Global skincare devices market is estimated to witness significant growth, owing to rising geriatric population & increasing demand for anti-aging devices
Global Skincare Devices Market is estimated to be valued at USD 16.1 Bn 2024, exhibiting a CAGR of 13.5 % over the forecast period 2024-2031. Rising geriatric population worldwide who are prone to skin-aging can boost demand for various skincare devices such as laser, liposuction and various energy-based devices. Furthermore, availability of technologically advanced skincare devices and increasing social media influence emphasizing aesthetic looks can boost adoption of various skincare treatment devices.
Market Dynamics:
The global skincare devices market has been experiencing a favorable growth based on several market drivers. Rising adoption of non-invasive and minimally invasive aesthetic procedures globally owing to their permanency and effectiveness is a key factor augmenting the market growth. Growing consumer inclination towards anti-aging and maintaining youthful appearance is boosting the sales of skincare devices. Moreover, manufacturers introducing user-friendly products with advanced technologies is expanding the customer base. However, high cost of new generation skincare devices remains a major challenge, restricting wider acceptance. Besides, lack of reimbursement policies and clinical efficacy data for certain treatments pose limitations. Meanwhile, increasing medical tourism in emerging nations is opening new opportunities.
Rising demand for anti-aging treatments and non-invasive cosmetic procedures
Global skincare devices market growth is driven by rising demand for anti-aging treatments and non-invasive cosmetic procedures. Due to increasing awareness about looking youthful and growing disposable incomes, people are willing to spend more on anti-aging treatments. Skincare devices offer non-invasive solutions to conditions like wrinkles, dark spots, acne scars and fine lines. These help reduce the signs of aging without surgical procedures or extensive downtime. Devices like laser resurfacers, microdermabrasion machines and intense pulsed light machines are increasingly being used for photoaging, skin tightening, skin rejuvenation and skin resurfacing. Their non-invasive nature and ability to produce visible results has made them highly popular among consumers looking for cosmetic improvements.
Rapid technological advancements in skincare devices
Rapid technological advancements in skincare devices can also drive the market growth. Manufacturers are constantly innovating and introducing devices with improved features, better results and reduced side effects. For example, the integration of different light technologies like LED, laser and radio frequency in combination has enhanced the treatment efficacy of devices. Devices are also becoming more user-friendly with features like different treatment tips, automated settings and simplified user interfaces. New portable and hand-held devices have further increased accessibility. Advancements in technology is also enabling the treatment of complex issues. This attracts both consumers and professionals to invest in newer and more effective devices. Growing application areas of these devices like acne, pigmentation, wrinkles, hair removal and skin tightening can boost demand for skincare devices.
High cost of devices
The high cost of skincare devices can hamper the market growth. These devices require huge capital investments. Equipment costs can range from thousands to tens of thousands of dollars depending on the technology. This makes devices out of reach of the general public and limits sales to high-end clinics and dermatologists’ offices. Even maintenance and recurring costs of consumables can increase the overall costs.
Requirement of trained professionals
Requirement of trained professionals for operating these complex medical devices can also hamper the market growth. Many advanced procedures require experienced dermatologists, aestheticians or nurses with certification. This limits the user base as general consumers cannot self-administer treatments. It increases dependence on professionals and clinics, thus, reducing scope for self-use at home. The need for ongoing training to keep up with technological advancements further drives up costs. This restricts penetration in locations where access to qualified medical professionals is limited.
Growth opportunities in developing markets
Tapping emerging markets in developing economies can offer growth opportunities. With growing middle class and increasing prioritization of aesthetics, markets in Asia Pacific, Latin America, Middle East and Africa regions offer strong potential. While penetration is currently low due to affordability issues, it is expected to pick up with economic growth. Rising medical tourism offers significant opportunity to provide cosmetic services to international clients at lower prices.
Growing sales through e-commerce platforms
Selling devices via popular online e-commerce platforms can offer market growth opportunities. While traditionally limited to clinics, selling direct to consumers online expands the market reach. Online retailing overcomes geographical limitations and enables easy product search, comparisons and purchases at home/work. It helps manufacturers create brand awareness and reach more potential customers. Advanced digital marketing efforts can promote devices to the sizable pool of internet users looking for beauty and wellness products. This offers the ability to tap a wider consumer base.
Link - https://www.coherentmarketinsights.com/market-insight/skincare-devices-market-3955
Key Developments:
- In December 2021, Obagi, a provider of science-based skincare products, launched its inaugural skincare device- the Skintrinsiq system. The Skintrinsiq device delivers a luxurious facial experience inspired by spa treatments, featuring both impurity extraction and the infusion of Obagi's renowned skincare products.
- In February 2021, L’Oréal, a multinational personal care company, completed the acquisition of Takami Co., a Japan-based company that is known for developing and marketing skincare products. The acquisition aims to enhance product offerings and leverage the combined human resources of both organizations.
- In January 2021, Aptar Beauty + Home launched a airless roll-on recharge capsule designed for LightinDerm skincare devices, thus, marking a market-first innovation. This development underscores Aptar's leadership in pioneering advanced packaging solutions tailored for evolving market needs.
- In January 2020, L’Oréal, a multinational personal care company, launched Perso, a smart device that is designed to personalize beauty routines. This intelligent skincare system offers customized skincare solutions through a four-step process.
Key Players: Alma Lasers Ltd., Cutera, Inc., Cynosure, Inc., Lumenis Ltd., Syneron Medical Ltd., PhotoMedex, Inc., Valeant Pharmaceuticals International, Inc., ZELTIQ Aesthetics, Inc., Merz Pharma GmbH & Co. KGaA, Galderma S.A., Candela Corporation, Solta Medical, TRIA Beauty Inc., Koninklijke Philips N.V., Panasonic Corporation, Nu Skin Enterprises, Michelson Diagnostics Ltd., Lutronic Corporation
