Global skincare devices market was valued at USD 8.2 billion in 2017. 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.
There are two types of skincare devices, diagnostic devices and treatment devices. Treatment devices were used more in comparison to the diagnostic devices and also generated larger revenue for market players.
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Advancement in technology has made image-guided systems easy to use and led to an efficient diagnosis of skin diseases.
Skincare treatment devices market is categorized into electrosurgical devices, laser devices, liposuction devices, light-based devices, cryotherapy devices, microdermabrasion devices, and other treatment devices.
Skincare devices are more sold through indirect channels as compared to direct channels, however, with the increasing internet penetration market players are leveraging the benefits of direct channels also. Direct channels offer market players opportunities to increase their profit margin even by pricing their products at a lower cost.
Skincare devices were mostly sold to dermatology clinics and hospitals, however, their demand in salons and spas is increasing rapidly due to miniaturization of these devices and reducing costs.
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.
Geographically, North America is the largest skincare devices market as the region is home to per capita was $7,949.9 in 2010 and it increased to $9,535.9 by 2015.large number of industry players and also has the highest healthcare expenditure globally. Asia-Pacific is observed to witness the fastest growth in the market.
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Market players in the skincare devices industry are focusing on investing in home use and handheld 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.
Source: VynZ Research