Published on : Nov 24, 2016
The global skincare devices market is highly fragmented with numerous companies operating in the market with diversified products. The competition in the market is significantly high as the players strive to surge ahead of each other in the market through product differentiation and innovation. The players are also entering into strategic agreements and mergers to enhance their marketability. A few of the leading players are Alma Lasers Ltd., Valeant Pharmaceuticals, Syneron Medical Ltd., PhotoMedex Inc., Lumenis Ltd., Cutera Inc., Cynosure Inc., Merz Inc., and Ulthera Inc.
North America to Surge Ahead of Other Regions in terms of Consumption
Region-wise, the global skincare devices market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Among these, North America dominated the market in 2014 closely followed by Europe. The skincare devices market in North America is likely to register a CAGR of 9.92% from 2015 to 2023. Factors such as prevalence of modern and luxurious lifestyle, growth of the baby boomer population, and a rise in the adoption of skincare solutions is expected to boost the growth of the market in North America. Emerging economies in Asia and the Middle East and Africa are expected to exhibit promising growth in the adoption of skincare devices in the coming years. The growth of the skincare devices market in these regions can be attributed to the improving healthcare and medical facilities and infrastructure.
Shift towards Non-invasive Processes to Augment Market Growth
According to a report published by The American Society of Plastic Surgery, over 15.9 million non-invasive aesthetic procedures were performed in 2015 in the U.S. Due to the demand for easy procedures to remove wrinkles, fine lines, and unwanted hair the sales of skincare devices is likely to witness an extensive spike. Besides, the introduction of handheld equipment in the lasabrasion and microdermabrasion segments is another market driver. The primary reason behind the growth of the global skincare market is the growing incidences of skin diseases worldwide. However, the high price of these equipment are likely to negatively impact the market growth.
The global skincare devices market is expected to expand at 10.1% CAGR from 2015 to 2023. The market is projected to rise to US$17.2 bn in 2023 from a valuation of US$7.2 bn in 2014.