How would Wearable Technology Create New Growth Opportunities in Global Skincare Devices Market?

Popularity of cosmetic procedures such as liposuction, skin tightening, body contouring, and skin rejuvenation that enhance the overall appearance of the client and make them look more youthful and fit is on the rise. Rise in the geriatric population in the U.S. and other parts of the world, particularly in Japan, is expected to drive the skincare devices market. For instance, people aged 65 and above are likely to constitute 20% of the population of the U.S. by 2029 as against 14% in 2012. At the same time, the overall population of senior citizens is expected to surpass 1.5 billion in the next few decades. Moreover, most of the upper- and middle-class women and men are the primary end-users of skincare services as they carry a trending opinion that 60 years is not an age for oneself to be called ‘old’ and get retired. Additionally, countries in the emerging markets are offering world class, yet cost-effective medical tourism solutions leading to increase in the number of procedures and skin treatments availed. However, competitive pricing and equipment costs and growth in popularity of substitutes such as at-home devices, cosmeceuticals, and OTC skincare products is expected to impede market growth.

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The global skincare devices market has been segmented based on type of product, type of application, and geography. Product type comprises treatment devices and diagnostic devices. Various treatment devices for skincare include devices for LED therapy, lasabrasion, microdermabrasion, liposuction, electrosurgical, and cryotherapy. Diagnostic devices have been categorized into three sub-segments: dermatoscopes, biopsy devices, and image guidance systems. LED therapy devices was the largest market segment in 2014; however, the lasabrasion devices segment is expected to expand at the fastest CAGR of 11% during the forecast period from 2015 to 2023. This growth is attributed to the ease of use of laser-based devices and shorter recovery periods as compared to conventional invasive surgeries.

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Applications of skincare devices include disease diagnosis/treatment, skin rejuvenation, hair removal, cellulite reduction, skin tightening and body contouring, and damage repair. The cellulite reduction application segment accounted for the largest share of 24.3% of the market in 2014 and is expected to reach 25.1% in 2023. High market share of the segment is due to the alarming rise in obesity rates globally and increasing popularity of non-invasive procedures for fat removal over conventional methods. However, skin tightening and body contouring was the fastest growing application segment, expanding at the highest CAGR. Factors influencing growth of this segment include the large baby boomer population and usage of latest technological platforms for treatment.

Geographically, North America accounted for the largest share of the global skincare devices market in terms of revenue in 2014. The market in the region was valued at US$ 3,223.8 Mn in 2014. Presence of a large base of key device manufacturers in North America coupled with high purchasing power of both buyers and consumers is expected to help the region sustain its leadership position in the global market during the forecast period. However, the skincare devices market in Asia-Pacific is likely to record the fastest growth during the forecast period due to large untapped population and rise in the adoption of minimally invasive procedures.

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The skincare devices market is highly fragmented, with a large number of manufacturers competing with similar shares. Key companies profiled in the report include Alma Lasers Ltd., Cutera, Inc., Cynosure, Inc., Human Med AG, GE Healthcare, Lumenis Ltd., Michelson Diagnostics, PhotoMedex, Solta Medical, Inc. and Syneron Medical Ltd. Manufacturers undertaking extensive marketing initiatives and offering product packages to attract customers from various geographic regions is anticipated to intensify the competition in the market.

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