Skincare Devices Market Trends, Business Strategies and Opportunities 2023

Global Skincare Devices Market: Snapshot

Skincare devices refer to the equipment that is used to diagnose and treat skin disorders, as well as those equipment that are used to improve the aesthetics of the human skin. It is therefore an umbrella term used for both medical and cosmetic tools. One of the key drivers augmenting the global skincare devices market over the coming years, is the extremely high demand for these devices from the perspective of cosmetic changes and the demand to improve physical appearance. From a purely medical perspective, the demand for skincare devices in diagnostics is expected to increase at a very high pace due to their valuable role in the diagnosis and treatment of certain types of cancers. The overall number of cancer patients is increasing across the world, as a result of this equipment such as skincare devices are in high demand.

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The global skincare devices market is expected to rise at an optimistic CAGR of 10.1% within a forecast period from 2015 to 2023. The market was valued at US$7.25 bn in 2014 and is expected to reach US$17.29 bn by the end of 2023.

Skincare Treatment Demand in North America Exceptionally High

The global skincare devices market can segmented on the basis of regional preferences, into North America, Europe, Latin America, Asia Pacific, and the MEA. From this perspective, North America, Europe and especially Eastern Europe, and Asia Pacific are showing a phenomenal rate of increase in demand for skincare devices. In 2014, North America was rated the leader in the global skincare devices market on the basis of overall market value, followed by Europe. The skincare devices market in North America is expected to expand at a CAGR of 9.92% within a forecast period from 2015 to 2023, and held as much as 44.4% of the overall market in that year. The demand for skincare devices in North America is especially high due to the high baby boomer population in this region. This demographic is roughly full of people in their retirement, and at an age when disease prevalence is quite high. Their concern over personal health as well as appearance is creating a high demand for skincare devices across this region.

At the same time, Asia Pacific is expected to expand at a whopping CAGR of 11.78% from 2015 to 2023. This high growth rate is attributed to the high population density coupled with a rising disposable income and increasing awareness of options for beauty and wellness treatments and products. This region is showing a vast unmet demand that can be filled by both globally prominent as well as regional players.

Cellulite Treatment in Huge Demand

On the basis of applications, the global skincare devices market can be segmented into disease diagnostic and treatment, hair removal, skin rejuvenation, damage repair, skin tightening, body contouring, and cellulite reduction. Among these, the global skincare devices market is experiencing a massive demand for cellulite reduction. Studies show that more than 85% of the female population is affected by cellulite issues globally, and is considered as a cause of worry for many individuals, especially within urban populations. This demographic is therefore creating a very high demand for cellulite treatments, thereby boosting the global skincare devices market.

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The key players in the global skincare devices market so far, have included Lumenis Ltd., Valeant Pharmaceuticals, Cynosure, ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd.

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