Global Skincare Devices Market: Snapshot
The global market for skincare devices market is constantly evolving, offering a vast variety of products and solutions for general indications as well as for niche conditions. As the pool of consumers with several skin conditions expands, the market is marching towards a healthy growth path with a number of companies ambitiously upping their product portfolios and expanding their business plans to develop solutions for this rising pool of patients. Increased focus of companies on the design and development of effective skincare devices is changing the dynamics of the market, bringing in changes not only in terms of revenue opportunity that the market is offering but also in terms of a variety of cosmetic procedures possible.
Transparency Market Research estimates that the global skincare devices market will exhibit an impressive CAGR 10.1% from 2015 to 2023, rising from a valuation of US$7,255.8 mn in 2014 to an opportunity of US$17,299.4 mn by 2023.
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Increased Aesthetic Applications for Diagnosis of Skin Diseases to Drive Demand
People are increasingly becoming more concerned about their appearance. Skin care devices are noted to have a spectrum of aesthetic applications across cosmetic procedures such as skin tightening, liposuction, skin rejuvenation, and body contouring. The desire to remain fit and youthful, at least in terms of appearance, has bolstered the overall demand from the global skincare devices market.
A number of other factors have also contributed to the consistent rise in demand for skincare devices across the globe. Skincare devices such as dermatoscopes, image guidance systems, and biopsy devices are witnessing string demand across the globe as they facilitate the diagnosis of skin lesions, which are feared to be cancerous in nature.
A wide range of skincare devices used to treat specific skin disorders and indications such as skin ageing, cellulite reduction, spider veins, wrinkles, and vascular lesions are also witnessing increased demand. Rising numbers of dermatologists, beauty spas, and professional aestheticians across the globe are also leading to the increased usage of a variety of skincare devices, thus aiding the scope of development of the global skincare devices market.
North America and Asia to Register Maximum Demand for Skincare Devices
North America has a high and rising population of high-income individuals and middle-aged people and geriatrics. The combination is working miraculously for the skincare devices market with a considerable rise in demand for aesthetic skin care services and products stemming from this very group. North America is presently the largest market for skincare devices across the globe. On the basis of revenue, North America is predicted to account for a large share of the overall market in the forthcoming years.
In Asia Pacific, there has been a massive rise in demand for laser-based treatments in the recent years. This trend is expected to pave the way for the development of technologies such as lasabrasion and laser peel in the forthcoming years. The rise in the average disposable incomes of the middle class population in the region and the increased demand for tattoo inking, tattoo removal, and anti-aging procedures are expected to increase the demand for skincare devices in the near future. Of the various types of skin treatment procedures available in the market, the fractional CO2 laser technology is anticipated to register the fastest growth owing to its utility across a variety of applications such as wrinkle removal and scar and spot reduction.
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Some of the leading companies operating in the global skincare devices market are Valeant Pharmaceuticals, Syneron Medical Ltd., Lumenis Ltd., ZELTIQ Aesthetics, Inc., and Cynosure.