Benefits offered in Diagnosis and Treatment of Skin Diseases to Boost Skincare Devices Market

Transparency Market Research has published a new market report titled, “Skincare Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” According to the report, the global skincare devices market was valued at US$ 7,255.8 Mn in 2014 and is anticipated to expand at a CAGR of 10.1% from 2015 to 2023 to reach US$ 17,299.4 Mn in 2023.

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Dermatology refers to the science of diagnosis and treatment of skin abnormalities and disorders. Apart from disease diagnosis and treatment, skincare devices cater to various aesthetic applications for cosmetic care and enhancement of appearance of the skin and body. The various applications of these devices include disease diagnosis and treatment, skin rejuvenation, cellulite reduction, hair removal, skin tightening and body contouring, and damage repair (vascular lesions, pigmented lesions, and tattoo removal). Increasing number of companies operating in the skincare devices market have beefed up their marketing budgets resulting into an increased level of awareness among consumers. Additionally, the surging number of ‘medspas’ in countries with flourishing medical tourism industry have created additional demand for skincare devices. The global skincare devices market was valued at US$ 7,255.8 Mn in 2014. It is expected to expand at a CAGR of 10.1% from 2015 to 2023 to reach US$ 17,299.4 Mn in 2023.

Globally, the medical tourism market is expanding at annual growth rate of over 20%. This offers significant growth opportunities in the global skincare devices market. Emerging nations are offering world class yet cost-effective medical tourism, leading to increased number of medical procedures and skin treatments availed. Moreover, due to increasing awareness about the cost benefits of medical tourism, patients in developed nations are bound to embrace it, leading to higher demand for skincare devices. Factors such as language barriers, expertise, and lack of technologically advanced equipment are non-existent in some medical tourism hotspots such as India. Moreover, developed nations will continue to seek cost savings in the near future, as the health care sector struggles with cost, quality, and access. This will contribute largely to the growth of the skincare devices market, especially in the developing parts of the world.

This report analyzes the global skincare devices market based on type of product: diagnostic devices and treatment devices. The skincare diagnostic devices segment has been further categorized into dermatoscopes, biopsy devices, and image guidance systems. Image guidance systems comprise CT scanners, MRI scanners, and OCT systems. In 2014, dermatoscopes accounted for the largest share of the skincare diagnostic devices segment due to exhaustive usage pattern compared to other devices by dermatologists. Dermatoscopes are used for early detection of malignant melanoma and other non-melanocytic lesions, basal cell carcinoma, and dermatofibroma, and other skin disorders. Technological advances, low cost of devices, and high global incidence of skin cancers are the key factors driving the dermatoscopes segment

Skincare treatment devices assist in performing skin surgeries efficiently. These are used to treat various skin indications such as acne, wrinkles, cellulite, freckles, facial spots, vascular lesions, and pigmented lesions. Treatment devices are incorporated with the latest technological platforms such as radiofrequency, laser technologies, and light-based technologies. Based on area of treatment, treatment devices has been further categorized into LED therapy devices, lasabrasion devices, microdermabrasion devices, liposuction devices, electrosurgical devices, and cryotherapy devices. The lasabrasion devices segment is expected to witness fastest growth during the forecast period from 2015 to 2023. Continuous product modifications, technological upgrades, provision of multiple technological platforms, large consumer base, changing lifestyle patterns, and willingness of the consumers to spend on laser-mediated procedures are the factors that are likely to fuel the growth of the lasabrasion devices segment.

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This report provides market size and forecast for the global skincare devices market based on type of product, application, and geography. The global skincare devices market is currently a hotbed of innovation, which results from the high degree of competition that prevails here. Price wars have given consumers in the skincare devices market greater bargaining power; however, the same cannot be said for companies competing against each other. This factor is likely to be a major restraint of the growth and expansion of the skincare devices market. Market players will also have to brave headwinds in the form of substitutes that are increasingly available to consumers.

Key companies contributing to growth of the global skincare devices market include Alma Lasers Inc., Cutera, Inc., Cynosure, Inc., GE Healthcare, Human med AG, Lumenis, Ltd., Michelson Diagnostics, Photomedex, Inc., Solta Medical, Inc., and Syneron Medical Ltd.

The global skincare devices market has been segmented as follows:
Global Skincare Devices Market - By Type
•Diagnostic Devices
oBiopsy Devices
oImage Guidance Systems
oDermatoscopes
•Treatment Devices
oLasabrasion (laser skin resurfacing) Devices
oMicrodermabrasion Devices
oElectrosurgical Devices
oLiposuction Devices
oCryotherapy Devices
oLED Therapy Devices

Global Skincare Devices Market - By Application
•Disease Diagnosis And Treatment
•Skin Rejuvenation (acne, sun damage, and wrinkles)
•Hair Removal
•Cellulite Reduction
•Skin Tightening and Body Contouring
•Damage Repair (vascular, pigmented lesions, and tattoo removal)

Skincare Devices Market - By Geography
•North America
oU.S.
oCanada
•Europe
oGermany
oU.K.
oRest of Europe
•Asia-Pacific
oChina
oIndia
oRest of Asia-Pacific
•Rest of the World
oLatin America
oMiddle East & Africa

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