Skin Analysis Technologies Market to Reach $275 Million by 2030: IDTechEx Research
BOSTON, June 1, 2020 /PRNewswire/ -- With a surface area of up to 2 square meters, skin is the largest organ of the human body. Skin acts as an outer covering and barrier – not only is skin health crucial to the overall health of an individual, but skin appearance has significant societal impact as well (body image, communication, etc.).
IDTechEx have released a new research report, "Skin Analysis Technologies 2020-2030." The report examines the state of the skin analysis industry, including analysis of the technologies used and the range of business models and value propositions from companies. In this report, IDTechEx forecasts the market for skin analysis technologies to reach a value of $275 million by the year 2030.
Gold Standard Techniques
The skin analysis industry has been established for several decades, with companies such as Courage + Khazaka Electronic, Cortex Technology, and Canfield Scientific established in the late 1980s. These companies are mainstays in the industry, providing laboratories with gold standard skin analysis techniques used in safety and efficacy studies around the world. IDTechEx's report analyzed the technologies utilized by these players to set up the context for the changes in the industry today.
Marketing – Consumer Education and Personalization
A major use of skin analysis technologies today focuses on the marketing of skincare products by companies. Gold standard techniques can be utilized for this purpose, but the typical tool utilizes modified or alternative technologies. These help to lower the hardware requirements, resulting in a lower cost to the business. The main purpose of these devices is for cosmetics companies, spas, etc. to market their products through a) education of the consumer about skin conditions and how skincare products can treat/prevent certain issues or conditions, and b) offering beauty regimens and products that are personalized to the individual requirements of the consumer.
The Rise of Cameras and AI
Outside of the skin analysis industry, hardware developments, particularly in the improvement of smartphone cameras, has rapidly enabled high quality images to be taken by the everyday consumer. When combined with AI in the form of machine learning, suddenly anybody owning a (recent) smartphone has the capability of skin analysis in their hands. Companies have capitalized on this combination of innovations to drive the overwhelmingly offline industry into the digital world. Whether they employ the services of start-up, acquire the company, or partner with AI players, brands are enjoying larger basket sizes and higher conversion rates thanks to skin analysis. The education and personalization previously limited to brick and mortar stores has been ported into the online world.
New Models Emerge
The ability to utilize skin analysis frequently brings new models for the skin analysis and skincare industries. IDTechEx's new report includes profiles of innovative skin analysis products that disrupt how brands interact with the consumer. Examples include:
- Skin analysis tools can provide brands with increased opportunities to engage and build brand loyalty.
- When the quality of the analysis is high enough, the data can be used in the lab for future development.
- Daily skin analysis enables hyper personalized skincare – optimal use of the product can be instructed based on the skin condition and potential effects from the local environment.
Please refer to the new IDTechEx report, "Skin Analysis Technologies 2020-2030" to find out more about how skin analysis technologies can help drive business in the crowded skincare market.
For more information on this report, please visit www.IDTechEx.com/SkinAnalysis or for the full portfolio of Life Sciences research available from IDTechEx please visit www.IDTechEx.com/research.
IDTechEx guides your strategic business decisions through its Research, Consultancy and Event products, helping you profit from emerging technologies. For more information on IDTechEx Research and Consultancy, contact [email protected] or visit www.IDTechEx.com.
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SOURCE IDTechEx
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