Global Skincare Devices Market – Application, Growth Factor, Size, Analysis and Forecast 2024
Skincare devices are used for the diagnosis and treatment of skin ailments. Global skincare devices market was valued at USD 8.2 billion in 2017. Different types of diagnostic and treatment devices contributed to the skincare devices market size. The market has witnessed high demand for diagnostic devices for skin diseases over the last few years due to the increasing awareness regarding the diagnosis of skin ailments.
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The increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices are the primary growth drivers for skin care devices market. Healthcare expenditure has witnessed high growth globally which has led to increase in adoption of skin care devices in hospitals and dermatology clinics.
Development of technologically advanced skincare devices is the most impactful driver for the skincare devices market. Different vendors are focusing on the miniaturization of skincare devices so that healthcare providers and dermatology clinics are better positioned to adopt these devices, as these devices are easy to use and less complex.
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Geographically, North America is the largest skincare devices market as the region is home to large number of industry players and also has the highest healthcare expenditure globally. Moreover, high disposable income in the region lead to high out of pocket expenditure by consumers in North America especially in the U.S. According to the World Bank, the GNI per capita in the U.S. was $48,880 in 2010 and increased to $58,700 in 2016. Also as per the data reported by the same organization, the U.S. health expenditure per capita was $7,949.9 in 2010 and it increased to $9,535.9 by 2015.
Market players in the skincare devices industry are focusing on investing in home use and hand held devices to increase their market sb characteristics and lower cost. Michelson Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA, Lumenis Ltd., Alma Lasers Ltd., PhotoMedex Inc., Hologic Inc., Valeant Pharmaceuticals International Inc., Galderma SA, Beijing Toplaser Technology Co Ltd. And Panasonic Corporation are the key players offering skincare products in the market.