The skincare devices market size is projected to cross $14.6 billion by 2023, growing at a CAGR of 11.2% during 2017-2023.
The products used in the skincare devices market have been categorized as skin treatment devices and skin diagnostic devices. The market for the latter is expected to witness the fastest growth at a CAGR of 11.9% during the forecast period. This rising demand for skincare diagnostic devices can be attributed to the increasing prevalence of skin diseases, especially skin cancer, the diagnosis of which requires the use of these devices.
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Technological advancements in the skincare devices and treatments ultimately help in the enhancement of human skin features. These technologically advanced devices can more effectively treat fine lines, wrinkles, sun spots, and cellulite to enhance skin appearance. Some of the advantages of these devices include non-invasiveness, and workability on energy-based solutions. Due to these advantages, the adoption of such devices in hospitals and clinics to treat wrinkles and stretch marks has increased. Many advancements have been taking in the skincare devices market. For instance, in February 2017, Clarisonic, Inc. launched a skincare product, the Smart Profile Uplift, for the cleansing and firming massage to uplift fifteen signs of aging on the face, neck and décolleté.
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Globally, North America is the largest market for skincare devices and the region and is estimated to contribute 35.8% to the global market in 2017. In North America, the skincare devices market will register a CAGR of 10.4% during the forecast period, and the region is expected to contribute 34.3% to by 2023. The growth of the North American market is mainly driven by high expenditure, increasing prevalence of obesity, high per capita income leading to affordability of skincare devices and treatment and health coverage for skin cancer through Medicare and Medicaid in the U.S. The U.S. is the larger market for skincare devices in the North American region, and the country is estimated to contribute 92.4% to the North American market in 2017. However, the Canadian skincare devices market is expected to witness the higher growth in demand for these devices than the U.S. owing to the increasing prevalence of skin disease in the country.
Some of the other key players operating in the skincare devices market include Merz Pharma GmbH & Co. KGaA, Michelson Diagnostic Ltd., Lumenis Ltd., PhotoMedex Inc., Alma Lasers Ltd., Hologic Inc., Panasonic Corporation, Valeant Pharmaceuticals International Inc., and Beijing Toplaser Technology Co Ltd.
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