Skincare Devices Market

Skincare Devices Market Outlook (2022-2032)

Sales of skincare devices were valued at US$ 12 Billion in 2021, and are expected to gather momentum, reaching US$ 14 Billion by the end of 2022. Furthermore, the market is forecast to expand 3.1x to be valued at US$ 43.48 Billion in 2032.

Skincare device sales are expected to be maximum across hospitals, comprising over 2/5th of global market demand, while over 1/10th of skincare devices are expected to be deployed for hair removal purposes. The market is likely to expand its outreach by virtue of increased penetration of key technological advancements.

Report Attributes	Details
Market Size in 2021	US$ 12 Billion
Market Value in 2022	US$ 14 Billion
Projected Forecast Value in 2032	US$ 43.48 Billion
Global Growth Rate (2022-2032)	12% CAGR
Market Share of North America	42%
Growth Rate of Asia Pacific	9.9% CAGR
Prominent Skincare Device Manufacturers	Alma Lasers Cynosure Inc. Solta Medical Inc. Cutera Syneron Canfield Scientific Inc. 3Gen Aesthetic Group Ambicare Health Image Derm Inc.

Demand Analysis of Skincare Devices 2015-2021 vs. Market Outlook from 2022-2032

According to Fact.MR- a market research and competitive intelligence provider- skin treatment devices demand flourished at a CAGR of 10.2% from 2015 to 2021. As per the report, the industry closed in at a valuation of US$ 12 Billion by the end of the aforementioned period of assessment. Increasing prevalence of skin disorders, both benign and malignant, have pushed up skincare devices sales in the recent past.

Throughout the COVID-19 pandemic, the market for skincare devices underwent multiple fluctuations- initially witnessing a significant contraction in demand. As healthcare practitioners allocated most resources towards administering care for COVID-19 infected patients, the scope for non-COVID treatments and surgeries were either suspended or postponed. Eventually, since 2021, prospects have begun inclining, with the rate of infections going down significantly as people get vaccinated.

Future market demand for skincare devices is expected to bank on key technological advancements in the global healthcare industry. The need to disburse efficient and accurate care has prompted manufacturers to introduce key advancements, including the introduction of LED therapy devices, AI-enabled gadgets, etc. Based on these developments, it is expected that sales of skincare devices will expand at a CAGR of 12% across the 2022-2032 period of assessment.

What are the Factors Boosting the Skincare Devices Market?

Increasing Awareness about Skin Diseases to Boost the Industry

The growing incidences of skin diseases and skin cancer are the key factors propelling the market during the forecast period. As per the American Cancer Society’s estimates, in 2022, about 99,780 new melanomas will be diagnosed amongst men and women, and about 7,650 are expected to die. The lifetime risk of getting melanoma is about 2.6% for whites.

Further, the growing desire to enhance the aesthetic appeal and the ongoing technical development in skincare devices are predicted to boost the market significantly. In addition, the increasing disposable income is predicted to provide a significant push to the market expansion in forthcoming years.

Technological Advancements in Skin Care Boding Well for Market Growth

As the global healthcare industry continues to proliferate, key device manufacturers are incorporating various technological advancements. This is also true for skin treatment devices. In recent years, technologically advanced skin treatment devices demand is expected to rise significantly. The need for effective and swift treatment options is mainly driving demand.

Advancements such as artificial intelligence and machine learning are being leveraged to a major extent. Deploying AI enable software has greatly assisted skin care providers in prescribing the most accurate diagnosis and treatment options. Since the past 2 years, the industry has witnessed a plethora of product launches.

In 2019, for instance, Perfect Corp unveiled Beauty 3.0, their new patent-pending AI and AR app that uses deep learning and neural networks to recognize shapes, colors, and skin pixels from images. Beauty 3.0 offers AI product recommendations, AI smart shade finder for instant foundation matching, and AI skin diagnostics to detect specific skin concerns and track progress over time. 

What are the Factors Impeding the Market Growth?

High Costs Associated with such Devices to Hamper the Market Growth

The market is expected to suffer due to some reasons despite its high adoption and success of treatment. High costs associated with the device is expected to be the key factor hindering the market expansion in the forecast period. Further, side effects such as; scarring, heat injury to the skin, skin infections, and skin eruptions can hamper the market expansion in the coming time.

In addition, the outbreak of COVID-19 brought a significant impact on the market. The lockdown caused disruptions in the supply chain. There was a short-term negative growth due to the lockdown. The market witnessed high volatility from the past few months and is likely to regain its momentum by 2023.

Country-Wise Analysis

What is the Role of North America in Boosting the Skincare Devices Market?

Increasing Prevalence of Skin Cancer among the Masses to Boost the Market in Region

According to the analysis by Fact. MR, North America is anticipated to have procured for the largest revenue in 2022. The estimated revenue of the region is about 42% of the global share. The growing prevalence of skin cancer and other skin diseases like rosacea, acne, and eczema are the key factors boosting the market during the forecast period.

As per CDC, 80% of the US population is affected by Acne vulgaris at some point in their lives. Further, the high expenditure on healthcare, growing per capita income, and increasing awareness among the masses of the region are projected to accentuate the market growth in the forecast period.

Why is Asia-Pacific expected to be a Lucrative Market?

Growing Medical Tourism to Expand the Market in Region

Fact. MR says that the APAC region is anticipated to witness significant growth during the forecast period, registering a CAGR of 9.9%. The expansion of the regional market can be credited to the increasing medical tourism. Further, the increasing number of multinational companies investing in research and development in the region is expected to provide significant fuel to the market expansion.

In addition, the growing desire to look young and beautiful has further propelled the market growth in APAC. Also, the growing cases of dermatological diseases and the increasing prevalence of obesity in the region can augment the industry in the region.

Category-Wise Insights

Why is the Hospital Segment Expected to Hold Opportunities for Expansion?

Presence of Developed Skincare Equipment to Boost the Segment

According to Fact. MR, the hospital segment is expected to have dominated the market and secure the largest market share of about 47% in 2022. The growth of the segment can be attributed to the presence of advanced skincare equipment in hospitals.

The availability of various treatment options has increased skin diseases diagnosis, thereby, expanding the market during the forecast period. Further, the increasing incidence of skin cancer across the globe is predicted to pump the market growth in the forecast period.

What is the Contribution of Application Segments in Expanding the Market?

Hair Removal Application Segment to Dominate the Market

According to Fact. MR, the hair removal application segment is anticipated to have dominated the market in 2021, while acquiring the largest revenue share of 15%. On the other hand, the dermatology devices segment is anticipated to expand at a significant CAGR during the forecast period.

As per the International Society of Aesthetic Plastic Surgery, laser hair removal increased by 76.1% and Photo Rejuvenation surged by 32.3% in 2020 as compared to 2019. The facts reveal that there has been a rise in the adoption of efficient dermatology devices, which has brought significant dividends to the market.

Why is the Clinical Segment Expected to be Lucrative?

Growing Demand for Skincare-related Services to Boost the Segment

According to Fact. MR, the clinics segment is expected to record the highest CAGR during the forecast period. The growth of the segment can be attributed to increasing demand for various skincare-related services. In dermatology clinics, nonsurgical services and surgical services are offered by certified plastic surgeons.

As per TripleTree, in 2020, there were about 9,000 dermatology practices and 14,000 dermatologists in the US. Taking into account the total number of practices, 48% of practices comprised three or four dermatologists and 34% practiced solo.

Competitive Landscape

Key players of the global skincare devices market adopt various tactics to enhance their customer base. Acquisition, partnership, and collaboration are some of the methods adopted by the vendors to strengthen their position in the market. Some of the developments among the key players are:

• In August 2020, Shiseido inked an agreement to enter into a Joint Venture with Ya-Man Ltd. The new company, called Effectim Co began the operations in October 2020 and owned 65:35 in favor of Shiseido. 
• In November 2021, Lancer Skincare joined hands with the tech startup ByondXR and launched The Virtual Lancer Dermatology Shop. The new virtual store will offer in-home benefits of Lancer dermatology through a digital platform.

Key Segments Covered in the Skincare Devices Market Report

• By Product :

  • Diagnostic Devices
    • Dermatoscopes
    • Microscopes
    • Biopsy Devices
    • Other Imaging Devices
  • Treatment Devices
    • Light Therapy Devices
    • Lasers
    • Electrosurgical Equipment
    • Liposuction Devices
    • Microdermabrasion Devices
    • Cryotherapy Devices

• By Application :

  • Diagnostic Devices
    • Skin Cancer Diagnosis
    • Other Skincare Diagnostic Devices
  • Skincare Treatment Devices
    • Hair Removal
    • Skin Rejuvenation
    • Acne, Psoriasis & Tattoo Removal
    • Wrinkle Removal and Skin Resurfacing
    • Body Contouring and Fat Removal
    • Cellulite Reduction
    • Vascular and Pigmented Lesion Removal
    • Other Skincare Treatment Devices

• By End Use :

  • Hospitals
  • Clinics
  • Other End Uses

• By Regions 

  • North America
  • MEA
  • Latin America
  • Europe
  • Asia-Pacific