major players in the market are also focused on investing R&D to expand their product portfolio. For instance, in February 2019, Alma Lasers launched new innovation center in Caesarea industrial park, Israel.