Exponential surge in the sale of skincare devices is projected in the forthcoming years. These tools provide a majority of customers with the opportunity to gain from superior beauty outcomes. Skincare devices are designed and developed particularly to ensure efficient diagnosis and treatment of various skin conditions such as dermatological indications and skin cancer. The usage of skincare devices has considerably increased globally due to the rising incidence of cancer. The increasing preference for aesthetic procedures and the willingness of consumers to spend on these procedures will boost prospects for the global skincare devices market.
The most common types of skincare devices available in the market include biopsy devices, dermatoscopes, and image guidance systems. Recently, demand for these devices has significantly increased because of their increasing use in diagnosis of skin lesions suspected to be skin cancers. The incidence of skin cancer is surging globally at an exponential rate. This has compelled an increasing number of patients to undergo diagnosis in form of biopsies and dermatoscopy. The demand for treatment using light therapy and lasabrasion is therefore increasing at a considerable pace. This in turn will translate into higher uptake of skin care devices.
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As per Transparency Market Research (TMR), the global skincare devices market is expected to surge at a CAGR of 10.1% between 2015 and 2023. TMR has pegged the market to reach a valuation of US$17,299.4 mn in 2023, from US$7,255.8 in 2014.
North America Emerges as Most Lucrative Regional Market for Skincare Devices
Regionally, emerging economies in Latin America, Eastern Europe, and Asia have been exhibiting the most lucrative prospects for the sale of skincare devices. As of 2014, North America had emerged dominant in the global skincare devices market, trailed by Europe. TMR projects the North America skincare devices market to surge at a CAGR of 9.92% during the forecast period. The region in 2014 held 44.4% of the overall market.
The sale of skincare devices in North America is substantially bolstered by the increasing population of baby boomers in the region. Besides this, the rising aesthetic needs and increasing awareness among customers about their health and well-being have augmented demand for high-performing skincare devices in the region. Technical product developments, paradigm shift in consumer preferences towards non-invasive skincare procedures, and the increasing incidence of skin cancer are other factors fuelling demand for advanced skincare devices from North America.
Asia Pacific however is expected to showcase the highest CAGR of 11.78% during the forecast period. The promising growth in the skincare devices market of the region is attributable largely to the presence of a large population with unmet demand for beauty and wellness.
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Increasing Incidence of Cellulite to Fuel Demand for Skincare Devices
Based on application, demand for skincare devices was witnessed to be the highest for cellulite reduction. The segment accounted for a share of 25.1% in 2023. However, during the forecast period, the skin tightening and body contouring segment will exhibit growth at the fastest pace in the market. As per TMR nearly 85% to 98% women are affected by cellulite every year globally. Despite its increasing incidence, cellulite is considered to be an issue of worry by millions of women around the world. Cellulite reduction is thus seen as the largest application segment in the market mainly because of the alarming rise of obesity worldwide, the increasing demand for non-invasive beauty procedures, and increasing willingness of consumers to spend on their beauty and wellness.
Apart from their increasing usage in cellulite reduction, skincare devices are also used for diagnosis and treatment of various skin diseases such as skin cancer, warts, fungal infections, psoriasis, scabies, and others.
Some of the most prominent enterprises operating in the market include Lumenis Ltd., Valeant Pharmaceuticals, Cynosure, ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd.