Dermatology Devices Market Size, Competitive Landscape and Market Forecast - 2029
Global Dermatology Devices Market By Diagnostic Device (Imaging Device, Dermatoscope, Microscope), Treatment Device (Electrosurgical, Cryotherapy, Laser), Application (Skin Cancer Diagnosis, Acne, Psoriasis, Skin Rejuvenation, Warts), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The Global "Dermatology Devices Market" is expected to grow at a high CAGR of 12.20% during the forecasting period (2022-2029).
Dermatology devices are devices that are installed in hospitals and dermatology clinics to assist physicians and non-physician clinicians. It helps to treat skin-related diseases and cosmetic problems of the skin, scalp, hair, and nails. The craving for dermatology devices is increasing due to the noticeable increase in skin disorders like psoriasis, acne, melanoma, and others.
Market Dynamics
The global dermatology devices market growth is driven by the increase in the prevalence of diseases that requires surgical treatment, especially minimally invasive surgery (MIS) which would help the dermatology devices market to gain traction in the forecast period.
The rising incidence of skin disorders will drive market growth in the forecast period.
The dermatology devices market is expected to witness rapid growth, owing to the increasing prevalence of skin cancer and other skin diseases, and contribute significantly to the high demand for dermatology devices. Furthermore, growing awareness of cosmetic procedures to improve the aesthetic appeal and technological advancements in dermatology devices drive the adoption of these devices. The rise in disposable income is driving the market for dermatology devices.
Skin disease is one of the leading causes of the increasing global disease burden, affecting millions of people worldwide. Aging and environmental and genetic factors result in the development of a diverse number of skin diseases. The prevalence of melanoma and non-melanoma skin cancers is rising significantly. According to the American Academy of Dermatology Association 2022, approximately 9,500 people in the United States are diagnosed with skin cancer every day. As per the American Cancer Society’s estimates, about 99,780 new melanomas will be diagnosed in the United States in 2022, and about 7,650 people are expected to die of melanoma in the same year.
The increasing demand for aesthetic procedures is driving the market for treatment devices as well as aesthetic lasers and cosmetic dermatology. These lasers are used in aesthetic procedures such as hair removal, skin rejuvenation, acne, psoriasis, tattoo removal, wrinkle removal, skin resurfacing, vascular lesions, and pigmented lesions, among other skin diseases. Lasers with longer wavelengths and better configurations have expanded the range of beauty treatments, making the aesthetic lasers industry a lucrative one. The increasing demand for aesthetic procedures is pushing the market for dermatology treatment devices.
The side effects related to dermatological treatments will hamper the growth of the market
However, the side effects related to dermatological treatments and stringent regulatory policies for medical devices are some of the factors, which is likely to hamper the growth of the market. Potential side effects of these therapies include skin rashes, itchiness, changes in hair texture, inflammation around the nails, and blisters in the mouth.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic impacted the dermatology devices market. The pandemic caused major impediments in pharmaceutical and medical supply chains globally. This is expected to hinder the growth of the dermatology devices market during the forecast period. The increase in awareness regarding the need to avoid hospital-acquired infections and the risk of exposure to COVID-19 during the pandemic is anticipated to hinder the number of surgical aesthetic procedures, consequently decreasing the growth of the dermatology devices market during the forecast period.
During the COVID-19 crisis, non-urgent clinical procedures and surgical procedures need to be postponed until the situation improves. Hospitals must ensure the quality of care provided to the patients. Thus, the dermatology devices industry has been hugely affected and has been facing many losses. Even the research and development mission has halted to an extent.
Segment Analysis
The dermatoscope segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
A dermatoscope or a skin surface microscope is a non-invasive, handheld magnification tool that is directly placed on the surface of the skin of the patient to examine the key morphological structures of skin lesions, which are on and below the skin surface and are not easily visible to the naked eye. This is useful to dermatologists in distinguishing benign from malignant (cancerous) lesions, especially in the diagnosis of melanoma. Dermoscopy has also been observed to improve the diagnostic accuracy, sensitivity, and specificity of skin cancer diagnosis by dermatologists.
These devices have continued to be valuable in the dermatology industry, along with new technologies in areas such as artificial intelligence (AI), which enhance its uses to become an essential tool in every medical professional's office. Moreover, they are gaining popularity in other fields of medicine, including primary care. Several studies have revealed the accuracy of dermatoscopes.
Moreover, the introduction of advanced dermatoscope is expected to drive the product demand over the forecast period. In 2020, a global primary diagnostic instrument manufacturer HEINE launched two new dermatoscopes, DELTA 30 and DELTA, one in the United States, including an enhanced achromatic optical system for pristine images. Thus, the above-mentioned factors are expected to drive the growth of the dermatology devices market.
Geographical Analysis
North America region holds the largest market share of the global dermatology devices market
North America has accounted for the largest share of the market. This trend is likely to continue due to the increasing prevalence of skin cancer and other skin diseases, such as eczema and rosacea. An increasing number of skin cancer cases are also found in the United States. As per data published by the Skincare Foundation, in 2020, 1 in 5 Americans will develop skin cancer by the age of 70. More than two people die of skin cancer in the U.S. every hour. Also, when detected early, the 5-year survival rate for melanoma is 99 %. Thus, the rising prevalence of skin cancer and other skin diseases contributes significantly to the high demand for dermatology devices.
Several medical technology companies focus on products that deliver less expensive, quicker, and more efficient patient care. In Jul 2020, Lancer Skincare announced the launch of its very first skincare exfoliating device, the Pro Polish Microdermabrasion Device. Pro Polish enhances the efficacy of the Lancer routine by delivering surface-layer microdermabrasion in a patented, handheld device. These advancements in dermatology devices, in terms of features and wide-scale application for skin diseases, are expected to drive the demand for dermatology devices in the market.
Competitive Landscape
The dermatology devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbvie Inc. (Allergan Inc.), Alma Lasers Ltd, Bausch Health Companies Inc. (Solta Medical Inc.), Bruker Corporation, CANDELA CORPORATION, Carl Zeiss, Cutera Inc., Galderma SA, Genesis Biosystems Inc., Hologic Inc. (Cynosure Inc.) among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Dermatology Devices Market globally. For instance, in December 2021, Obagi, a science-based skincare company and a leader in professional skin care products for over 30 years, announced the official launch of the Skintrinsiq device, its first entry into the complementary skincare device market.
Cutera.
Overview:
Cutera, Inc. develops and manufactures aesthetic laser systems. The Company markets products for the removal of unwanted hair and treatment of vascular lesions. Cutera markets the systems to dermatologists, plastic surgeons, and other practitioners worldwide.
Product Portfolio:
PICO GENESIS: PICO Genesis selectively shatters pigment and induces dermal disruption and remodeling for true skin revitalization in fewer than three sessions. PICO Genesis FX combines the 1064 nm wavelength with enlighten’s microlens array attachment to address acne scars, skin texture, and quality and pores on all skin types.