A recent report published by Transparency Market Research (TMR), titled “Skincare Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”, indicates that Asia Pacific (APAC) is expected to demonstrate growth at the highest pace during the forecast period.
Global market intelligence company, Transparency Market Research (TMR), anticipates the global skin care devices market to reach $17,299.4 million in 2023, from $7,255.8million in 2014. The market is also expected to surge at a CAGR of 10.1% during the forecast period.
Skin Care Device Popularity
The global skin care devices market is extensive and sophisticated, covering a range of devices from: diagnostic, biopsy, image guidance systems, dermatoscopes, treatment, labrasion (laser skin resurfacing), microdermabrasion, electrosurgical, liposuction, cryotherapy and LED therapy.
These devices are used in a variety of prominent applications throughout the APAC region, for: disease diagnosis and treatment; skin rejuvenation (acne, sun damage, and wrinkles); hair removal; cellulite reduction; skin tightening and body contouring; damage repair (vascular, pigmented lesions; and tattoo removal.
The global skin care trend is growing at a considerable rate and therefore the emergence of a large number of skin care and device brands has created a significantly fragmented market.
There is a strong presence of recognisable and established brands within the device sector. However, the majority of the market share is held by local and small brands that focus on the large-scale production of leading skin care devices including biopsy punches and dermatoscopes, or high-value devices such as liposuction devices and laser systems.
TMR reports that key brands in the market including Lumenis, Valeant Pharmaceuticals, Cynosure, Zeltiq Aesthetics, and Syneron Medical have a combined market share of 25% in the global skin care devices market.
Competition within the APAC region is therefore heightened, as the majority of companies concentrate on product differentiation to evolve with emerging trends.
TMR also reports that as the incidence of skin disorders such as skin cancer increases, this is likely to drive demands and sales within the skin care device sector.
“The rising demand for diagnosis in the form of biopsies and dermatoscopy, and treatment techniques such as light therapy and lasabrasion, the sale of skin care devices is likely to increase the uptake of skin care devices,” said a lead TMR analyst in a press release. “The market is also expected to significantly gain from the increasing demand for non-invasive cosmetic procedures.”
With anti-aging a prominent trend in the APAC region, handheld and smart skin care devices are increasing in demand. These devices increase the convenience for treatment providers and provide minimal pain to the patient when tackling wrinkles, the appearance of aging lines and unwanted hair.
The growth of healthcare expenditure is outpacing the rate of population, and with the growing geriatric population, TMR anticipates that the skin care device sector will generate lucrative sums during the forecast period.
Emerging medical tourism and med spas trends, particularly in the APAC region, will provide brands with the opportunity to develop new innovations to gain a competitive advantage.
Currently, due to the high levels of competition throughout the region, a majority of manufacturers have been compelled to offer their products to consumers at a lower price.
These reduced prices not only limit the skin care sector’s growth but may also create a lack of pricing transparency that is unattractive to suppliers within the device market.
The APAC region, specifically, has been highlighted by TMR as the region with untapped opportunities, and so brands can leverage these to gain market share and develop the skin care device sector further.