Dermatology Diagnostic Devices Market: About the Report
With a wide range and high prevalence of skin ailments across regions, demand for dermatology diagnostic devices is continuously rising. Fact.MR’s report elaborates on why dermatoscopes top the list as far as demand is concerned, and how medical tourism is aiding market growth.
It also talks about how, in this moderately consolidated market place, non-invasive dermatological screening technologies are gaining prominence. The COVID-19 pandemic is expected to have a short-term negative impact on the growth of the dermatology diagnostic devices market. Detailed region-wise analysis is enclosed in the report, which points to North America and East Asia leading the global market.
Dermatology Diagnostic Devices Market Overview
Dermatology is a branch of medical science dealing with the skin, nails, hair, and sweat glands. With urbanized lifestyles becoming mainstream in most parts of the world, concerns over polluted environments and its effects on the skin are key drivers for the dermatology diagnostic devices market.
Non-melanoma cancer is the fifth-most common type of cancer, and melanoma of skin cancer is the 21st-most common type of cancer in the world, as per WHO. Also, widespread prevalence of other skin ailments such as acne and eczema are driving market growth.
Consumer interest towards personal care products for both, male and female demographics, is on the rise. Also, the number of non-invasive dermatology procedures has gone up substantially in recent years. This factor will provide growth opportunities in the near future. While the impact of the COVID-19 pandemic has largely been negative, skin inflammation symptoms in patients will aid manufacturers in the dermatology diagnostic devices in the months ahead.
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Dermatology Diagnostic Devices Market Analysis by Product
Dermatology diagnostic devices can be classified on the basis of product into imaging techniques, dermatoscopes, microscopes, and others. Dermatoscopes are projected to display relatively faster growth through the assessment period. Dermoscopy processes improve sensitivity, specificity, and accuracy of skin cancer diagnosis, which will drive growth in the long term.
In addition, dermatoscopes are gaining ground with the incorporation of new technologies in product offerings, including artificial intelligence. Further, these devices are finding roles in primary care medical procedures. However, low awareness about novel diagnostic devices will hinder adoption. High number of skin cancer cases in populous major regional markets will support demand for the foreseeable future.
Dermatology Diagnostic Devices Market Analysis by End User
The dermatology diagnostic devices market has been segmented on the basis of end user into hospitals, specialty dermatological clinics, and private clinics. Hospitals are estimated to display a relatively larger market share. This can be attributed to access to higher capital and easier access to advanced technologies in hospital facilities.
Hospitals are also capable of catering to a wide range of diagnostic and treatment options for a number of skin diseases. On the other hand, specialty clinics are reflecting faster growth, with growing number of small-scale players in the dermatology sector, and access to faster and efficient services. While skin cancer diagnostics are mostly carried out in hospital settings, diagnostics for other ailments such as acne and eczema will drive growth of the clinics segment.
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Regional Outlook of Dermatology Diagnostic Devices Market
North America is a leading regional market as far as dermatology diagnostic devices market share is concerned. According to the American Academy of Dermatology, around 9,500 people in the U.S. are diagnosed with skin cancer every day. Such widespread prevalence of skin issues and high number of cosmetic dermatology procedures are major factors supporting market growth.
East Asia is also a key market, which is witnessing higher interest in terms of medical tourism, including dermatology procedures. Large number of baby boomers and increasing interest in recent times in men’s personal care and beauty treatments are expected to contribute to growth for the foreseeable future.
Dermatology Diagnostic Devices Market: Competitive Landscape
The global dermatology diagnostic devices market is moderately consolidated, characterized by a number of regional players in the industry. Some of the market leaders in the sector include Carl Zeiss Meditec, Nikon Corporation, Leica Microsystems GmbH, MELA Science Inc., GE Healthcare, Phillips Healthcare, Toshiba Medical Systems Corporation, Siemens Healthcare, Bruker Corporation, and Photomedex Inc.
Top manufacturers in the dermatology diagnostic devices market are focused on expansion of product portfolio, with efforts towards collaborations and acquisitions in the industry, and research and development endeavors. Also, strategies towards geographic expansion are expected to gain ground through the forecast period.
- MyFiziq Ltd. has taken a strategic equity stake in Triage, which will allow the company to license Triage AI, a health assistant technology as a SaaS offering, including the functionality of dermatological diagnostics, in December 2020.
- Digital Diagnostics IDx purchased 3Derm Systems to expand its portfolio with a new breakthrough device-designated algorithm for skin cancer detection. The acquisition will also provide IDx with 3DermSpot, an experimental offering for squamous cell and basal cell carcinoma.
- In September 2020, Rostock University Medical Center joined hands with Leibniz University Hannover on a project to develop non-invasive avenues of diagnostics for optical melanoma and cutaneous melanoma.
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The Analyst’s Viewpoint
“Improvements in reimbursement offerings, especially in emerging economies, for varying skin ailments such as skin cancer, eczema, warts, and measles will bolster demand for skincare diagnostics. In addition, growing investments in R&D programs will provide impetus to demand in the years ahead.”
COVID-19 Impact on Dermatology Diagnostic Devices Market
COVID-19 infections have been associated with a wide range of inflammatory skin-based symptoms. Key morphological patterns observed include livedoid, maculopapular, vesicular, urticarial, and pseudo chilblain indications. This is likely to create opportunities for manufacturers in the dermatology diagnostic devices market in the short term.
Dermatology diagnostics is also finding key roles in pediatric inflammatory conditions, for younger asymptomatic patients. However, restrictions on elective medical procedures owing to lockdown recommendations are likely to limit demand for dermatological services in the near future. Recovery is likely to be steady through 2021, as the pandemic is projected to subside in the coming months.
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Segments of Dermatology Diagnostic Devices Market
Fact.MR’s report on the dermatology diagnostic devices market offers data classified into three key segments— product end user, and region. This report offers essential data about the major market dynamics and growth parameters associated with these categories.
Dermatology Diagnostic Devices Market: Report Scope
A recent report published by Fact.MR on the global dermatology diagnostic devices market provides readers with an exhaustive analysis on key market dynamics, such as the drivers, restraints, opportunities, and trends, along with detailed data on the structure of the dermatology diagnostic devices market. The market study also provides information on the growth of the dermatology diagnostic devices market throughout the assessment period of 2020 to 2030.
Major indicators of growth, including value chain and Year-on-Year (Y-o-Y) growth of the market, in addition to supply chain analysis and compounded annual growth rate (CAGR), have been covered in the market study. The data allows readers better comprehension of the prospects of the dermatology diagnostic devices market through the forecast period.
The report can prove to be very relevant for key stakeholders in the dermatology diagnostic devices industry, including manufacturers, suppliers, distributors, and investors, aiding them in the development of informed strategies to take advantage of the trends in the market space. Stakeholders in the dermatology diagnostic devices market - investors, industry experts, researchers, and journalists, can make use of the data presented in the Fact.MR study.
The study also covers key statistics on the economic factors that shape the development of the dermatology diagnostic devices market. It also gives actionable data on the potential of future trends in the dermatology diagnostic devices market. Also, small-scale players and new entrants in the dermatology diagnostic devices industry can leverage the information given in the report, to support informed business decisions to gain traction in the dermatology diagnostic devices market.
Dermatology Diagnostic Devices Market: Report Summary
This market study offers an exhaustive analysis on different features, including product developments, regulatory landscape, demand, sales, and revenue generation in the global dermatology diagnostic devices market.
In-depth estimates about the dermatology diagnostic devices market have also been given through optimistic and conservative scenarios in terms of sales of dermatology diagnostic devices during the projection period. A comparison of price points by region and global average price is also covered in the study.
Key Questions Answered in Fact.MR’s Dermatology Diagnostic Devices Market Report
- Which regions will remain the more profitable regional markets for dermatology diagnostic devices market players?
- Which factors will induce a change in the demand for dermatology diagnostic devices during the assessment period?
- How will changing trends impact the dermatology diagnostic devices market landscape?
- How can market players capture the low-hanging opportunities in the dermatology diagnostic devices market in developed regions?
- Which companies are leading the dermatology diagnostic devices market space?
- What are the winning strategies of stakeholders in the dermatology diagnostic devices market to upscale their position in this landscape?
Dermatology Diagnostic Devices Market: Research Methodology
In Fact.MR’s study, a unique methodology for research has been implemented to conduct detailed research on the developments in the dermatology diagnostic devices market, and reach conclusions on the basic growth parameters of the market for the future. This research methodology is a combination of primary and secondary research, which helps analysts maintain the accuracy and reliability of the conclusions drawn.
Secondary resources referred to by analysts during the preparation of the dermatology diagnostic devices market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed product portfolio managers, senior managers, CEOs, VPs, market intelligence managers, and marketing/product managers, all of whom have contributed to the development of the study on the dermatology diagnostic devices market as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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