Dermatology Devices Market to Expand 3.2X by 2031: Fact.MR Prediction
Published : 27 Oct 2021 Industry: Healthcare
Analysts at Fact.MR, a market research, and competitive intelligence provider, have recently published a revised analysis on the global dermatology devices market. The industry is anticipated to rise at a stellar CAGR of 12.5% over the decade to attain a net worth of nearly US$ 39 Bn by 2031, up from US$ 12 Bn that was recorded in 2020.
Changing beauty standards across the globe have led to some massive changes in the dermatology industry. Dermatology devices are crucial in maintaining ever-changing beauty standards. There has been substantial increase in general awareness about how a person looks, and in these modern times, appearance is of crucial importance to one’s personality. This has led to high demand for dermatology devices across the globe as more people are concerned about their appearance than ever before. The pressure to look good and presentable is immense in these times of video conferences and virtual meetings as a result of the COVID-19 pandemic. Social media and celebrities have largely influenced the beauty trends and majority of dermatological procedures are inspired by the aspiration of people to look like them.
Technological advancements are promoting innovations in dermatology devices. Rising prevalence of skin cancer and other diseases is also a major factor driving sales of dermatology devices. Dermatological procedures to rejuvenate the skin, hair removal, and facial treatment are some of the major areas that are driving market growth.
Key Takeaways from Market Study
- By 2031, sales of dermatology devices are expected to bring in revenue worth US$ 39 Bn.
- Demand is anticipated to increase at an impressive CAGR of 12.5%.
- North America accounted for 40% of global market share in 2020.
- The APAC market is anticipated to rise at the fastest CAGR over the next ten years.
- Increasing awareness among consumers, rising prevalence of skin diseases and skin cancer, more investments in research, and rising disposable income are some of the factors that are expected to drive demand, globally.
“Increasing focus on aesthetics and evolving beauty standards are expected to fuel demand for dermatology devices,” says a Fact.MR analyst.
Some of the key manufacturers of dermatology devices, such as B. Braun Melsungen AG, Erbe Elektromedizin GmbH, Heal Force Bio-meditech Holdings Limited, Johnson & Johnson Private Limited, Bovie Medical Corporation, Medtronic Plc, Smith and Nephew Co., and AngioDynamics Inc., have been profiled in this market study.
- In August 2021, LASEROPTEK Co. Ltd., announced the launch of PALLAS Solid-State 311nm UVB in the United States. The company is known for its state-of-the-art laser devices for medical dermatology. The newly launched laser is cleared by FDA for the treatment of skin conditions such as vitiligo, psoriasis, atopic dermatitis, and leukoderma.
- In February 2021, Pulse Biosciences Inc. did a controlled launch of its new CellFX System after successfully treating its first patients. The CellFX System is a multi-application platform based on NPS (Nano Pulse Stimulation) technology.
More Valuable Insights Available
This global dermatology devices survey provides a detailed assessment while providing with the data for historic period (2016-2020) and also predictive insights for the forecast period of 2021-2031.
The report defines the dermatology devices market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of product type (radiofrequency electrosurgery devices, electrocautery devices, ultrasonic electrosurgery devices, and laser-based devices), end user (hospitals, ambulatory surgical centers, and dermatology clinics), and application (skin rejuvenation, facial treatments, hair removal, tattoo removal, body contouring, stretch marks reduction, and other applications), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
Fact.MR’s Domain Knowledge in Healthcare
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare