Skincare Devices Market to Account Revenue of US$ 17.3 Bn by 2023; Led by Rising Customer Preference for Aesthetic Procedures - Report by TMR

Jul 13, 2016, 11:30 ET from Transparency Market Research

ALBANY, New York, July 13, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research "Skincare Devices Market (Treatment Device - LED Therapy Devices, Lasabrasion Devices, Liposuction Devices, Microdermabrasion Devices, Electrosurgical Devices, and Cryotherapy Devices; Diagnostic Device - Dermatoscopes, Biopsy Devices, and Image Guidance Systems; Application - Cellulite Reduction, Disease Diagnosis and Treatment, Hair Removal, Skin Tightening and Body Contouring, Skin Rejuvenation, and Damage Repair) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015-2023", the global skincare devices market was valued at US$ 7,255.8 Mn in 2014 and is projected to expand at a CAGR of 10.1% from 2015 to 2023 to reach US$ 17,299.4 Mn in 2023.

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Skincare devices assist in efficient diagnosis and treatment of various skin conditions including skin cancers and dermatological indications such as pigmented lesions, acne, wrinkles, and vascular lesions. Rapid growth in the incidence rate of skin cancer and other skin disorders across the globe is expected to increase the number of patients requiring diagnosis and treatment for several skin conditions. This will in turn increase the uptake of skincare devices, thereby driving growth of the market. Moreover, growing customer preference for aesthetic procedures and their willingness to spend more on them has fueled the growth of the global skincare devices market. Based on product type, the skincare devices market has been categorized into diagnostic and treatment devices. The global skincare devices market was valued at US$ 7,255.8 Mn in 2014 and is anticipated to expand at a CAGR of 10.1% from 2015 to 2023 to reach US$ 17,299.4 Mn in 2023.

According to the estimates of the American Society of Plastic Surgeons, over 15.9 million minimally invasive aesthetic procedures were performed in the U.S. in 2015, a 2% increase over 2014. This indicates high popularity of minimally invasive procedures in dermatological application. For simple skin related problems such as unwanted hair, wrinkles, and lines, patients prefer faster solutions with minimal pain that will help them resume work at the earliest. Furthermore, introduction of hand-held devices in the microdermabrasion and lasabrasion segments will increase convenience for service providers, thereby driving uptake of these devices and growth of the overall market. Hence, the overall skincare market is witnessing an increasing trend of product innovation to ensure maximum patient comfort during and after treatment.

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This report provides market size and forecast for the global skincare devices market based on type of product, application, and geography. The major geographies analyzed in the report include North America, Europe, Asia-Pacific, and Rest of the World (RoW). In addition, the regions have been further segmented into major countries. The report also provides country level market estimation for the U.S., Canada, the U.K., Germany, China, and India.

North America dominated the global skincare devices market in 2014. The region is expected to continue its dominance during the forecast period from 2015 to 2023. Presence of a large base of key device manufacturers in North America coupled with the 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, other regions, particularly Asia-Pacific and Rest of the World (Latin America and Middle East & Africa), are expected to record strong growth during the same period. Increasing disposable incomes of consumers, entry of new local manufacturers offering products at competitive prices, and rising awareness levels regarding skin conditions and aesthetic treatments are likely to drive the market in Asia-Pacific and Rest of the World.

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Europe was the second largest market for skincare device in terms of revenue in 2014. Shift in lifestyle, especially in the urban population, and technological innovation in treatment devices for skincare are the major factors likely to increase demand for skincare devices in this region. Germany and the U.K. dominate the skincare devices market in Europe. However, other markets in Europe are also developing dynamically. The skincare devices market in Europe is likely to witness strong growth due to large underserved population who need and have the purchasing power to avail advanced skincare solutions.

The global skincare devices market is highly fragmented, with the presence of a large number of players. Key companies profiled in this report include Alma Lasers, Inc., Cutera, Inc., Cynosure, Inc., GE Healthcare, Human med AG, Lumenis, Ltd., Michelson Diagnostics, Photomedex, Inc., Solta Medical, Inc., and Syneron Medical Ltd.

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