The dermatology devices market size is expected to advance at a CAGR of 12.9% during 2024–2030, to reach USD 16,552.7 million by 2030. This can be ascribed to the rising prevalence of melanoma and non-melanoma skin cancers and skin-associated conditions such as acne, eczema, psoriasis, and rosacea; the escalating awareness and demand for dermatology devices; the booming geriatric population; and the rising healthcare expenditure.
Moreover, the surging launches of technologically advanced products and constant improvements in the healthcare domain, the increasing popularity of dermatology procedures in the last two decades, and the growing awareness for aesthetic appeal due to the increasing number of doctors as well as surgeons assisting effective and safe dermatology treatments are driving the demand for dermatology devices.
Furthermore, technological advancements and improvements in dermatological devices are contributing to the growth of the market. For instance, in April 2021, Alma launched the Alma PrimeX platform, which is a non-invasive platform for skin tightening and body contouring in the waist, abdomen, buttocks areas, and thighs.
The laser treatment devices category is set to witness the highest growth rate, of around 13.6%, over the projection period. This will be on account of the rising concerns associated with skin pigmentation, deep wrinkles, skin scars, and facelifts; the increasing number of initiatives by industry players for offering advanced and improved laser devices; and their augmenting focus on research and development.
The rising demand for cosmetic laser treatments such as skin resurfacing, skin tightening, tattoo removal, and hair removal, among others is significantly leading to the adoption of dermatology devices. For instance, as per the statistics by the Aesthetic Society, approximately 9.7 million cosmetic procedures, including surgical and non-surgical, were performed in 2021. This shows that the demand for cosmetic treatments is increasing, thereby boosting the growth of the dermatology devices industry.
Additionally, in recent years, hair removal laser devices are gaining immense popularity, due to their improved combinations and longer wavelengths, and safer use for all skin types and hair colors. Further, it is projected that more people are interested in getting these procedures done, as these are painless treatment tools.
On a geographical basis, North America accounted for the largest market size in 2023, as a result of the high prevalence of skin cancer and surging awareness about the use of such products for aesthetic purposes, primarily among middle-aged people. Further, the high disposable income in the region allows most of its residents to afford such devices and procedures.
Whereas, in the coming years, the Asia-Pacific market is expected to witness the highest CAGR. This can be because the desire to look beautiful among the younger population in emerging economies is strong, the increasing disposable income is giving people more spending power, improving healthcare infrastructure, and government regulations are quite supportive in the region.
The most-significant dermatology devices market players are Cutera Inc., Cynosure Inc., Alma Lasers Ltd., Bausch Health Companies Inc., Bruker Corporation, Michelson Diagnostics Ltd., Olympus Corporation, Candela Corporation, Genesis Biosystems Inc., and HEINE Optotechnik GmbH & Co. KG.