Skin is the outer covering of the human or animal’s body. It is the largest organ of the body and performs various functions such as protecting us from many harmful elements including microbes, enabling the sensations of heat, cold and touch and regulating our body temperatures. The goal of this report is to provide an overview of the global skincare devices markets with the current trends. Skincare devices are becoming popular due to the rising incidences of skin-related disorders. Additionally, they are widely used in aesthetics, which is a branch of philosophy dealing with beauty.
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.
Skincare Devices Market Analysis by Types
On the basis of its types, the global skincare devices market is segmented into diagnostic and treatment devices, which are further sub-segmented into diagnostic devices such as: biopsy, dermatoscopes and image guidance system; Treatment devices includes LED therapy, liposuction, cryotherapy, electrosurgical, lasabrasion and microdermabrasion devices. The LED therapy devices market occupies the largest share in the market due to the rising number of hair removal and liposuction procedures for skincare treatment. Moreover, the lasabrasion devices market is estimated to record the maximum growth in the future.
Skincare Devices Market Analysis by Applications
On the basis of its applications, global skincare devices market is segmented into skin rejuvenation, disease diagnosis and treatment, skin tightening and body contouring, hair removal, cellulite reduction and damage repair. Skin tightening & body contouring along with hair removal account for the largest share in this market due to the demand for aesthetic procedures and global acceptance of laser and light related devices.
Skincare Devices Market Analysis by Geography
The skincare devices market is geographically segmented into North America, Europe, Asia Pacific and LAMEA. North America has the largest share among the regions due to the presence of high income consumers and technological advancements in various medical services. Furthermore, Asia-pacific has the highest growth rate due to the growing number of disposable incomes resulting from consumer expansion in this market. Additionally, the emerging economies are growing due to the presence of several local manufacturers which provide cost-effective services and novel products.
The key companies profiled in this report are Cutera Inc., Alma Lasers, Ltd., Cynosure Inc., Michelson Diagnostics Ltd., Lumenis Ltd., Palomar Medical Technologies, Solta Medical, Inc., Photomedex Inc. and Syneron Medical Ltd. Increasing consumers and technological advancements in various medical procedures for skincare are opportunities for the major companies in this industry.
HIGH LEVEL ANALYSIS
The study reveals market growth challenges, drivers and market trends. Competitive study provides a discussion of the major vendors operating in this market. The report analyzes the strength of buyers & suppliers and the threat of substitute products and new entrants, based on Porter’s Five Force Model. Growing number of consumers and technology advancement in the skincare devices market is responsible for enhancing the bargaining power of supplier. Threat of substitute product is moderate as the products are highly differentiated.
The global skincare devices market is segmented into product types, applications and geographic regions as follows: