The global dermatology devices market stands at US$ 5.1 Bn as of now and is slated to reach US$ 9.3 Bn by the year 2032 at a CAGR of 6.5% between 2022 and 2032 – Future Market Insights
Dermatology devices are being used by several medical service providers like hospitals, physician offices, dermatology clinics, and academic research institutes to check the growing incidences of skin ailments. Also, growing awareness about aesthetic procedures is there to add. On the other hand, developing economies are witnessing a noticeable expansion in healthcare infrastructure.
Moreover, as per the UN Population Division, geriatric population is expected to reach 2.1 Bn by the year 2050. In other words, 22% of the global population would be aged 60 and above by the year 2050. It is a known fact that aging is linked with the skin’s progressive deterioration. As an outcome, aesthetic procedures like skin tightening and anti-wrinkle treatment are expected to take the dermatology devices market by storm in the years to come.
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The American Society for Aesthetic Plastic Surgery has stated that the year 2019 alone saw 204,745 liposuction procedures being performed in people aged between 51 and 64. Plus, over 35K procedures were performed amongst people over 65 years of age. It further states that the year 2020 saw over 38K procedures in the ones aged between 55 and 69 and 3K+ procedures in those aged above 70.
The last 10 years have also seen a growing demand for non-invasive and minimally invasive aesthetic procedures over conventional surgical procedures. The major advantages offered by non-surgical alternatives/minimally invasive procedures include reduced scarring, less pain, and faster recovery.
Aesthetic procedures accelerating the dermatology devices market include cosmetic dermatology and aesthetic lasers. The application areas of aesthetic lasers include skin rejuvenation, hair removal, treating psoriasis, acne, removal of wrinkles, removal of tattoos, vascular lesions, skin resurfacing, and pigmented lesions. YAG and CO2 laser systems are the ones in most demand. They could be sold for over US$ 50K each and have been immensely popular amongst the users.
At the same time, the fact that dermatology procedures come with several probable side-effects can’t be ignored. These side-effects could be lightening or darkening of the affected skin after laser hair removal. Also, there could be redness or edema. Though red light therapy is looked upon as being safe and painless, there have been various complaints raised in this regard. For instance – RLT units resulting in blisters and burns. The dermatology devices market is likely to witness turbulence mentioned above in the forecast period.
Key Takeaways from Dermatology Devices Market
- North America holds more than 80% of the market share due to a sizable population opting for dermatology procedures in the wake of growing incidences of rosacea and eczema.
- Japan leads the Asia-Pacific, accounting for over 40% of its market share due to rising geriatric population.
- China is expected to witness a CAGR of ~7% in the dermatology devices market going forward.
- With rising occurrences of skin issues, the UK holds 12% of the Europe’s share and the status quo is expected to remain the same even in the forecast period.
- Laser accounts for more than 40% of the overall market share.
- Application-wise, skin rejuvenation holds ~20% of the market share.
- By end-user, specialty dermatology clinics holds more than 38% of the market share.
“With aesthetic appeal getting prioritized, the global dermatology devices market is poised to grow inadvertently in the forecast period” says an analyst from Future Market Insights