Skincare Devices Market is Expected to Rise at an Optimistic CAGR of 10.1% During 2015 – 2023

The presence of a large number of players has made the vendor landscape in the global Skincare Devices Market highly fragmented. Despite the presence of prominent brands in substantial number, the majority market share is held by local and small-scale players specializing in large-scale production of popular skincare devices such as biopsy punches and dermatoscope. Many of these local vendors also specialize in the production of high value devices such as liposuction devices and laser systems.

Nevertheless, as per Transparency Market Research (TMR), key players in the market including Lumenis Ltd., Valeant Pharmaceuticals, Cynosure, ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd. hold a combined share of 25% in the global skincare devices market. Since a majority of companies in the market focus on product differentiation, competition is further elevated in the market.

As per TMR, the increasing incidence of skin disorders such as skin cancer is expected to fuel demand for skincare devices market. “The rising demand for diagnosis in the form of biopsies and dermatoscopy, and treatment techniques such as light therapy and lasabrasion, the sale of skincare devices is likely to increase the uptake of skincare devices,” said a lead TMR analyst. “The market is also expected to significantly gain from the increasing demand for non-invasive cosmetic procedures,” he added.

Besides this, for simple skin related issues such as wrinkles, appearance of aging lines, and unwanted hair patients are looking for faster solutions with minimal pain, which will also allow them to resume their daily chores at the earliest. This led to the introduction of handheld and smart skincare devices to increase the convenience of treatment providers. These trends are proving conducive to the growth of the skincare devices market.

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With substitutes of skincare procedures such as liposuction and light therapy gaining popularity at a rapid pace, the sales of skincare devices are likely to reduce in the near future. The rising usage of cosmeceuticals such as dermal fillers and Botox will also create bottlenecks for the market.

Nevertheless, as per TMR leading vendors can gain from capitalizing on the untapped opportunities in Asia Pacific. Regionally, while North America holds the largest share in the global skincare devices market, Asia Pacific is expected to demonstrate growth at the highest pace during the forecast period.

By application, demand for skincare devices is poised to rise for cellulite reduction and diagnosis of various skin diseases such as psoriasis, skin cancer, warts, fungal infections, and others.

TMR pegs the global skincare devices market to reach US$17,299.4 mn in 2023, from US$7,255.8 in 2014. The market as per TMR analysis, is expected to surge at a CAGR of 10.1% during the forecast period.

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