Skincare Devices Market to Reach US$ 25,533.7 Million by 2027- CMI

Dermatoscopes, image guidance systems, and biopsy devices are used for the diagnosis of skin diseases, whereas lasabrasion devices, microdermabrasion devices, electrosurgical devices, liposuction devices, cryotherapy devices, and LED therapy devices are used for the treatment of skin diseases.

Statistics:

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 focus on aesthetic appeal is expected to propel growth of the global skincare devices market over the forecast period. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week.

Global Skincare Devices Market: Opportunities

R&D in minimally invasive device for wound treatment is expected to offer lucrative growth opportunities for players in the global skincare devices market. For instance, in December 2019, Misonix, Inc., a manufacturer of minimally invasive ultrasonic medical devices used for precise bone sculpting, removal of soft and hard tumors and tissue debridement, announced publication of two new large real-world studies proving the clinical effectiveness of its all human split thickness skin allograft TheraSkin for the treatment of complex wounds.

Global Skincare Devices Market: Restraints

Side effects and limitations of cryotherapy are expected to hinder growth of the market. Individuals with hypertension, heart disease, seizures, anemia, pregnancy, and claustrophobia are not advised to use cryotherapy. Redness or skin irritation, an allergic reaction to the cold, frostbite, or skin burns are some of the side effects of the procedure.

Key Takeaways:

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. Increasing focus on aesthetic appeal is expected to propel growth of the global skincare devices market over the forecast period

Cellulite (fat) Reduction segment held dominant position in the global skincare devices market in 2019, accounting for 24.7% share in terms of value, followed by hair removal and skin tightening & Body Contouring, respectively. Increasing demand for minimally invasive procedures is expected to assist the market growth.

Market Trends

Major players in the market are focused on approval and launch of new technologies to expand their product portfolio. For instance, in October 2019, InMode Ltd. received Health Canada Certification for AccuTite, a minimally invasive technology that delivers RF heating.

Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in December 2018, Alma Lasers acquired Medical Nova, an aesthetic distributors of technology-based devices in Israel

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

January 2020: Lumenis Ltd. launched LightSheer Quattro, a laser hair removal platform

2018: Syneron Medical Ltd. received the U.S. FDA clearance for its Vbeam Prima system with an advanced 595nm pulsed dye laser and 1064nm wavelength

Segmentation

Scope of the report