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2024 Dermatology Devices Market Report: Innovations, Growth Drivers, and Key Insights
Dermatology Devices Market Report
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According to The Business Research Company's, The dermatology devices market size has grown rapidly in recent years. It will grow from $14.06 billion in 2023 to $16.33 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to increased skin health awareness, dermatological conditions prevalence, aging population, increased aesthetic and cosmetic procedures, and skin cancer diagnostics.
The dermatology devices market size is expected to see rapid growth in the next few years. It will grow to $28.84 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to minimally invasive treatments, rising medical tourism, emerging market growth, and increasing research and development activities. Major trends in the forecast period include adoption of tele-dermatology services, ai and machine learning applications, personalized dermatology care, advanced laser technologies, and dermatology innovation.
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Market Drivers and Trends:
The increasing prevalence of skin cancer and other skin diseases is expected to propel the growth of the dermatology devices market going forward. Skin cancer is the uncontrolled proliferation of abnormal cells in the epidermis, the outermost layer of the skin. It is caused by malignant tumors formed from unrepaired DNA damage. Other skin-related diseases include eczema, cold sores, dry skin, acne, and others. In order to remove skin tumors, dermatological devices such as light treatment devices, lasers, and electrosurgical equipment are used. For instance, according to the American Cancer Society, a US-based voluntary health organization, in 2022, around 99,780 new melanoma skin cancer cases were diagnosed and around 7,650 patients died due to melanoma, in the US. Therefore, the growing prevalence of skin cancer and other skin diseases is driving the growth of the dermatology devices market.
Technological advancements have emerged as a key trend gaining popularity in the dermatology device market. Major companies operating in the dermatology devices sector are focused on new technological innovations to sustain their position in the market. For instance, 3Derm Systems, Inc., a US-based company that manufactures dermatology devices, launched 3DermSpot. The 3DermSpot is an algorithm designed to use artificial intelligence (AI) and highly standardized skin images to help in autonomously detecting melanoma, squamous cell carcinoma, and basal cell carcinoma. This helps in the speedy detection of skin cancer.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cutera Inc., Lumenis Ltd., Alma Lasers Ltd., Solta Medical Inc., Aesthetic Group, Ambicare Health Ltd., Image Derm Inc., Johnson & Johnson Private Limited, AMD Global Telemedicine Inc., Cortex Technology ApS, HEINE Optotechnik GmbH & Co. KG, Michelson Diagnostics Ltd., Bruker Corporation, Bovie Medical Corporation, Illuco Corporation Ltd., Photomedex Inc., Applisonix Ltd., Candela Medical Corporation, STRATA Skin Sciences Inc., WON TECH Co. Ltd., LUSTRE® ClearSkin Ltd., DermLite LLC, Genesis Biosystems Inc., Cynosure LLC, Canfield Scientific Inc., Bausch Health Companies Inc., Stiefel Laboratories, Sun Pharmaceutical Industries Limited, L'Oreal S.A., Galderma S.A., Merz Pharma GmbH & Co. KGaA, Allergan plc, Syneron Medical Ltd., Bio-Therapeutic Inc., Sciton Inc., Viora Ltd.
Dermatology Devices Market 2024 Key Insights:
• The dermatology devices market size is expected to see rapid growth in the next few years. It will grow to $28.84 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Skin Health Matters Fueling Growth In The Dermatology Devices Market
• Technological Innovations And Ai-Driven Solutions In Skin Cancer Detection
• North America was the largest region in the dermatology devices market in 2023
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