Skincare Devices Market: Current Analysis and Forecast (2022-2028)

The skincare devices market is expected to witness a CAGR of around 13% during the forecast period. Skin is the outer covering of the human or animal's body. It is the largest organ in the body and performs a variety of functions, including protecting us from bacteria and other hazardous materials, providing heat and cold sensations, and controlling our body temperatures. The major key factors such as the increasing prevalence of skin cancer & other skin-related diseases like dermatitis, acne, and psoriasis, as well as anomalies of the skin such as moles, warts, and lesions. These factors are further propelling the growth of the market during the forecast period. For instance, as per WHO, around 324,635 new cancer cases were diagnosed in 2020.

Additionally, technological advancements in these highly effective devices and rising consumer preference for them because of their non-invasive procedures. The market for skincare devices will expand in the future because of the growing demand for aesthetic procedures like liposuction, body contouring, skin tightening, and skin rejuvenation.

Based on product, the market is segmented into treatment devices, photo rejuvenation devices, liposuction devices, laser-based devices, image-guided systems, and others. Among these, the treatment devices category is to witness the highest CAGR during the forecast period owing to the dermatology treatments having various applications. Additionally, the significant segment growth is related to the introduction of novel technologies in the laser device category.

On the basis of application, the market is categorized into hair removal, skin tightening & body contouring, cellulite reduction, disease diagnosis & treatment, and skin rejuvenation. Among these, hair removal to hold a significant share of the market in 2020. This is mainly due to the rise in beauty consciousness, the customer shift towards aesthetic beauty, rising concerns related to injuries in the traditional methods that are also not a permanent solution, and the ease in the availability of the treatment. Furthermore, increasing awareness regarding advancements in laser technology coupled with celebrities' endorsements is also expected to boost the market growth over the forecast period.

Based on end-user, the skincare devices market has been classified into dermatology clinics, hospitals, and spas & salons. The dermatology clinics category is to witness a significant growth rate in the skincare devices market during the forecast period. This is mainly due to the increasingly large number of cosmetic procedures and a robust number of aesthetic procedures such as facial injectables performed in hospitals. Furthermore, the rising number of rhinoplasties, sagging skin, cheek depression, dentistry, and reconstructive surgery is also contributing to the growth of this market.

For a better understanding of the market adoption of the skincare devices industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period owing to a rise in medical tourism, the rising prevalence of skin cancer and other skin disorders such as acne, eczema, and rosacea, and the increasing adoption of cosmetic procedures are some of the major factors contributing to the growth of the market in this region. Also, the growing technological advancements in aesthetic surgical procedures, the presence of key market players, the increasing geriatric population, and the growing demand for non-invasive aesthetic procedures are the key factors for the growth of this market in the region.

Some of the major players operating in the market include: AbbVie Inc., Merz Pharma, Lumenis Be Ltd., Alma Lasers Ltd., Cutera, Hologic Inc., Panasonic Holdings Corporation, Bausch Health Companies Inc., TRIA BEAUTY, andMichelson Diagnostics UK Ltd