The need for efficient devices to diagnose and treat various skin-related conditions, such as skin cancer and dermatological indications, has resulted in being a great opportunity for the global skin devices market. The consumption of skin care devices has significantly increased in response to increased cases of skin cancer. Moreover, these devices deliver the majority of customers with the opportunity to benefit from positive beauty outcomes.
According to a study by Transparency Market Research (TMR), the global skincare devices market is anticipated to grow at a CAGR of 10.1% between 2015 and 2023. TMR has predicted the market to reach a valuation of US$17.30 bn by 2023, from US$7,255.8 bn in 2014.
How is the growing emphasis on aesthetics complementing the global skincare devices industry?
The rising preference for beauty procedures and the desire to improve physical beauty have encouraged consumers to spend on skincare devices. Additionally, people suffering from simple skin-related problems such as wrinkles, pimples, freckles, fine lines of aging, and unwanted hair are looking for pain-free and fast solutions. All these factors can potentially bolster the growth of the global skincare devices market.
Moreover, newer technologies are helping in the development of skincare devices in response to the growing demands of costumers. The introduction of smart and portable devices has proven to be favorable to the growth of the global skincare devices market.
How are developing nations helping boost the sales of skincare devices globally?
With the rising popularity of substitutes such as light therapy and liposuction, the popularity of skincare devices is likely to register a downfall in the coming years. Also, the growing usage of cosmeceuticals such as Botox and dermal fillers will also impede the growth of the market globally.
However, according to TMR analysts, the untapped opportunities in the developing countries of Asia Pacific are likely to make them a lucrative market. The propitious growth in the skincare devices market of the region can be attributed largely to the presence of a large population with high demand for beauty and wellness. Furthermore, a rise in the number of med spas and medical tourism will reflect positively on sales prospects for skincare devices.
How are various environmental and lifestyle factors contributing to increased sales of skincare devices?
Based on application, cellulite reduction forms the leading segment. Cellulite is a state of continuous fat deposition causing skin dimpling. The TMR study reports that nearly 85% to 98% women across the globe are affected by cellulite. The increasing incidence of cellulite is likely to give a great push to the skincare devices market.
Other than cellulite, the growing cases of skin disorders such as skin cancer are anticipated to propel the demand for skincare devices. The rising demand for skincare devices such as dermatoscopes, biopsy devices, and image guidance systems and treatment techniques such as lasabrasion and light therapy will boost the growth of the skincare devices market globally.
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According to the Skin Care Foundation, one in five Americans can develop skin cancer in the course of a lifetime. The high rate of skin cancer in North America makes it a lucrative market for skincare devices. Moreover, the high demand for non-invasive aesthetic procedures from the region has made it the leading segment in terms of geography.