The global dermatology devices market size is expected to reach USD 34.3 billion by 2030, registering a CAGR of 11.9% over the forecast period, according to a new report by Grand View Research, Inc. Dermatology devices are expected to have a high demand due to rising beauty consciousness, increasing cases of skin diseases, and the growing influence of social media. The incidence of skin disorders, such as psoriasis, acne, eczema, and skin lesions, is continuously rising across the globe owing to irregular lifestyles and food habits. Melanoma is the deadliest form of skin cancer arising due to overexposure to the sun. Dermatology diagnostic devices help in the early diagnosis of melanoma.
The high prevalence of this skin condition is anticipated to contribute to market growth. For instance, in 2019, nearly 7,800 Canadians were estimated to be diagnosed with melanoma and nearly 1,300 Canadians were estimated to die due to melanoma. Obesity has become one of the major health concerns as well, for both the male and female populations. Hence, fat removal procedures are being highly adopted. Liposuction is considered an effective obesity treatment. A rise in disposable income levels is also another factor driving the product demand. In addition, technological advancements in laser treatments are increasing the application scope of these devices, thus boosting the demand by physicians and patients alike.
The key companies are concentrating on strategic initiatives, such as mergers and acquisitions, new product development, and geographical expansions. For instance, in 2018, Cutera announced the launch of Secret RF, a device intended for effective wrinkle removal, scar diminishing, and collagen remodeling. In November 2021, Lancer Skincare, the premier Beverly Hills-based international skincare brand, teamed up with ByondXR to launch The Virtual Lancer Dermatology Shop. Lancer Skincare’s new virtual store will provide customers with the in-home benefits of a Lancer dermatology practice through a curated, digital experience that moves across the newly growing digitized world.
In 2021, North America accounted for the largest revenue share of more than 43%. The regional market is projected to expand further at a steady CAGR, retaining the dominant position throughout the forecast period. The increasing prevalence of skin cancer and other skin diseases, such as eczema & rosacea, and the growing adoption of cosmetic procedures are some of the major factors contributing to the growth of the regional market. According to the CDC, Acne vulgaris affects 80% of the U.S. population at some time during their lives; 20% of them suffer from severe acne, which can result in permanent physical and mental scarring.
The regional market of Asia Pacific is estimated to register the fastest growth rate from 2022 to 2030. The rapidly growing medical tourism sector in the Asia Pacific due to the availability of affordable treatment options is expected to be the key factor boosting the regional market growth. In addition, a rise in the number of multinational companies investing in research & development in Asia Pacific has also proved to be an important factor driving the regional market. Rising beauty consciousness among consumers is further anticipated to drive the product demand, thereby fueling the regional market growth.
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