Dermatological Devices Market to Surpass US$ 6.6 Billion by 2024 - Coherent Market Insights

Published On : Feb 23, 2017

The Global Dermatological Devices Market was valued at US$ 6,565.5 million in 2015 and is projected to expand at a CAGR of 7.6% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in number of patients suffering from non-melanoma and melanoma skin cancers is expected to be one of the major factor to drive the dermatology devices market in the near future. According to WHO, each year around 2 to 3 million non-melanoma and around 132,000 melanoma skin cancers are reported worldwide.

Introduction of histopathology in the field of dermatology has improved the diagnostic process in considerable manner. Skin is an organ that can be easily accessed by the specialist for visual inspection and sample collection for biopsy. There has been a significant demand for in-vivo diagnostic technology, which can be combined along with minimally invasive therapies. Confocal microscopy is gaining traction in the medical diagnostic field, which proves the establishment of dermoscopy. A multidisciplinary approach advancements in physics, chemistry, and molecular biology for diagnosis and treatment of dermatology patients is the need of the hour, which would further complement the techniques currently employed such as pulsed light and photodynamic therapy (PDT). There are various techniques included in the field of dermatology such as multiphoton laser scanning microscopy, which is used to obtain the images from cellular and intracellular level. Raman spectroscopy is another technique that is used to identify the type of lesions on the skin by the help of molecular composition. Multispectral color imaging for dermatological diagnosis of inflammatory and immunologic diseases is a novel application in diagnostic field and this technology has been applied to diagnosis of melanomas.

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People are not aware of many skin diseases based on their frequency, impact, etiology, and prevention. According to a paper published by the Centers for Disease Control and Prevention in 2004, one out of three people in the U.S. were found to suffer from skin conditions, which required a minimum of one visit to a dermatologist. However, there are few variations, as such disorders are not dependent on an individual’s gender, age, or race. Furthermore, surveys that were conducted earlier suggests that reoccurrence and results of such disorders were modified, owing to environmental factors and other demographic factors. According to the Americans with Disabilities Act of 1990, complications of these kind might be used as a reason for exclusion from employment. Around US$ 300 million per year is the estimated cost associated with dermatological conditions. In the U.S., the second most frequently occurring dermatological disease was estimated to be occupational skin diseases (OSDs). Moreover, over the past few years, OSDs have contributed to around 15 to 20% of all occupational diseases. Also, dermatitis accounted to around 90 to 95% of all OSDs with approximately 80% on forearm. Hand dermatitis is mainly caused due to the contact with irritants and allergens in occupational and non-occupational settings. These factors are expected to create a highly conducive environment for growth of the global dermatology devices market.

Key takeaways of the global dermatology devices market:

  • The global dermatology devices market is expected to expand at a CAGR of 7.6% during the forecast period (2016–2024). The market is expected to grow at a significant CAGR over the forecast period owing to rise in adoption rate for radiofrequency devices used for cosmetic surgery.
  • The laser product type segment in the global dermatology devices market was the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value. Rise in number of application used in healthcare industry for treatment of various abnormalities such as scar, vascular lesions and also skin rejuvenation
  • In terms of application, the scar removal segment is expected to expand at a significant CAGR of 8.9% during the forecast period. Owing to increased consumer consciousness towards appearance is expected to favor the dermatology devices market. Also, companies are adopting online sales channel to capture greater chunk of the market especially in India and China wherein the market potential is comparatively higher than that in developed countries.
  • The global dermatology devices market is characterized by rise in advancements and procedures for laser therapy for treating various skin disorders such as removal of external ulcers, warts, skin tumors, along with tattoo removal and treatment of hemangiomas
  • Some of the major players are Syneron Candela Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., Cutera, Lutronics Corporation, Beijing Toplaser Technology Co. Ltd., Alma Lasers, Ltd, Valeant Pharmaceuticals International Inc., Cynosure Inc., Lumenis

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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