The market overview section of the report includes qualitative analysis of the overall skincare devices market, including the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s Five Forces Analysis. The increasing global incidence of skin cancers coupled with the rising disposable incomes of patients is propelling the uptake of skincare devices. However, the competitive pricing and higher equipment costs are set to restrain the market during the forecast period. Additionally, the report contains market attractiveness analysis by geography and competitive landscape by key players. The market attractiveness analysis explains the intensity of competition in the market in different geographies. The competitive scenario between different market players is evaluated through market share analysis. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
As per Transparency Market Research (TMR), the global skincare devices market is expected to surge at a CAGR of 10.1% between 2015 and 2023. TMR has pegged the market to reach a valuation of US$17,299.4 mn in 2023, from US$7,255.8 in 2014.
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North America Emerges as Most Lucrative Regional Market for Skincare Devices
Regionally, emerging economies in Latin America, Eastern Europe, and Asia have been exhibiting the most lucrative prospects for the sale of skincare devices. As of 2014, North America had emerged dominant in the global skincare devices market, trailed by Europe. TMR projects the North America skincare devices market to surge at a CAGR of 9.92% during the forecast period. The region in 2014 held 44.4% of the overall market.
The sale of skincare devices in North America is substantially bolstered by the increasing population of baby boomers in the region. Besides this, the rising aesthetic needs and increasing awareness among customers about their health and well-being have augmented demand for high-performing skincare devices in the region. Technical product developments, paradigm shift in consumer preferences towards non-invasive skincare procedures, and the increasing incidence of skin cancer are other factors fuelling demand for advanced skincare devices from North America.
Asia Pacific however is expected to showcase the highest CAGR of 11.78% during the forecast period. The promising growth in the skincare devices market of the region is attributable largely to the presence of a large population with unmet demand for beauty and wellness.
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Increasing Incidence of Cellulite to Fuel Demand for Skincare Devices
Based on application, demand for skincare devices was witnessed to be the highest for cellulite reduction. The segment accounted for a share of 25.1% in 2023. However, during the forecast period, the skin tightening and body contouring segment will exhibit growth at the fastest pace in the market. As per TMR nearly 85% to 98% women are affected by cellulite every year globally. Despite its increasing incidence, cellulite is considered to be an issue of worry by millions of women around the world. Cellulite reduction is thus seen as the largest application segment in the market mainly because of the alarming rise of obesity worldwide, the increasing demand for non-invasive beauty procedures, and increasing willingness of consumers to spend on their beauty and wellness.
Apart from their increasing usage in cellulite reduction, skincare devices are also used for diagnosis and treatment of various skin diseases such as skin cancer, warts, fungal infections, psoriasis, scabies, and others.
Some of the most prominent enterprises operating in the market include Lumenis Ltd., Valeant Pharmaceuticals, Cynosure, ZELTIQ Aesthetics, Inc., and Syneron Medical Ltd.
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