Skincare Devices Market to Rise at an Optimistic CAGR of 10.1% within a Forecast Period from 2015 to 2023

The global skin care devices market is prophesied in a report by Transparency Market Research (TMR) to support a highly fragmented competitive landscape that is marked by the presence of multitudinous companies. Small-scale and local companies could secure a handsome amount of share even in the presence of established players numbering strong in the market. Most of these companies are said to hold specialization in large-scale production of dermatoscopes, biopsy punches, and other well-known skin care devices. Moreover, they could be specialized in producing high-value devices including laser systems and liposuction devices. Nonetheless, Cynosure, Valeant Pharmaceuticals, Lumenis Ltd., and other big players are expected to make their presence known in the market.

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TMR’s prediction pegs the revenue of the global skin care devices market at a US$17.2 bn for 2023. With respect to application, cellulite reduction is projected to gather higher demand in the market. By region, North America could take the driver’s seat of the market for the next few years.

Rising Demand for Diagnosis Using Biopsy and Dermatoscopy Improves Growth

Demand for skin care devices is prognosticated to increase on the back of rising prevalence of skin cancer and other skin diseases. Uptake of skin care devices could rise with swelling demand for lasabrasion, light therapy, and other treatment techniques. Soaring increase in demand for diagnosis in the form of dermatoscope and biopsy is also expected to improve sales of skin care devices. Furthermore, rising requirement of non-invasive cosmetic procedures could augment the demand in the world skin care devices market.

Launch of smart skin care devices easing up the process of treating various skin-related disorders is forecasted to set the tone for significant growth in the global market.

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Increase in Usage of Alternatives for Skin Care Procedures Discourages Players

Lack of transparency in pricing strategies of suppliers and highly competitive nature of the vendor landscape putting pressure on manufacturers to set lower prices for their products are envisaged to hamper the growth of the international skin care devices market. Moreover, substitutes for light therapy, liposuction, and other skin care procedures attaining popularity at a quick pace could slow down the demand for skin care devices. The market could witness bottlenecks created due to high usage of Botox, dermal fillers, and other cosmeceuticals.

However, there could be growth opportunities taking birth in the international skin care devices market due to the demand for faster solutions with minimal pain to treat aging lines, wrinkles, and other skin-related problems. Untapped markets in Asia Pacific could be another factor supporting market growth. Talking about developed regions such as North America, the need for skin care devices could increase owing to high baby boomer population.

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This release was published on openPR.