Skincare Devices Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Treatment Devices, Photo Rejuvenation Devices, Liposuction Devices, Laser-Based Devices, Image-Guided Systems, and Others); Application (Skin Tightening & Body Contouring, Cellulite Reduction, Disease Diagnosis & Treatment, Hair Removal, and Skin Rejuvenation); End-User (Dermatology Clinics, Hospitals, and Spas & Salons); and Region/Country
The global skincare devices market is expected to grow at a significant rate of around 13% during the forecast period. The key factor driving the growth of the skincare devices market globally is the increased concerns among the young population about their aesthetics and appearances. The expansion of the skin devices market is being aided by rising disposable income and increased global awareness of the availability of various skin devices and treatments. The increased adoption rate of technological advances and increasing living standards have both favorably influenced the market growth for medical devices.
The rise in skin disorders, the large aging population, and skin problems caused by sun rays are some of the factors that are propelling the global market for skin devices. In the upcoming years, it is anticipated that these factors would increase market demand. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice what it was in 1980 at 382 million. The elderly population is expected to double again by 2050 and reach nearly 2.1 billion worldwide.
AbbVie Inc., Merz Pharma, Lumenis Be Ltd., Alma Lasers Ltd., Cutera, Hologic Inc., Panasonic Holdings Corporation, Bausch Health Companies Inc., TRIA BEAUTY, and Michelson Diagnostics UK Ltd are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst application, hair removal category to witness robust CAGR during the forecast period”
Based on application, the market is segmented into skin tightening & body contouring, cellulite reduction, disease diagnosis & treatment, hair removal, and skin rejuvenation. Among them, the hair removal category is to witness a higher CAGR during the forecast period. This is mainly due to the consumers prefer beauty clinics over other settings because of their expertise in the field of hair removal treatment and increasing concerns related to hair fall problems as well as the introduction of more technologically enhanced products will contribute to the market growth.
“Amongst end-user, the dermatology clinics to hold a considerable growth rate during the forecast period”
On the basis of end-user, the market is categorized into dermatology clinics, hospitals, and spas & salons. Among these, dermatology clinics hold a considerable growth rate during the forecast period. Dermatology clinics are cosmetic and medical facilities that specialize in the diagnosis and treatment of skin diseases. Certified plastic surgeons provide both surgical and nonsurgical procedures in dermatological clinics. For instance, according to TripleTree, there will be 14,000 dermatologists and 9,000 dermatology practices in the United States by the year 2020.
Skincare Devices Market Report Coverage
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the skincare devices industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising demand for various skincare-related services in the region, a highly aware and economically stable population coupled with many cosmetic procedures performed in the region are the main factors for the growth of the market. For instance, according to the American Society of Plastic Surgeons (ASPS), in 2020, about 15.6 million cosmetic procedures were performed in the U.S.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global skincare devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Skincare Devices Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global skincare devices market were the three major steps undertaken to create and analyze the adoption of skincare devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global skincare devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the skincare devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the skincare devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Skincare Devices Market. Further, we conducted factor analysis using dependent and independent variables such as various product, application, and end-users of skincare devices. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the skincare devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global skincare devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the skincare devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global skincare devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global skincare devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and end-user in the global skincare devices market.
The main objective of the Global Skincare Devices Market Study
The current & future market trends of the global skincare devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the skincare devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, application, and end-user.
- Define and analysis of the regulatory framework for the skincare devices
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the skincare devices market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Skincare Devices Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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