USD 15.29 Billion
Report ID:
SQMIG35A2902 |
Region:
Global |
Published Date: September, 2024
Pages:
198
|Tables:
0
|Figures:
0
Global Dermatology Devices Market size was valued at USD 15.29 Billion in 2023 and is poised to grow from USD 17.22 Billion in 2024 to USD 39.62 Billion by 2031, growing at a CAGR of 12.64 % in the forecast period (2024-2031).
Due to increasing incidences of skin cancer along with various other skin disorders, skin care instruments find their demand in the market. Usage also finds a significant rise due to recent technological development in dermatological devices and enhanced aesthetic awareness of them. Disposable income of individuals is increased hence considered as one of the major growth factors in the industry. Skin cancers, such as melanoma and non-melanoma, have become a widely occurring factor. In the present climatic conditions, people of all age groups are becoming interested in enhancing their aesthetic outlook, and this will stimulate the growth of the market. The restoration of complete skin enhances the aesthetic view of an individual. Conventional products have gradually given way to high-tech devices assisting various skin conditions and helping their diagnosis and treatment besides giving an edge to one's look. Dermatological equipment is in great demand with the advent of technologically advanced non-invasive laser therapy. In addition, increasing awareness of the aesthetic appeal and technical developments regarding gadgets and skin care products is drawing more people to it. Furthermore, mergers and acquisitions gave a push to the consolidation of the dermatology sales companies. Large companies, to strengthen their market position and expand their product portfolios, have acquired companies that guarantee access to emerging technologies, intellectual property, and clientele.
Global Market Size
USD 15.29 Billion
Largest Segment
Diagnostic Devices
Fastest Growth
Skin Cancer Diagnosis
Growth Rate
12.64%
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The Global Dermatology Devices Market is segmented into product type, application type, end-user type, and region. By product type, the market is classified into diagnostics devices, imaging devices, dermatoscopes, and microscopes. Depending on application type, it is categorized into skin cancer diagnosis, psoriasis, skin rejuvenation, and warts. According to end-user type, the market is divided into clinics, hospitals, and others. Region wise, it is analyzed across North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Analysis By Application
Since skin cancer is one of the most common types of cancer across the globe, the skin cancer diagnosis segment is leading the market. Early identification is a must to have better treatment and improved patient outcomes, making technology imperatives such as dermoscopy, digital imagery, and AI-assisted tools. Dermoscopy allows for an in-depth analysis of skin lesions, while digital images create high-definition images for rapid monitoring of change over time. These images are increasingly analyzed by AI systems to identify patterns indicative of malignancy. All these put together enhance the accuracy of diagnosis, reduce human fallibility, and enable early interventions that eventually save lives and improve the success rate of treatments. The role of skin cancer diagnosis in preventive care underlines the importance of diagnosis. Owing to its increasing incidence due to increased UV exposure, along with other environmental factors, health systems have prioritized early detection through screening as a major strategy in the effective treatment and reduction of skin cancer.
The skin rejuvenation segment is expected to rise as the number of people interested in cosmetic treatments increases. The growth is driven by scientific advancements made through non-invasive treatments such as radiofrequency treatments, laser therapy, and microneedling. These technologies offer effective methods of improving texture, minimizing rhytids, and enhancing overall appearance without surgical intervention. They are in demand because of their effectiveness in providing noteworthy results with less downtime. Thus, they become popular options among a wide range of patients who seek aesthetic improvements. In addition, several possibilities for proper and personalized skin care have emerged with the evolution of these technologies. Moreover, a rise in awareness of anti-aging treatments among individuals of all ages is pushing this application to grow. As concepts of beauty and self-care change in society, more people are investing in procedures to keep their skin young and indications of aging. This is supported by ongoing R&D into improving the effectiveness and safety of therapies.
Analysis By End-Use Type
The hospital segment led the dominant position in the market in 2023 due to the availability of advanced and the latest dermatological machinery. With a wide range of diagnostic and therapeutic options, they allow for comprehensive treatment of various skin conditions. The availability of advanced technology increases the accuracy of diagnosis and optimizes the outcomes of treatment; therefore, hospitals hold a leading position among patients seeking specialized care. This patient's confidence in hospitals translates into more visits for diagnosis and treatment related to skin diseases. The fact that treatments range from the simplest to the most complex and that they continually introduce advanced dermatological developments means that a sizeable portion of the market continues to belong to them.
Due to the consumers' rising demand for specialist dermatological clinics offering speed and efficacious therapy, the clinic segment is expected to grow rapidly. This is particularly favored because such clinics have full expertise and come up with a treatment plan tailored to meet the unique skin care needs of every patient. The market is growing due to the growing trend of people toward specialized treatment due to the rise in melanoma and skin cancer cases across the globe. Furthermore, expansion of skin care centers has increased patient participation by facilitating access to dermatological procedures. It is, in fact, a fast-growing industry, as more people have been enlightened on skin health and are coming forward to professional clinics for better care and treatment.
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North America dominated the market share with 43.00% of revenue in 2023, driven by factors such as an increasing number of skin cancers and other skin disorders such as rosacea, eczema, and acne, along with an increase in aesthetic procedures. Increasing demand for minimal and non-invasive procedures, development of technology, new device formulation, and rising cases of skin-related disorders are some of the factors that will drive the U.S dermatology devices market in the future. 80% of all Americans develop acne vulgaris at some point in their lives, and of those, 20% go on to develop serious acne capable of causing permanent physical and emotional scarring.
However, available treatment options will continue to drive medical tourism in Asia-Pacific. This, in part, has been attributed to an increase in the number of large multinational corporations engaging in R&D in this region. In addition, it is predicted that the growing awareness of beauty among both men and women would propel the local market. A leading nation in this sector is China. Increasing aesthetic industry in China propels the dermatology devices market. Laser treatment devices for hair removal and scar reduction treatments will be in high demand due to the short downtime and less invasiveness of laser treatment devices. The Dermatology Devices Market in India is growing in a speedy rate, mainly major cities of the country. This growth is mainly due to increasing demand for cosmetic surgeries.
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Drivers
Technological Advancements
Rise in the Prevalence of Skin Disorders
Restraints
High Cost of Advanced Equipment
Regulatory Challenges
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Competition between established medical technology companies and new entrant entrepreneurs in the dermatology devices market is very intense. Major corporations in this segment make use of advanced technologies such as AI and high-resolution photography for the sake of competition in increasing their market share. Innovation, strategic alliances, and acquisitions will propel the competition as companies try to meet demand that's ever-increasing from patients and physicians.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the dermatology devices market is going to be developed in the future, with constant change in patient preferences and technological developments. Its future will be shaped by the move toward non-invasive procedures and the integration of AI in dermatological care for improved patient outcomes and more accurate diagnostics. Despite numerous such obstacles, including the expensiveness of equipment and strict regulations, the market is competitive, with ample opportunities to grow and innovate. The dermatology devices market will keep changing as more people seek advanced and effective skin health treatments. On the other hand, the industry will embrace new trends and technology to meet the demands of such a diverse and growing population.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 15.29 Billion |
Market size value in 2031 | USD 39.62 Billion |
Growth Rate | 12.64% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Dermatology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Dermatology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Dermatology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dermatology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2902