With a large number of players with diversified products, the global skincare devices market is highly fragmented, states Transparency Market Research (TMR) in a research report. As the leading players strive to maintain a leading position in the market through product innovation, the competition among them is expected to intensify over the forthcoming years. To enhance the marketability of their products, the companies are also entering into strategic acquisitions. The market players are Alma Lasers Ltd., Valeant Pharmaceuticals, Syneron Medical Ltd., PhotoMedex Inc., Lumenis Ltd., Cutera Inc., Cynosure Inc., Merz Inc., and Ulthera Inc.
The global skincare devices market is expected to expand at 10.1% CAGR from 2015 to 2023. TMR predicts that it is projected to rise to US$17.2 bn in 2023 from a valuation of US$7.2 bn in 2014.
Application of Skincare Devices in Cellulite Reduction to Gain Momentum
Cellulite reduction emerged as the leading application segment in terms of revenue in 2015. In 2015, the global market for skincare devices in the cellulite reduction segment stood at a valuation of US$1.9 bn and is likely to touch US$4.3 bn by the end 2023. The growth of this application segment can be attributed to the alarming rise in the number of people affected by obesity across the world.
According to a TMR analyst, “The demand for skincare devices in cellulite fat reduction is further expected to gain momentum owing to the growing popularity of non-invasive fat removal procedures over conventional fat removal methods. In addition, the rising disposable income of consumers and the willingness to spend on beauty procedures supports the demand for this procedure.” However, in terms of growth, skin tightening and body contouring is likely to dominate the market due to the increasing need to regain the shape and firmness of the body.
Geographically, the global skincare devices market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Amidst these, North America took the leading position in 2014, closely trailed by Europe. The North America skincare devices market is expected to exhibit a CAGR of 9.92% from 2015 to 2023. The factors that are expected to accelerate the sales of skincare devices in this region are the prevalence of luxurious and modern lifestyle, a robust growth in the baby boomer population, and a rise in the demand for skincare solutions that enhance physical features. Developing economies in Asia and the Middle East and Africa are likely to witness significant growth in the consumption of skincare devices over the coming years. This growth can be attributed to the improvement of healthcare facilities and medical infrastructure in the regions.
Inclination towards Non-invasive Procedures to Bode Well for Market Growth
According to a report published by The American Society of Plastic Surgery, over 15.9 million non-invasive aesthetic procedures were performed in 2015 in the U.S. The adoption of non-invasive procedures has been increasing owing to the continuous demand for easy methods to remove fine lines, wrinkles, and unwanted hair. Moreover, the advent of handheld equipment in the lasabrasion and microdermabrasion segments is another driver in the market.
One of the primary reasons behind the extensive growth of the global skincare devices market is the rising incidence of skin disorders across the globe. The report states that approximately 5 million people are diagnosed with skin cancer every year, with melanoma alone causing over 9,000 deaths per year. As result of this, the consumption of skincare devices has significantly increased over the last couple of years. However, the high cost of equipment and competitive pricing scenario are likely to adversely impact the growth of the global skincare devices market.
This review is based on a Transparency Market Research report titled, “Skincare Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
The global skincare devices market has been segmented as follows:
Global Skincare Devices Market - By Type
Global Skincare Devices Market - By Application
Skincare Devices Market - By Geography
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