There’s a light at the end of the tunnel for skincare device manufacturers
A growing demand for skincare procedures will result in considerable growth for the skincare devices global market over the next decade.
The International Society of Aesthetic Plastic Surgery (ISAPS) announced that in 2018, 10,607,227 surgical cosmetic procedures were performed globally, and owing to this, the global skincare devices market is predicted to grow from US$ 9,531.9 million in 2019 to US$ 28,157.2 million by 2030; amounting to an impressive growth of 11 per cent CAGR from 2020 to 2030. The volume of non-surgical aesthetic procedures, such as calcium hydroxylapatite, botulinum toxin, poly-L-lactic acid, and hyaluronic acid treatments; non-surgical hyperventilation and skin tightening procedures, chemical peel, non-surgical fat reduction, and cellulite reduction, is also rising. In particular, the skincare devices market is being propelled by the rising demand for breast lift, breast augmentation, neck lift, fat grafting (face), and brow lift procedures.
COVID-19 has forced skincare device manufacturers to suspend manufacturing and sales operations, leading to low availability of these products. Also, there has been a slowing down of the devices market due closure of all non-essential hospital departments, such as dermatology clinics. However, the skin tightening and body contouring market is expected to grow with the highest CAGR in the skincare devices market of 11.8 per cent under segmentation by application, in the coming years. Due to the increasing demand of liposuction procedures, as in the case of obesity, there is also an increasing number of people suffering from loose skin, that requires treatment. The ISAPS says that from 1,372,901 in 2014, the number of global liposuction surgeries grew to 1,573,680 in 2017 and 1,732,620 in 2018. In this scenario, dermatology clinics will continue dominating the skincare devices market in the immediate future, and will subsequently have a growing requirement for skin treatment related devices such as those required for skin rejuvenation, hair removal, skin tightening, and other purposes.
North America is currently generating the highest revenue in the skin devices market. The coverage of skin cancer treatment under the Medicaid and Medicare programmes in the US, further results in high device requirements. Asia-Pacific (APAC) is predicted to be the fastest growing market for skincare devices in the years to come. The population of this region, the number of elderly, the prevalence of obesity, and other dermatological diseases, is on the rise in APAC, leading to a growing demand for skincare devices for both therapeutic and diagnostic purposes.