|09-03-2018 11:34 AM CET - Health & Medicine||
Skincare Devices Market Research Report – Industry Insights, Analysis, Demand and Forecast to 2024
Press release from: VynZ Research
Global Skin Care devices market was pegged at USD 8.2 billion in 2017, and is expected to reach USD 17.8 billion by 2024. Driven by the factors such as increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices. The skincare devices market is poised to grow at a CAGR of 11.8% during the forecast period (2018-2024).
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The market for skin care devices is primarily driven by increasing adoption of aesthetic procedures worldwide. With the invention of non-invasive and minimally invasive procedures, consumers and patients are rapidly adopting skin treatment devices such as laser-based technology. Furthermore, with the increasing awareness of cosmetic procedures, the skincare devices market is on surge during the last few years. The International Society of Aesthetic Plastic Surgery (ISAPS) reported in 2017 that women continue to drive the demand for cosmetic surgeries, accounting for 86.2% or 20,362,655 cosmetic procedures worldwide in 2016.
North America accounted for the major share in the skincare devices market in 2017 as the players in the region are continuously investing capital for the advancement of technology for skincare devices. U.S. accounted for the greatest number of cosmetic surgeries in 2016. The country registered approximately 4,217.9 thousand cosmetic surgeries in 2016, which is highest performed worldwide.
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Moreover, Asia-Pacific is observed to witness the fastest growth in the skincare devices market. Increasing disposable income, development of low-cost devices by local players and large consumer base in the region are the leading factors fuelling the Asia-Pacific skincare devices market.
Key players in the skincare devices market are investing in the development of at home and hand-held devices, which is strengthening their position in the market. However, local players are depending upon new technology to develop low-cost products, thus increasing the rivalry in the market to some extent. Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA, Lumenis Ltd., Alma Lasers Ltd., PhotoMedex Inc., Hologic Inc., Valeant Pharmaceuticals International Inc., Galderma SA, Beijing Toplaser Technology Co Ltd. and Panasonic Corporation are the key players offering skincare products in the market.
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