Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global dermatology imaging market was valued at US$ 1.85 billion in 2022 and is expected to register a revenue CAGR of 6.90% to reach US$ 3.38 billion by 2031.
Dermatology Imaging Market Fundamentals
Dermatology imaging uses several imaging techniques to diagnose and treat skin problems. This non-invasive treatment examines the skin with many innovative pieces of equipment. Dermatology imaging creates high-resolution images of the skin using light waves. It is frequently used to diagnose and track skin disorders like psoriasis and eczema. Dermatological testing aims to improve patients' overall health and well-being by diagnosing and treating skin problems and diseases as early as feasible. Early identification and treatment can help patients avoid problems and improve their outcomes. Dermatology testing is also useful for tracking the evolution of skin disorders and determining treatment efficacy.
Technology improvements, rising demand for skin health services, and the growth and demand in telemedicine will boost the dermatology imaging market revenue during the forecast period. The COVID-19 epidemic has amplified the use of telemedicine, making dermatological imaging treatments more readily available to individuals who might not have simple access to a dermatologist or imaging facility. In addition, the rising incidence of skin cancer and other skin conditions is expected to fuel demand for dermatological imaging and propel the market revenue expansion. It is also expected that cutting-edge imaging technologies like confocal microscopy and optical coherence tomography (OCT) will aid market revenue expansion.
Dermatology Imaging Market Dynamics
During the forecast period, the global dermatology imaging market is expected to the rising number of skin disorders. For instance, according to the National Eczema Association, 31.6 million Americans (10.1%) have some eczema, with incidence peaking during childhood. Eczema affects one out of every ten people at some point, with frequency increasing in childhood. In addition, the increasing awareness among people about the importance of early diagnosis and treatment of skin disorders is also expected to drive the revenue growth of the dermatology imaging market globally. This is further supported by technological advancements in dermatology imaging equipment, which provide an accurate and efficient diagnosis of skin conditions.
More emerging technologies that aid in diagnosis and management are becoming available to improve and broaden the equipment in dermatologic disease diagnosis and therapy. Confocal microscopy, digital photographic imaging, optical coherence tomography, high-frequency ultrasonography, and artificial intelligence are emerging technologies integrated into dermatology imaging. Confocal microscopy provides cellular resolution of skin and cutaneous architecture. It uses an 830 nm laser to make images that use intrinsic variances in refractive indices of biological components such as melanin, collagen, and keratin. A pinhole in it only allows reflected light to be collected by the detector, resulting in high-resolution images.
Collaboration between market players to launch new and innovative dermatology imaging products is a potential factor that will increase the global dermatology imaging market in the coming years. For instance, in March 2023, OpenMedical announced a partnership with FotoFinder. The collaboration combines the best of two worlds: cutting-edge cloud technology and skin imaging. PathpointR eDerma from Open Medical, combined with FotoFinder's automated whole-body mapping technology, enables dermatologists globally to view high-quality dermoscopic pictures and give immediate specialized care regardless of location.
However, one of the factors limiting the dermatology imaging market is the high cost associated with these imaging techniques. Additionally, the lack of awareness about advanced dermatology imaging technologies in developing countries hinders market revenue growth.
Dermatology Imaging Market Ecosystem
The global dermatology imaging market is analyzed from the following perspectives: imaging, modality, application, end user, and region.
Dermatology Imaging Market by Imaging Modality
Based on imaging modality, the global dermatology imaging market is segmented into digital photographic imaging and dermoscopy.
The dermoscopy segment dominated the global dermatology imaging market with the largest revenue share in 2022. This rise in revenue share is due to the ability of the device to diagnose skin lesions ten times and cover a wide spectrum of lesions. Furthermore, both pigmented and non-pigmented skin disorders might be recognized with dermoscopy and diagnosed with greater precision and sensitivity. Moreover, increasing awareness for early diagnosis of skin cancer and other skin diseases propels the segment's revenue growth. Additionally, technological advancements in dermoscopy devices and software have improved accuracy and efficiency in diagnosis, further boosting its adoption.
However, the photographic imaging segment is expected to increase during the forecast period. Photographic imaging has several benefits in dermatology imaging, such as the capacity to record and retain memories, produce art, document events and scientific findings, and aid in medical diagnostics. Furthermore, digital technology improvements have made photographic imagery more accessible and convenient.
Dermatology Imaging Market by Application
Based on application, the global dermatology imaging market is segmented into pigmented lesions, psoriasis, skin cancer, plastic, and reconstructive surgery.
The skin cancer segment dominates the global dermatology imaging market. Dermatology imaging techniques provide non-invasive and painless ways to detect skin cancer at an early stage. This allows for prompt treatment and increases the chances of successful outcomes. Moreover, segment growth is also supported by the increasing prevalence of skin cancer. The American Academy of Dermatology Association estimated in 2022 that one in every five Americans would acquire skin cancer during their lifetime. Every day, roughly 9,500 people in the United States are diagnosed with skin cancer. Additionally, market players are highly focused on developing innovative technologies to diagnose skin cancer more efficiently.
Pigmented lesions are expected to rise in popularity during the forecast period. 2D and 3D whole-body dermatological devices with creative new technologies are used to identify pigmented lesions in the complete body and every portion of the body. Whole-body dermatology tomography devices offer speedy documentation and reliable analysis of worrisome lesions, which might fuel market revenue expansion.
Dermatology Imaging Market by End User
Based on end users, the global dermatology imaging market is segmented into hospitals, specialty clinics, skin rejuvenation centers, and others.
The hospital segment has most of the global dermatology imaging market revenue share. Dermatology imaging is an important component of hospital-based healthcare services. Hospitals have specialized equipment and trained personnel to perform dermoscopy, which allows dermatologists to examine skin abnormalities at high magnification. Furthermore, hospitals have the advantage of providing patients with skin disorders with complete and more efficient care, including access to various medical specialties and resources such as surgical procedures and clinical trials. As a result, hospitals are important players in the dermatology imaging business.
However, the specialty centers segment will show lucrative revenue growth during the forecast period. This expansion might be linked to the rising demand for specialist healthcare services and the availability of modern medical technologies. As a result, many healthcare providers are investing in specialist centers to meet patients' expanding demands.
Dermatology Imaging Market by Region
Based on the region, the global dermatology imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the dermatology imaging market with the largest revenue share. The rising frequency of skin diseases, improved healthcare facilities, and government assistance in the form of policies are driving market revenue expansion in the United Kingdom. According to a study by Michel J Cork, atopic dermatitis is extremely common in the United Kingdom. Another 2018 study on the e0pidemiology of rosacea found that the incidence rate of rosacea was 1.65 per 1000 person-years. Many institutes are also focusing on raising knowledge about skin problems. For example, the British Association of Dermatologists runs a nationwide program called Sun Awareness (BAD) every year in May, including National Sun Awareness Week.
Asia Pacific is predicted to be the fastest-growing geographic region in the global dermatology imaging market over the forecast period. The growth can be attributable to the increased prevalence of skin diseases, rising healthcare expenditure, and the region's increasing usage of modern imaging technology. Furthermore, a huge patient pool and growing healthcare infrastructure are expected to contribute to the Asia Pacific market revenue growth. Rising hospital and dermatology clinic densities in the region are also expected to increase the global dermatology imaging market.
Competitive Landscape of the Global Dermatology Imaging Market
The dermatology imaging market is highly competitive. The key players offering a range of products and services are making the dermatology imaging market highly driven. Key players focus on innovation, partnerships, and acquisitions to strengthen their market position and gain a competitive edge.
The prominent companies having a key position in the global dermatology imaging market are:
Strategic Developments in Dermatology Imaging Market
The skin cancer segment accounts for the largest revenue share in the global dermatology imaging market.
The global dermatology imaging market is expected to grow at a revenue CAGR of 6.90% during the forecast period.
Bomtech Electronics Co., Ltd., Canfield Scientific Inc, and Cortex Technology are key players in the global dermatology imaging market.
Asia Pacific is expected to register the highest global dermatology imaging market revenue growth during the forecast period.
The high expense of these imaging modalities is one of the major issues limiting the dermatology imaging industry. Furthermore, a lack of awareness about cutting-edge dermatological imaging technologies in developing countries limits market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain