One of the major drivers for the growth of the global skincare devices market is the significant increase in the demand for aesthetic procedures. Surgical aesthetic procedures are done for breast augmentation, breast lift, fat grafting (face), neck lift, brow lift, and other purposes. According to the International Society of Aesthetic Plastic Surgery (ISAPS), 10,607,227 surgical aesthetic procedures were performed in 2018 globally. Due to these factors, the market is expected to generate $28,157.2 million revenue by 2030, progressing at a CAGR of 11.0% during the forecast period (2020–2030).
On account of the ongoing COVID-19 pandemic, the skincare devices market has witnessed a significant negative impact across the world. The severe impact on the manufacturing industry has been reflected in the halted supply of skincare devices across the world, owing to which the skincare devices market growth for the year 2020 has already been affected.
Hair Removal Category To Dominate Market throughout Forecast Period
The skincare devices market is classified into cellulite reduction, disease diagnosis & treatment, hair removal, skin tightening & body contouring, skin rejuvenation, and others, on the basis of application. Of these, the hair removal category is expected to account for the majority share in the market till 2030. This can be mainly attributed to the increasing awareness about and demand for laser hair removal devices. In addition, with the continuous growth of the e-commerce industry globally, laser hair removal devices for home use are easily available through online portals, which also plays a significant role in the growth of this category.
Further, the skincare devices market, on the basis of end user, is categorized into dermatology clinics, hospitals, spas & salons, and others. The spas & salons category is set to register the fastest growth during the forecast period, owing to the miniaturization of skincare devices, along with their reducing cost. Additionally, the growing number of spas and salons across the globe is predicted to enhance the category’s growth potential. According to a recent report by the Global Wellness Institute (GWI), the number of spas around the world reached 149,252 in 2017, and these centers generated nearly $93.6 million revenue.
Globally, the North American region held the largest share in the skincare devices market in the past. This has been due to the high expenditure on healthcare, greater awareness with regard to skin problems and their treatment, and high per capita income leading to the affordability of skincare devices. Additionally, the availability of health coverage for skin cancer through Medicare and Medicaid in the U.S. has also helped the region clinch the first position in the worldwide industry. According to the Skin Cancer Foundation, in the U.S., more than 9,500 people are diagnosed with skin cancer every day, and two people die of it every hour.
Key Players Are Creating Lucrative Business Opportunities with Product Launches
Players in the skincare devices market are consistently focusing on the development and launch of new and innovative products to remain competitive. For example, in March 2020, Lumenis Ltd. launched Steller M22, a new multi-application platform based on the company’s original M22 platform. The new device enables the treatment of more than 30 skin conditions and hair removal across various skin types, genders, and age groups. The product is available in the U.S. and Europe.
In July 2019, Cutera Inc. received the Brazilian Health Regulatory Agency (ANVISA)’s approval for its truSculpt iD and truSculpt 3D systems used for body sculpting & contouring, skin laxity treatment, circumferential reduction, and improvement in the appearance of cellulite.
In July 2019, Hologic Inc. introduced two new products: the TempSure Firm handpiece and a mask for SculpSure submental treatments. With the launch of the aforementioned products, Hologic Inc. expanded its body contouring and cellulite treatment portfolios.
Some of the major players operating in the global skincare devices market are Allergan plc, Merz Pharma GmbH & Co. KGaA, Candela Corporation, Michelson Diagnostics Ltd., Lumenis Ltd., PhotoMedex Inc., Alma Lasers Ltd., Cutera Inc., Hologic Inc., Panasonic Corporation, Bausch Health Companies Inc., Beijing Toplaser Technology Company Limited, Nu Skin Enterprises Inc., and TRIA Beauty Inc.