Skincare Devices Market Comprehensive Review of its Applications Growth Opportunities and Future Prospects

The prosperity of the skincare devices market is driven by the growing prevalence of skin cancer and other skin-related issues, technological developments in skincare devices, rising disposable income, and surging geriatric population. In 2017, the market generated a $7,787.4 million revenue, and it is predicted to attain a size of over $14,600.0 million by 2023, progressing at an 11.2% CAGR during the forecast period (2018-2023). Skincare devices are medical equipment or devices used for the diagnosis and treatment of skin-related disorders, such as acne, abnormal pigmentation, and eczema.

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However, the skin tightening & body contouring category is predicted to exhibit the fastest growth at a 12.5% CAGR during 2018-2023. This is attributed to the rising prevalence of obesity and increasing number of people going for liposuction, who need skin tightening for loose skin, later. Further, based on product, the skincare devices market is bifurcated into skin treatment and skin diagnostic devices. Of these, during the historical period (2013-2017), the skin treatment bifurcation dominated the market in terms of revenue, and it is anticipated to continue dominating it during the forecast period.

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As per the World Health Organization, nearly 132,000 cases of melanoma and 2-3 million cases of non-melanoma skin cancer are registered every year, worldwide.

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According to the Skin Cancer Foundation, it is possible that one in every five Americans will face skin cancer in their lifetime. Some of the major reasons behind such disorders are anxiety, stress, alcohol and tobacco consumption, and unhygienic environmental conditions. Owing to the rising incidence of skin cancer cases, the demand for skincare devices is expected to accelerate, thereby resulting in the growth of the skincare devices market.

Hence, the increasing incidents of skin diseases and technological advancements in skincare devices are expected to boost the market growth.

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