Dublin, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities & challenges, and market statistics to offer a better understanding of the global dermatology devices market. It also sheds light on the key trends influencing the market growth across various segments including product type, end user, application, and regions.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global dermatology devices market size was valued at US$ 12 Billion in 2020 and it is expected to exhibit a CAGR of 12.5% during the forecast period (2021-2031), totaling a valuation of US$ 39 Billion by 2031.
Rising incidence of skin diseases and skin cancer across the globe is the key factor pushing the demand for dermatology devices in the global market. Similarly, rising inclination towards opting for dermatological treatments to enhance their aesthetic appearance is expected to boost the sales of dermatology devices during the forecast period.
Moreover, the expansion of the global dermatology devices market is anticipated to be fueled by the use of dermatological devices for hair removal and stretch mark reduction, introduction of new and advanced products by key manufacturers, and widening application of these dermatology devices.
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By application, hair removal segment has the biggest market share. Laser hair removal equipment, in particular, is safer for all skin tones and hair colors. As a result, these devices have become highly popular for removing hair.
Demand for dermatology devices for skin rejuvenation is also expected to rise significantly during the forecast period as people become more concerned about modern beauty standards.
Regionally, North America is expected to remain the undisputed leader in the dermatology devices market, accounting for around 40% of share. Rising incidence of skin disorders, increasing number of new product launches and approvals, and high consumer spending on cosmetic procedures are driving growth in North America dermatology devices market.
Key Takeaways:
- Based on product type, demand for radiofrequency electrosurgery dermatology devices is likely to grow at the highest pace during the forecast period.
- By end user, dermatology clinics segment is expected to grow at the fastest CAGR during the next ten years.
- North America held approximately 40% share of the global dermatology devices market in 2020.
- The APAC dermatology devices market is predicted to grow at the highest CAGR during the forecast period.
- The U.S. dermatology devices market is expected to grow at a tremendous CAGR over next 10 years.
Growth Drivers:
- Increasing usage of non-invasive and minimally invasive aesthetic procedures will boost the market
- Growing awareness of aesthetic operations and technological developments in dermatology equipment are expected to boost the market during the forecast period.
- Rising prevalence of skin disorders will aid the sales of dermatology devices over the next ten years.
Restraints:
- The market expansion is hampered by the clinical dangers and consequences linked to dermatological operations.
- Import and export restrictions are also negatively influencing the growth of dermatology devices market.
- Shortage of qualified dermatologists and lack of proper reimbursement policies across various regions will also limit market expansion during the forecast period.
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Competitive Landscape:
Key players in dermatology devices market are concentrating on strategic actions such as mergers and acquisitions, partnerships, new product development, and price reduction to gain a competitive edge in the global market.
For instance,
- In 2022, Cynosure, Inc., a leader in medical aesthetics systems and technologies, announced a new investment of US$ 60 million from lead investor Clayton, Dubilier & Rice to support the company's plans to continue investing ahead of strong growth to bring innovation to the market and provide comprehensive treatment solutions to its customers.
- In 2022, Candela partnered with The Vascular Birthmarks Foundation, Dr. Giacomo Colletti, and Laserplast to provide free laser treatments to more than 30 pre-qualified patients from 13 countries in Milan.
- In October 2020, Alma introduced Alma Hybrid, which combines only 3 potent energy sources to produce efficient outcomes. The new product is designed to enable endless options of ablative, non-ablative and thermal treatments for skin rejuvenation and scar revision.
- In August 2020, Laseroptek Co. Ltd., a developer and manufacturer of laser devices for aesthetic and medical dermatology, launched its Pallas solid-state 311-nm UVB laser in the U.S. for the treatment of vitiligo, psoriasis, atopic dermatitis, and leukoderma.
Key Companies Profiled by Fact.MR
- 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.
- AngioDynamics Inc.
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More Valuable Insights on Dermatology Devices Market
In the latest study, Fact.MR offers a detailed study on the global dermatology devices market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of dermatology devices through detailed segmentation as follows:
By Product Type:
- Radiofrequency Electrosurgery
- Electrocautery
- Ultrasonic Electrosurgery
- Laser-based
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Dermatology Clinics
By Application:
- Skin Rejuvenation
- Facial Treatments
- Tattoo Removal
- Body Contouring
- Hair Removal
- Stretch Marks Reduction
- Other Applications
By Region:
- North America
- Latin America
- Europe
- APEJ
- MEA
Key Questions Covered in the Dermatology Devices Market Report
- What is the projected value of the dermatology devices market in 2021?
- At what rate will the global dermatology devices market grow until 2031?
- Which are the factors hampering the growth in the dermatology devices market?
- Which region is expected to lead in the global dermatology devices market during 2021-2031?
- Which are the factors driving the dermatology devices market during the forecast period?
- What is the expected market value of the dermatology devices market during the forecast period?
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About Fact.MR
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