The skincare devices market size is expected to reach US$ 22.90 billion by 2028. The growing prevalence of skin diseases and the progression in technology are the major factors for market growth.
Alchemy Research and Analytics LLP provided this information in a recently published report, titled, “Skincare Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Diagnostic devices (dermatoscopes, biopsy devices, image-guided systems, others) and Treatment devices (light/led therapy & photorejuvenation, liposuction devices, electrosurgical devices, laser-based devices, cryotherapy devices, microdermabrasion devices, and others)), By Distribution Channel (Direct and Indirect), By Application (hair removal, skin tightening and body contouring, disease diagnosis & treatment, skin rejuvenation, cellulite reduction, and others), By End User (Dermatology Clinics, Hospitals, Spas and Saloons, and others) and By Region (Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa), and Regional forecast, 2020-2028.” The report further mentions that the market size stood at US$ 9.62 billion in 2019, and it is likely to exhibit a CAGR of 11.4% during the forecast period between 2020 to 2028.
The Increased Prevalence of Skincare Diseases
The Skincare devices market is majorly driven by the rising disposable income and growing prevalence of skin disorders. Skin disorder includes hair removal, cellulite reduction, body contouring & skin tightening, skin rejuvenation, and others. Skincare devices are mostly used for hair removal at home and dermatology clinics. The increasing prevalence of obesity and the growing number of people undergoing liposuction, who needs skin tightening for avoiding the problem of loose skin are giving a boom to the skin tightening and body contouring services. Thus, skin tightening and body contouring devices are forecasted to the fastest growth in the skincare devices market during the forecast period.
Increasing Demand for Skincare devices
The increasing demand for skincare devices among consumers due to increasing focus on their appearance looks, and most importantly increase in skin ailments are estimated to drive skincare devices market growth during the forecast period. Nowadays, people are well aware and concerned about their body which increases the interest of people towards skincare devices which help them in protection and skin glow. Growing disposable income across the globe is another key factor for the growing demand for skincare devices. Furthermore, the rising geriatric population across the globe along with the growing demand for aesthetic procedures worldwide are further estimated to drive the global market growth during the forecast period. However, the risk associated with the use of skincare devices along with the ongoing COVID-19 pandemic are expected to hinder the world skincare devices market growth in the years to come.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the skincare market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The skincare devices market is highly dynamic and it is mostly dominated by big players.
Alchemy Market Research lists out the names of key market players in the Skincare devices market. They are as follows:
- Allergan Plc
- Syneron Medical Ltd.
- Koninklijke Philips N.V.
- Solta Medical Inc.
- Lumenis Ltd.
- Alma Lasers Ltd.
- PhotoMedex Inc.
- Merz Pharma GmbH & Co. KGaA
- Michelson Diagnostics Ltd.
- Cutera Inc.
- Hologic Inc.
- Panasonic Corporation
A Significant Industry Development-
- June 2020: Alma Lasers Ltd. launched ClearSkin Pro which is a fractional 1540nm Er: Glass laser hand-piece that can induce deep thermal micro-columns of tissue coagulation in the dermis while sparing the epidermis and the surrounding dermal tissue. These coagulated columns trigger a wound-healing response that generates new collagen, resulting in improved skin texture and appearance. The cooling applicator helps in providing a tolerable treatment and protects the epidermis.
Further Report Findings-
- The body contouring and skin tightening category is estimated to witness the fastest growth over the forecast period due to an increase in demand for aesthetic procedures.
- In 2019, North America held for the largest share in the global skincare devices market owing to technological advancement, well-established infrastructure, and the presence of high-income customers along with the rising prevalence of skin diseases and growing geriatric population.
Based on End User, the spas and saloons category is estimated to be the fastest-growing category due to the growing number of medical spas worldwide along with increased deployment of skincare devices at saloons.
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