September 01, 2022 12:00 ET | Source: FACT.MR FACT.MR

United States, Rockville MD, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Fact.MR- a market research and competitive intelligence provider- skin treatment devices demand flourished at a CAGR of 10.2% from 2015 to 2021. As per the report, the industry closed in at a valuation of US$ 12 Bn by the end of the aforementioned period of assessment. Increasing prevalence of skin disorders, both benign and malignant, have pushed up skincare devices sales in the recent past.

Future market demand for skincare devices is expected to bank on key technological advancements in the global healthcare industry. The need to disburse efficient and accurate care has prompted manufacturers to introduce key advancements, including the introduction of LED therapy devices, AI-enabled gadgets, etc. Based on these developments, it is expected that sales of skincare devices will expand at a CAGR of 12% across the 2022-2032 period of assessment.

Skincare device sales are expected to be maximum across hospitals, comprising over 2/5th of global market demand, while over 1/10th of skincare devices are expected to be deployed for hair removal purposes. The market is likely to expand its outreach by virtue of increased penetration of key technological advancements.

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Key Insights & Findings from the report:

Skincare Devices Market Growth & Trends

The global skincare devices market is expected to grow in the future, due to the increasing rate of skin-related disorders, worldwide. Technological advancement in designing these devices, which are highly efficient and growing preference for them due to non-invasive procedures are the key drivers for the growth of this market. Additionally, rise in the demand for aesthetic processes such as skin rejuvenation, skin tightening, body contouring and liposuction will also drive the growth of the skincare devices market in the future. However, competitive pricing and equipment cost are the major restraints for the growth of this market. 

Rising incidences of skin cancer and other skin-related disorders such as dermatitis, acne and psoriasis as well as skin abnormalities such as warts, lesions and moles are the key opportunities for the growth of this market worldwide. Moreover, “Medspas” and rise in medical tourism make the global skincare devices market very attractive. 

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COVID-19 Impact on Skincare Devices Market

The COVID-19 pandemic had significantly affected the market for skincare devices. Initially, the lockdown and supply chain disruption had negatively affected the market. Short-term negative growth was observed in the market due to almost entirely suspension of non-COVID-19 related surgeries, limited operations of manufacturing, and disruption in the supply chain. However, the market for dermatological devices has seen a V shape recovery. With the successful rollout of vaccines in all regions, the volume of dermatological devices is beginning to recover to its pre-pandemic levels. In 2021, the market has witnessed high demand due to the backlog of 2020 and increased interest from people related to dermatological procedures.

In addition, the outbreak of COVID-19 brought a significant impact on the market. The lockdown caused disruptions in the supply chain. There was a short-term negative growth due to the lockdown. The market witnessed high volatility from the past few months and is likely to regain its momentum by 2023.

Key players of the global skincare devices market adopt various tactics to enhance their customer base. Acquisition, partnership, and collaboration are some of the methods adopted by the vendors to strengthen their position in the market. Some of the developments among the key players are:

Key Segments Covered in the Skincare Devices Market Report

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Key Benefits of this Report

More Valuable Insights on Offer

Skincare Devices Market by Types (Diagnostic devices, Biopsy devices, Dermatoscopes, Image guidance systems, Treatment devices, Microdermabrasion devices, Lasabrasion devices, Electrosurgical devices), Application (Skin rejuvenation, Disease diagnosis & Treatment, Hair Removal, Skin Tightening & Body Contouring, Cellulite Reduction, Damage Repair) - Global Opportunity Analysis and Industry Forecast, 2022-2032

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