the global market was valued at US$ 8,642.4 Mn in 2018 and expected to reach US$ 20,928.1 Mn by 2026 at a CAGR of 10.2% during the forecast period from 2019 to 2027.
The global skincare diagnostic & treatment devices market is growing effectively from 2019 to 2027 accredited to the increase in skin diseases, adoption of minimally invasive treatment procedures and launch of computerised photo imaging skin analysis diagnostic systems will drive the market growth globally. Rise in working women population in the developed nations, increased awareness about new medical or aesthetic therapy and enhanced positive outcomes for skincare treatment devices are major factors generating a significant market share on a global scale. Additionally, the launch of mobile devices and advanced diagnostic devices will drive market growth. For e.g. DermoPico Mobile Skin Analyzer, Observ® Skin Diagnostic Device.
Increasing cosmetic procedures along with facial and hair care treatment will gain traction slowly in the emerging countries in APAC and the Middle East. Advancement in cryotherapy, LED light therapy, and laser will drive the market growth. LED light therapy is gaining traction globally, as the devices will make a huge impact in the home use segment. New launch of devices by South Korea, Japan, China, US and France will drive the market growth in the near future. For e.g. Kao Corporation (Japan) will launch its products based on its new ‘fine-fibre’ based technology in the domestic market. The brands include est and Sensai, mainly for nighttime skincare treatment. Moreover, in 2017, HydraFacial Company launched Perk skincare system for home use.
Top device manufacturers are focusing on new product launch along with home care in emerging nations. The increasing medical aesthetics and cosmetics industry will have a positive impact in the near future. The increasing popularity of LED skincare diagnostic & therapy devices, launch of mobile screening devices with IoT, increasing procedures for microdermabrasion, cryotherapy, lasabrasion and LED therapy will drive the overall demand of skincare devices in near future. The market players in the Asia Pacific and Western Europe at present are willing to capitalize on groundbreaking technologies in the field of skincare and medical aesthetics.
Key Market Movements:
• Globally, the skincare diagnostic & treatment devices is growing at a CAGR of 10.2% for the period from 2019 to 2027
• North America region dominated the global market in 2018 accredited to increase in the number of skin diagnostic procedures along with its treatment
• The Asia Pacific and Europe market will gain traction slowly due to its expansion in the medical aesthetics industry, huge patient pool and medical tourism in nations such as Singapore, South Korea, Japan, India, Malaysia and others
• Increasing number of product launches, strong pipeline devices for skincare diagnostic & treatment, and increased expenditure for skincare in the dermatology clinics, Spa centers, beauty centers and homecare will drive the overall demand globally.