In accordance with the recent report published by, Credence Research, Inc. “Dermatology Devices Market Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global dermatology devices market was valued at US$ 8.45 Bn in 2016, expanding at a CAGR of 11.39%.
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Skin disorder can be described as acute or chronic, resulting from exposure of radiation, sunlight, allergens, microbes or chemical agents. Skin disease is becoming a severe problem that can eventually cause skin cancer. This increasing trend of disease further indicates importance of skin diagnosis and analysis utilizing dermatology device which have vast range of application in both skin diagnosis and treatment.
Market growth of dermatology devices is majorly driven by increasing prevalence of skin disorders and growing number of aesthetic procedures. Growing preference of non-invasive procedures for aesthetic enhancement and rising number of accurate diagnostic procedures for skin diseases are predicted to support substantial growth to the global dermatology market. However, high procedure cost, expensive devices and stringent regulatory guidelines affect the growth of dermatology devices market. Absence of reimbursement policies for aesthetic procedure and risk of post-procedure complications might hinder the growth of the dermatology devices market.
On the basis of device type, the dermatology diagnostic devices are witnessing lucrative growth due to the increasing prevalence of skin disorders including skin cancer and growing consciousness among public regarding physical appearance. The market of dermatology treatment devices is on rise with increasing volume of dermatological procedures in order to treat skin tightening, wrinkles, acne, psoriasis and body contouring.
Geographically, North America was the dominant region in 2016 in the global dermatology devices market followed by Europe. Skin disease is very common in North America affecting one in four people, the staggering impact of skin disorder has primarily driven the market growth in this region. The rising prevalence of skin disorders, geriatric population and growing awareness of public are major driving factors of the dermatology devices market. Latin America is also predicted to experience significant growth as a result of huge number of body and extremities procedure. Accelerated development of new devices in order to enhance aesthetic appearance and medical tourism facility drive the market in Asia Pacific. South Korea being the aesthetic procedure capital contribute larger share of revenue to the Asia Pacific region as well.
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Market Competition Assessment:
The major industry players of dermatology markets having dermatology diagnostic devices market includes AMD Global Telemedicine, Inc., 3GEN, Dino-Lite, Heine USA Ltd., Firefly Global, Michelson Diagnostics Ltd., Carl Zeiss Meditec AG, Leica Microsystems, Toshiba Medical Systems, Fotofinder Systems GMBH, FEI Company, Nikon Corporation and others. The key market players manufacturing dermatology treatment devices Cynosure, Inc., Valeant Pharmaceuticals International Inc., Alma Lasers, Ltd., Syneron Candela Ltd., Lumenis, Beijing Toplaser Technology Co. Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., Lutronics Corporation, Cutera, Inc., and other notable players.