Dermatology Devices Market by Type (Diagnostic Devices and Treatment Devices), by Application (Skin Cancer, Acne, Psoriasis, Skin Rejuvenation, and Warts), by End User (Hospitals, Clinics, and Others) - Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Report, the global dermatology devices market was pegged at ~54.08 billion in 2021. The market is expected to witness a CAGR of ~4.4% from 2022 to 2030.
Globally, increment in the dermatology devices market is mainly driven by increasing technological advancement, increasing awareness on aesthetic procedures, increasing healthcare expenditure, growing request for at-home devices, more incidence of skin problems, significant surge in non-invasive liposuction actions and an increasingly large population are considered some crucial factors that are influencing the development of dermatology device market.
The global market for dermatology devices is anticipated to witness substantial growth rate in terms of value, due to to an increased awareness about cosmetic surgery and aesthetic medicine, growing demand for non-invasive cosmetic correction procedures, and growing aesthetic awareness. For instance, The Cadogan Clinic reported a 10-fold increase in facial surgery, an 188 percent increase in fat transfer/face-lift procedures, and a 78 percent increase in rhinoplasties in 2020 compared to the previous year. As a result, the demand for dermatological devices for cosmetic procedures to improve appearance is expected to rise in the coming years.
Furthermore, the development of healthcare expenditure, rising disposable income and compounding geriatric population income are generating high progress opportunities for players in the global dermatology devices market. The advent of innovative technologies such as microdermabrasion, as well as enhanced awareness in public, will generate immense potential for the dermatology diagnostic device market in the future. Young men and women turn out to be progressively more anxious about skin care. Furthermore, the progress of famous descriptions cantered on personal hygiene and wellbeing has driven cosmetic goods to the front of public attention. With the growing need for dedicated or specialized dermatology treatments, patients tend to visit specialty dermatology clinics for rapid and effective service, which further drives the market growth.
Though, high costs of dermatological treatments, side effects associated with dermatological treatments, and indecision related to the U.S. Healthcare upgrades might hinder market growth over the forecast period. Challenges for companies in this market are the presence of stringent validation of dermatological devices. The time consuming nature of approval processes and stringent regulatory frameworks may delay new product launches and deter research investments in this market. Such conditions can thus restrict the growth of the market. Unfavorable economic conditions in low-income countries, changing or un-evolved government policies, and ratification of healthcare reforms are different reasons responsible for uncertainties in dermatology diagnostic test settlements. In the recent years, the global economic downturn has led to major cuts in Medicaid and State Children’s Health Insurance Program (SCHIP) funding in the U.S.
Asia Pacific is expected to demonstrate the fastest market growth during the forecast period. The speedily growing medical tourism sector in the Asia Pacific due to the availability of affordable treatment options is expected to be the key factor boosting the regional market growth. In addition, the rise in the number of multinational companies investing in research & development in the Asia Pacific and the availability of affordable treatment options proved to be an essential factors driving the regional growth of the market. Rising beauty awareness among consumers is further projected to make the product demand, thereby fuelling the regional growth of the market. The wish to look beautiful among the younger population in developing economies is robust, which increases the sale of such devices. Furthermore, the growing disposable revenue is giving people more spending power, and the government regulations are quite encouraging and healthcare infrastructure. Because of all these factors, the implementation of this equipment and therapies would significantly grow significantly in this region, in the near future.
Most companies in the global dermatology devices market are also concentrating on new product launch and advancing their product portfolio with specialty products. For instance, Lumenis Ltd. launched Stellar M22 in March 2020 for the treatment of vascular lesions, skin texture, tone, and hair removal.
Some of the prominent players in the global dermatology device market include Alma Lasers GmbH, Cynosure, Inc., Solta Medical, Inc., Cutera, Inc., Bruker Corporation, Syneron Medical Ltd., Canfield Scientific, Inc., Carl Zeiss, Candela Corporation, HEINE Optotechnik GmbH & Co. KG , Lumenis, Ltd., and Bovie Medical Corporation among others.