Global Dermatology Devices Market Set For 15.3% Growth, Reaching $28.84 Billion By 2028
Dermatology Devices Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What will be the Growth Rate and Future Size of Dermatology Devices Market by 2024?
The dermatology devices market size has witnessed tremendous growth in recent years. It is projected to grow from $14.06 billion in 2023 to $16.33 billion in 2024 at a compound annual growth rate CAGR of 16.1%. Several factors can be attributed to this historic growth like increased awareness about skin health, prevalence of dermatological conditions, aging population, rise in aesthetic and cosmetic procedures, and improvement in skin cancer diagnostics.
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What is the Forecast for Growth in Dermatology Devices Market?
Looking ahead, the dermatology devices market size is expected to experience robust growth. It is expected to escalate to a staggering $28.84 billion by 2028, at a CAGR of 15.3%. The upswing during the forecast period could be attributed to factors like increased adoption of minimally invasive treatments, steady rise in medical tourism, growth in emerging markets, and ramped-up research and development activities. Several noteworthy trends are expected to shape the forecast period, such as the acceptance of tele-dermatology services, applications of AI and machine learning, personalized dermatology care, exploitation of advanced laser technologies, and the upsurge of dermatology innovation.
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Why is there a Surge in the Demand for Dermatology Devices?
The increasing prevalence of skin cancer and other skin diseases is set to drive the dermatology devices market forward. Skin cancer, characterized by an uncontrolled proliferation of abnormal cells in the epidermis or the outermost layer of the skin, is primarily caused by malignant tumors stemming from unrepaired DNA damage. Additionally, the presence of other skin diseases like eczema, cold sores, dry skin, acne, among others necessitates the use of dermatology devices to remove skin tumors. These devices include light treatment devices, lasers, and electrosurgical equipment. For instance, the American Cancer Society, a US-based voluntary health organization, reported that around 99,780 cases of melanoma skin cancer were diagnosed in the US in 2022, leading to approximately 7,650 deaths. Given this scenario, the rising prevalence of skin cancer and other skin illnesses is bolstering the growth of the dermatology devices market.
Who are the Key Industry Players in Dermatology Devices Market?
Major companies operating in the dermatology devices market include the likes of Cutera Inc., Lumenis Ltd., Alma Lasers Ltd., Solta Medical Inc., Aesthetic Group, Ambicare Health Ltd., Image Derm Inc., Johnson & Johnson Private Limited, AMD Global Telemedicine Inc., Cortex Technology ApS, HEINE Optotechnik GmbH & Co. KG, Michelson Diagnostics Ltd., Bruker Corporation, Bovie Medical Corporation, Illuco Corporation Ltd., Photomedex Inc., Applisonix Ltd., Candela Medical Corporation, STRATA Skin Sciences Inc., WON TECH Co. Ltd., LUSTRE® ClearSkin Ltd., DermLite LLC, Genesis Biosystems Inc., Cynosure LLC, Canfield Scientific Inc., Bausch Health Companies Inc., Stiefel Laboratories, Sun Pharmaceutical Industries Limited, L'Oreal S.A., Galderma S.A., Merz Pharma GmbH & Co. KGaA, Allergan plc, Syneron Medical Ltd., Bio-Therapeutic Inc., Sciton Inc., Viora Ltd.
Which Key Trends are Shaping the Future of Dermatology Devices Market?
As a major trend in the dermatology devices market, technological advancements have seen a surge in popularity. Major companies are focusing on unraveling new technological innovations to maintain a stronghold in the market. For instance, 3Derm Systems, Inc., a US-based company manufacturing dermatology devices, recently launched 3DermSpot, an algorithm designed to use AI and highly standardized skin images to aid in the autonomous detection of melanoma, squamous cell carcinoma, and basal cell carcinoma. This innovation accelerates the detection of skin cancer.
What is the Segmentation of Dermatology Devices Market?
The dermatology devices market coverage in this report is segmented into:
1 By Product Type: Diagnostic Devices, Treatment Devices, Other Product Types
2 By Application: Skin Cancer Diagnosis, Psoriasis, Skin Rejuvenation, Warts, Other Applications
3By End User: Hospitals: Clinics, Other End Users
What is the Regional Distribution of Dermatology Devices Market?
In the dermatology devices market, North America emerged as the largest region in 2023. Following closely is Asia-Pacific, positioning itself as the second largest region in the dermatology devices market. The regions covered in the dermatology devices market report span across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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