Skincare Devices Market to reach US$17,299.4 mn in 2023
Nevertheless, as per Transparency Market Research (TMR), key players in the market including Lumenis Ltd., Valeant Pharmaceuticals, Cynosure, ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd. hold a combined share of 25% in the global skincare devices market. Since a majority of companies in the market focus on product differentiation, competition is further elevated in the market.
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Increasing Incidence of Skin Cancer Boosts Sales of Skincare Devices
As per TMR, the increasing incidence of skin disorders such as skin cancer is expected to fuel demand for skincare devices market. “The rising demand for diagnosis in the form of biopsies and dermatoscopy, and treatment techniques such as light therapy and lasabrasion, the sale of skincare devices is likely to increase the uptake of skincare devices,” said a lead TMR analyst. “The market is also expected to significantly gain from the increasing demand for non-invasive cosmetic procedures,” he added.
Besides this, for simple skin related issues such as wrinkles, appearance of aging lines, and unwanted hair patients are looking for faster solutions with minimal pain, which will also allow them to resume their daily chores at the earliest. This led to the introduction of handheld and smart skincare devices to increase the convenience of treatment providers. These trends are proving conducive to the growth of the skincare devices market.
Rising Healthcare Expenditure to Reflect Positively on Sales Prospects for Skincare Devices
TMR forecasts the healthcare expenditure to significantly rise during the forecast period between 2015 and 2023. With the growth of healthcare expenditure outpacing the rate of population, TMR expects the prospects for skincare devices market to be extremely lucrative during the forecast period. The rising geriatric population is also expected to boost sales of skincare devices globally.
Most importantly, the rising trend of medical tourism and med spas, especially in the emerging economies of Asia Pacific, will provide ample growth opportunities for leading vendors.
However, the presence of a large number of local and established players has rendered the skincare devices market highly competitive. This compels a majority of manufacturers to offer their products at lower price. While such competitive pricing strategies limit the growth of skincare devices market to an extent, lack of transparency in their pricing strategies by suppliers can also go against the market.
Rising Popularity of Substitutes of Skincare Procedures to Negatively Impact Skincare Devices Sales
With substitutes of skincare procedures such as liposuction and light therapy gaining popularity at a rapid pace, the sales of skincare devices are likely to reduce in the near future. The rising usage of cosmeceuticals such as dermal fillers and Botox will also create bottlenecks for the market.
Nevertheless, as per TMR leading vendors can gain from capitalizing on the untapped opportunities in Asia Pacific. Regionally, while North America holds the largest share in the global skincare devices market, Asia Pacific is expected to demonstrate growth at the highest pace during the forecast period.
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By application, demand for skincare devices is poised to rise for cellulite reduction and diagnosis of various skin diseases such as psoriasis, skin cancer, warts, fungal infections, and others.
TMR pegs the global skincare devices market to reach US$17,299.4 mn in 2023, from US$7,255.8 in 2014. The market as per TMR analysis, is expected to surge at a CAGR of 10.1% during the forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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