NEW YORK, May 01, 2019 (GLOBE NEWSWIRE) -- The global skincare devices market was pegged at USD 9.1 billion in 2018 and is expected to reach USD 17.8 billion by 2024. The market is primarily driven by factors such as increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices. The skincare devices market is poised to grow at a CAGR of 12.0% during the forecast period (2019-2024).
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Increasing awareness and adoption of aesthetic procedures are key to the growth of the global skincare devices market
With the invention of non-invasive and minimally invasive procedures, consumers and patients are rapidly adopting skin treatment devices such as laser-based technology. Furthermore, with the increasing awareness for cosmetic procedures, the skincare devices market is on surge during the last few years. The International Society of Aesthetic Plastic Surgery (ISAPS) reported in 2017 that women continue to drive the demand for cosmetic surgeries, accounting for 86.2% or 20,362,655 cosmetic procedures worldwide in 2016.
Explore key industry insights in 65 tables and 44 figures from the 167 pages of report, “Global Skincare Devices Market Analysis and Forecast to 2024 - Industry Insights by Type (Treatment (Laser-Based Devices, Electrosurgical Devices, Light-Based Devices, Liposuction Devices, Microdermabrasion, Cryotherapy Devices, Others), Diagnostic (Biopsy Devices, Dermatoscope, Image Guided System, Others)), by Distribution Channel (Direct, Indirect), by Application (Hair Removal, Skin Rejuvenation, Diseases Diagnosis and Treatment, Cellulite Reduction, Skin Tightening & Body Contouring, Others), by End-User (Dermatology Clinics, Hospitals, Spas and Salons, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, Saudi Arabia, U.A.E., South Africa)”
Skincare devices are majorly being used for the treatment of different skin conditions
Among different type of devices, treatment devices contributed larger revenue of USD 7.4 billion in 2018 and its market size is expected to grow at a significant rate during the forecast period. Skincare treatment devices market is categorized into laser-based devices, electrosurgical devices, light-based devices, liposuction devices, microdermabrasion, cryotherapy devices, and others. Of all the treatment devices, laser devices have witnessed the highest growth during the forecast period. In terms of application, body contouring and skin tightening devices are anticipated to grow at the highest CAGR of 13.3% in the skincare devices market during the forecast period.
Diagnostic skincare devices market is further segmented into biopsy devices, dermatoscopes, image-guided systems, and others. Of all these diagnostic devices, image-guided systems market is anticipated to observe the highest CAGR during the forecast period.
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On the basis of distribution channel, indirect channel holds a larger share in the skincare devices market due to the dominance of conventional distribution network of wholesalers and retailers. However, the market by direct channels is expected to grow at a CAGR of 13.5% during the forecast period. Increasing profit margin and expanding reach of e-commerce network are leading to higher growth in the market by indirect channels.
On the basis of application, the skincare devices market is segmented into disease diagnosis and treatment, hair removal, skin rejuvenation, cellulite reduction, body contouring and skin tightening, and other applications. Aging population and increasing awareness among the people to look young has led to the highest growth in body contouring and skin tightening devices market during the historical period.
The global skincare devices market has also been segmented by end-user into dermatology clinics, spas and salons, hospitals and other end users. 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.
Asia-Pacific skincare devices market to grow at a CAGR of 13.5% during the forecast period
Asia-Pacific is observed to witness the fastest growth at a CAGR of 13.5% during the forecast period in the skincare devices market. Increasing disposable income, development of low-cost devices by local players and large consumer base in the region are the leading factors fuelling the Asia-Pacific skincare devices market.
North America accounted for the major share in the skincare devices market in 2018 as the players in the region are continuously investing capital for the advancement of technology for skincare devices. U.S. accounted for the most number of cosmetic surgeries in 2016. The country registered approximately 4,217.9 thousand cosmetic surgeries in 2016, which is the highest among all the countries across the globe, representing around 18% of cosmetic procedures performed worldwide.
Development of at home and handheld devices is the key trend witnessed in the industry
Key players in the skincare devices market are investing in the development of at home and handheld devices, which is strengthening their position in the market. However, local players are depending upon new technology to develop low-cost products, thus increasing the rivalry in the market to some extent. 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 some of the key players operating in the skincare devices industry.
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Europe Skincare Devices Market Analysis and Forecast to 2024
The European skincare devices market is expected to grow at a CAGR of 11.5% during the forecast period with its market size predicted to reach USD 4.7 billion by 2024. The major factors driving the European skincare devices market are high awareness among consumers for personal care, adoption of technologically advanced products, aging population, and increasing prevalence of skincare disorders. Also, the usage of chemicals in topical skincare products is further encouraging the European population to adopt devices for skincare. Laser-based devices, electrosurgical devices, light-based devices, liposuction devices are the major contributor to the skincare devices industry in the region.
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U.S. Skincare Devices Market Analysis and Forecast to 2024
The U.S. skincare devices market is expected to grow at a CAGR of 11.2% during the forecast period with its market size predicted to reach USD 5.1 billion by 2024. The demand for premium brands of skincare devices is observed to remain high in the U.S. The high disposable income in the U.S. leads to high affordability of the technologically advanced skincare devices in the country. For instance, as per the World Bank data, the GDP per capita of the U.S. was USD 37,273.6 in 2001, which increased to USD 59,531.7 in 2017.
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