NEW YORK, Sept. 30, 2020 /PRNewswire/ -- The International Society of Aesthetic Plastic Surgery (ISAPS) says that in 2018, 10,607,227 surgical cosmetic procedures were performed around the world. Due to the rising demand for aesthetic procedures, the global skincare devices market is predicted to grow to $28,157.2 million by 2030 from $9,531.9 million in 2019, at a healthy 11.0% CAGR between 2020 and 2030, according to P&S Intelligence.
Similarly, the volume of non-surgical aesthetic procedures, such as calcium hydroxylapatite, botulinum toxin, poly-L-lactic acid, and hyaluronic acid treatments; non-surgical photorejuvenation and skin tightening procedures, chemical peel, non-surgical fat reduction, and cellulite reduction, is also rising. In particular, the skincare devices market is being propelled by the rising demand for breast lift, breast augmentation, neck lift, fat grafting (face), and brow lift procedures.
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The lockdowns implemented in the wake of the COVID-19 pandemic have forced skincare device manufacturers to suspend manufacturing and sales operations, thus leading to low availability of such products. In addition, the skincare devices market advance is also being currently hampered by the closure of cosmetic centers and dermatology clinics and most non-critical hospital departments, both to avoid unnecessary human–human contact and divert the available healthcare resources to COVID care.
Browse report with detailed TOC on Skincare Devices Market Research Report: By Product (Treatment Devices, Diagnostic Devices), Distribution Channel (Direct, Indirect), Application (Cellulite Reduction, Disease Diagnosis & Treatment, Hair Removal, Skin Tightening & Body Contouring, Skin Rejuvenation), End User (Dermatology Clinics, Hospitals, Spas & Salons) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/skin-care-devices-market
In the coming years, the skin tightening & body contouring category is expected to advance with the highest CAGR in the skincare devices market, of 11.8%, under segmentation by application. On account of the increasing volume of liposuction procedures and incidence of obesity, a rising number of people are suffering from loose skin. The ISAPS says that from 1,372,901 in 2014, the number of liposuction surgeries performed around the globe surged to 1,573,680 in 2017 and 1,732,620 in 2018.
The dermatology clinics category would continue dominating the skincare devices market in the immediate future, under the end user segment. Since dermatology clinics are dedicated to skincare, they use the related devices in large numbers, for skin rejuvenation, hair removal, skin tightening, and other purposes.
The highest revenue in the skincare devices market in the present time is generated in North America. With the increasing awareness about skincare and appearance and high disposable income of people, the volume of skincare treatments and associated device sales are high in the region. Additionally, skin cancer treatment coverage is provided under the Medicaid and Medicare programs in the U.S., which further results in high device adoption.
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Asia-Pacific (APAC) is on the path to growing the fastest in the skincare devices market in the years to come. The population, especially those of the elderly, as well as the prevalence of obesity and dermatological diseases, is increasing in APAC. This has led to a wide adoption of skincare devices for therapeutic and diagnostic purposes, thereby driving the regional market.
Mergers, Acquisitions, and Partnerships Shaping Industry Competition
The competition in the skincare devices market is being shaped by partnerships, mergers, and acquisitions, as players are taking these steps to:
- Enhance their medical aesthetics portfolio
- Expand their business
- Strengthen their presence across countries
- Offer laser and other energy-based skincare devices
- Provide laser treatments for port wine stains, birthmarks, and other vascular indications
The major companies operational in the global skincare devices market are Merz Pharma GmbH & Co. KGaA, Allergan plc, Michelson Diagnostic Ltd., Candela Corporation, PhotoMedex Inc., Lumenis Ltd., Cutera Inc., Alma Lasers Ltd., Panasonic Corporation, Hologic Inc., Beijing Toplaser Technology Co. Ltd., Bausch Health Companies Inc., TRIA Beauty Inc., and Nu Skin Enterprises Inc.
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Anti-Aging and Skin Rejuvenation Energy-Based Aesthetic Devices Market
North America is expected to account for the largest share in the anti-aging and skin rejuvenation energy-based aesthetic devices market by 2024, followed by Europe. Together, North America and Europe are expected to account for a 65.3% market share in 2024. This can be mainly attributed to the presence of established players and rising geriatric population, along with the surging consciousness among people about their appearance.
Skin Replacement and Substitutes Market
The skin replacement and substitutes market in APAC is expected to witness lucrative growth, witnessing a CAGR of 6.7% during the forecast period. The market in APAC is led by factors such as increasing cases of burns, rising prevalence of skin diseases, and improving healthcare systems.
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SOURCE P&S Intelligence