SKIN REJUVENATION DEVICES MARKET ANALYSIS

Skin Rejuvenation Devices MarketSize and Trends

The global skin rejuvenation devices market is estimated to be valued at US$ 2,227.4 million in 2022 and is expected to exhibit a CAGR of 9.5% during the forecast period (2022-2030).

Figure 1. Global Skin Rejuvenation Devices Market Share (%), by End User, 2022

Increasing prevalence of skin associated problems and increasing number of skin aesthetic procedures to drive growth of the skin rejuvenation device market

Increasing prevalence of the skin related problems such as wrinkles, acne, scar, sun damaged skin, stretch marks, and hyperpigmentation is resulting in to wide utilization of several device-based skin rejuvenation procedures, which in turn, is expected to drive growth of the skin rejuvenation device market. For instance, in April 2022, according to the report by International Society of Aesthetic Plastic Surgery titled Global Aesthetic Survey Results had released its annual Aesthetic Plastic Surgery Statistics with data collected on the Society's new, more accurate digital technology revealing aesthetic plastic surgery surged in 2021. The data showcases a significant increase for face, breast and body procedures. Overall, aesthetic body procedures such as abdominoplasty, buttock augmentation, and liposuction increased by 63% globally since 2020. Breast procedures such as breast augmentation, augmentation/ breast lift and breast lift/reductions were up 48% in the same year. Specialized face procedures such as brow lifts and face lifts increased 54% last year. These marked increases saw Americans spending over $14.6 billion dollars on aesthetic procedures in 2021 with surgical revenues increasing by 63%. 2021 data illustrates a possible effect of life amid the global pandemic, with many Aesthetic Society members signaling to the ubiquity of video meetings and more downtime, to patients undergoing more surgical face and body procedures.

Moreover, in 2017 Plastic Surgery Statistics Report by American Society for Plastic Surgeons, around 667,561 and 656,781 intense pulsed light treatment for skin resurfacing procedures in the U.S. were conducted in 2017 and 2016 respectively. According to same source, around 740,287 microdermabrasion procedures were conducted in 2017. Such high number of skin rejuvenation procedures are expected to drive the skin rejuvenation devices market growth.

Figure 2.Global Skin Rejuvenation Devices Market Share (%), by Region, 2022

Increasing aging population worldwide are expected to drive growth of the skin rejuvenation devices market during forecast period

With increase in old age population need for skin rejuvenation process would be increasing as per analysis by Coherent Market Insights. For instance, in October 2021, according to World Health Organization, between 2017 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2020, the number of people aged 60 years and older will outnumber children younger than 5 years. In 2050, 80% of older people will be living in low- and middle-income countries. By 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

Moreover, according to world population prospects report published in 2017, global population is moving toward higher age group, in 2017, an estimated 962 million people were aged 60 or over in the world, comprising 13% of the global population, which would reach 1.3 billion by 2025, by growing at a rate of about 3% per year. Older population generally face decreasing skin fat, wrinkles, and other skin related problems, which may lead to higher number of skin rejuvenation procedures benefitting skin rejuvenation device market.