Skincare Devices Market Overview
The global skincare devices market is estimated to generate a revenue of $7,787.4 million in 2017, and is projected to grow at a CAGR of 11.2% during the forecast period. The skincare devices market size will be led by skin treatment devices as the treatment of skin problems require the use of different types of devices, whereas the diagnosis of many skin diseases is possible through visual inspection also, i.e., without the use of a device. Also, many skincare treatment devices such as liposuction and cryotherapy devices, come at a very high cost and have aesthetic applications such as enhancement of skin and body appearance.
GLOBAL SKINCARE DEVICES MARKET, BY APPLICATION, $M (2013–2023)
Among all applications, skincare devices are mostly used for cellulite reduction. However, skin tightening and body contouring services are seeing a boom due to the increasing prevalence of obesity and growing number of people undergoing liposuction, who require skin tightening for avoiding the problem of loose skin. Thus, skin tightening and body contouring devices are expected to witness the fastest growth in demand at a CAGR of 12.5%, in the skincare devices market during the forecast period.
Geographically, North America led the global skincare devices market with an estimated share of 35.8% in 2017. This leading position of the region is driven by high expenditure on healthcare, greater awareness with regards to skin problems and its treatments, high per capita income leading to affordability of skincare devices, and health coverage for skin cancer through Medicare and Medicaid in the U.S.
Skincare Devices Market Dynamics
The increase in medical spa treatments and increasing use of home-use skincare devices are some of the leading trends that have been observed in the global skincare devices market. The market for home-use skincare devices has steadily grown around the world, especially in Asia-Pacific. Home-use devices often treat conditions at the skin surface, such as wrinkles, scars, pigmentation, and the treatment can be done on most parts of the body.
Some of the most popular therapies of this type include laser and LED devices to treat blemishes, wrinkles, rosacea, hair removal, and other cosmetic conditions; and radio frequency and sonic brushes that clean pores and stimulate circulation to reduce the frequency of breakouts.
Some of the major factors contributing to the growth of the skincare devices market include increasing prevalence of skin cancer and skin related disorders, increase in disposable income, growing appearance consciousness among people, and technological advancements in skincare devices.
The prevalence of various skin disorders such as melanoma and non-melanoma skin cancer is increasing due to excessive exposure of general population to ultraviolet radiation and continuously rising environmental pollution. According to the World Health Organization (WHO), around 132,000 cases of melanoma and between 2-3 million cases of non-melanoma skin cancer occur every year, globally. As per the statistics reported by the Skin Cancer Foundation, it is likely that one in every five Americans will develop skin cancer in their lifetime. Some of the other most common skin diseases are acne, eczema, seborrheic dermatitis, and psoriasis.
Technological improvements in skincare devices and treatments ultimately help in the enhancement of human skin features. These technologically advanced devices can more effectively treat fine lines, wrinkles, sun spots, and cellulite to enhance skin appearance. Some of the advantages of these devices include non-invasiveness, and workability on energy-based solutions. Due to these advantages, the adoption of such devices in hospitals and clinics to treat wrinkles and stretch marks has increased. The skincare devices market is seeing many technological advancements. For instance, in February 2017, Clarisonic, Inc. launched a skincare product, the Smart Profile Uplift, to uplift 15 signs of aging on the face, neck, and décolleté.
The increase in medical spas in emerging countries and increasing medical tourism present growth opportunities for the skincare devices market. Medical tourism is among the major factors contributing to the growth of the skincare devices market in developing countries such as India, South Africa, Thailand, and Mexico. Tourism Research Australia reported that more than 10,000 medical tourists flew into Australia in 2013, pumping more than $26 million into its national economy. Mexico’s Secretary of Tourism reported that almost 12 million international visitors arrived in Mexico in 2013 and 6.5 million of the visitors were from the U.S.
Skincare Devices Market Competitive Landscape
The key players in the skincare devices market are partnering with the companies offering skincare products, to strengthen their product portfolio and increase their market share. For instance, in March 2017, Galderma S.A., a medical solution provider for skin care, announced a collaboration with Colorescience, Inc., a company that produces and sells mineral-based cosmetics and sun screen products. The collaboration is aimed at expanding skin care solutions for individuals who seek daily skin care products which can be used with traditional facial injectable aesthetic treatments.
In March 2016, Syneron Medical Ltd. collaborated with Allergan plc to offer three of Syneron Candela’s body sculpting and skincare platforms to the members of Allergan's healthcare provider loyalty program, Allergan Partner Privileges. The partnership is aimed to bring together the two aesthetic product portfolios to provide physicians and patients access to some of the most in-demand treatments, including body contouring and skin treatments. These collaborations have further fueled the growth of the skincare devices market.
Some of the other key players operating in the skincare devices industry include Merz Pharma GmbH & Co. KGaA, Michelson Diagnostic Ltd., Lumenis Ltd., PhotoMedex Inc., Alma Lasers Ltd., Hologic Inc., Panasonic Corporation, Valeant Pharmaceuticals International Inc., and Beijing Toplaser Technology Co Ltd.