The skincare devices market is growing at a significant rate, due to increasing preference of minimally and non-invasive procedures, growing medical tourism, and increasing worldwide incidence rate of skin disorders. Untapped market potential in emerging economies with high unaddressed medical needs is providing ample opportunities for the global skincare devices market to grow in the coming years.
North America leads the global skincare devices market due to the introduction of latest technologies such as, U-P-5 and presence of high income consumer base in the region. European skincare devices market is expected to be a mature market. Asia-Pacific is expected to grow with the highest rate in the coming years, due to the presence of local manufacturers offering cost effective products and services, along with increasing disposable income of the expanding consumer base.
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Some of the major factors driving the growth of the skincare devices market are manufacturing of more advanced and affordable devices such as, ultrasonic and exfoliating devices for the consumers. Rising incidences of skin cancer and various skin disorders such as, acne, dermatitis, lesions, moles, psoriasis and skin warts, mainly in emerging markets of China, India and Brazil are expected to support the growth of skincare devices market in the coming years. The skin-care segment has seen higher investment by beauty products manufacturer, in recent years for the products having highest consumer inclination.
Additionally, increasing acceptance rate of non-invasive and minimal treatments, increasing consumer awareness levels and increasing demand for aesthetic processes such as, skin tightening, skin rejuvenation and body contouring are some of the factors, expected to drive the growth of the skincare devices market in the coming years. Substitutes of the skincare devices gaining popularity, competitive pricing, and equipment costs are some of the factors restraining the growth of skincare devices market.
The skincare devices market can also be categorized, on the basis of applications as damage repair, skin rejuvenation, anti-cellulite skincare, disease diagnosis and treatment, fat reduction, hair removal, and skin tightening and body contouring. Skin rejuvenation includes sun damage, acne and wrinkles, whereas damage repair includes pigmented lesions, vascular and tattoo removal. Body contouring and skin tightening market leads in the application of skincare devices market, due to the rising demand for non-surgical, non-invasive and no downtime treatments. Anti-cellulite skincare application is growing with the highest rate, due to establishment of new product range such as fat melting oil, ayurvedic anti cellulite cream, anti-cellulite oil and slimming oil.
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Some of the competitors in the skincare devices market are Michelson Diagnostics Ltd., Cutera, Inc., Cynosure, Inc., Syneron Medical Ltd, Photomedex, Inc., Lumenis, Ltd., Solta Medical, Inc., Alma Lasers, Ltd., and Palomar Medical Technologies among others.