Skincare Devices Market Competitive Landscape, Changing Market Trends and Emerging Opportunities

The skincare devices market size is projected to cross $14.6 billion by 2023, growing at a CAGR of 11.2% during 2017-2023.
The growth in the market will be led by increasing cases of skin cancer and skin related disorders, technological advancements in skincare devices, increase in disposable income, rising demand for aesthetic procedures, and growing geriatric population.

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The products used in the skincare devices market have been categorized as skin treatment devices and skin diagnostic devices. The market for the latter is expected to witness the fastest growth at a CAGR of 11.9% during the forecast period. This rising demand for skincare diagnostic devices can be attributed to the increasing prevalence of skin diseases, especially skin cancer, the diagnosis of which requires the use of these devices.

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Globally, North America is the largest market for skincare devices and the region and is estimated to contribute 35.8% to the global market in 2017. In North America, the skincare devices market will register a CAGR of 10.4% during the forecast period, and the region is expected to contribute 34.3% to by 2023. The growth of the North American market is mainly driven by high expenditure, increasing prevalence of obesity, high per capita income leading to affordability of skincare devices and treatment and health coverage for skin cancer through Medicare and Medicaid in the U.S. The U.S. is the larger market for skincare devices in the North American region, and the country is estimated to contribute 92.4% to the North American market in 2017. However, the Canadian skincare devices market is expected to witness the higher growth in demand for these devices than the U.S. owing to the increasing prevalence of skin disease in the country.

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The major players in the skincare devices market are partnering with other firms to improve their position in the market. For instance, March 2017, Galderma S.A., medical solution provider for skincare, announced a collaboration with Colorescience, Inc., a company that produces and sells mineral-based cosmetics and sun screen products. The collaboration aimed to expand skincare solutions for individuals who seek daily skincare products which can be used with traditional facial injectable aesthetic treatments.

Some of the other key players operating in the skincare devices market include Merz Pharma GmbH & Co. KGaA, Michelson Diagnostic Ltd., Lumenis Ltd., PhotoMedex Inc., Alma Lasers Ltd., Hologic Inc., Panasonic Corporation, Valeant Pharmaceuticals International Inc., and Beijing Toplaser Technology Co Ltd.

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