The global skincare devices market, which was worth US$9.1 billion last year, is expected to grow 12 percent per annum for the next five years to reach a massive US$17.8 billion by 2024.
Launching its ‘Global Skincare Devices Market – Analysis and Forecast’ report, VynZ Research said the market is driven by factors such as increasing cases of skin ailments, advancements in technology, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices.
“The market for skin care devices is primarily driven by increasing adoption of aesthetic procedures worldwide,” the report said.
“With the invention of non-invasive and minimally invasive procedures, consumers and patients are rapidly adopting skin treatment devices such as laser-based technology.”
According to the global market research company, ‘skincare treatment devices’ (laser-based, electrosurgical, light-based, liposuction, microdermabrasion, cryotherapy and others devices) accounted for US$7.4 billion of the total skincare devices market in 2018 while ‘diagnostic devices’ (biopsy devices, dermatoscopes, image-guided systems and others) accounted for the remainder.
The company said the ‘skincare treatment devices’ market (segmented into disease diagnosis and treatment, hair removal, skin rejuvenation, cellulite reduction, body contouring and skin tightening, and other applications) is expected to grow at “a significant rate” in the next five years with ‘the body contouring and skin tightening devices segment’ anticipated to grow at the highest CAGR of 13.3 percent.
VynZ Research noted that previously skincare devices were mostly sold to dermatology clinics and hospitals but their demand in salons and spas is now “increasing rapidly due to miniaturisation of these devices and reduced costs”.
Furthermore, the company noted that North America accounted for the major share in the skincare devices market in 2018 as “the players in the region are continuously investing capital for the advancement of technology for skincare devices” however
Asia-Pacific is likely to witness “the fastest growth at a CAGR of 13.5 percent” in the next five years due largely to “increasing disposable income, development of low-cost devices by local players and a large consumer base in the region”.