Skin Care Devices Market Expected to Behold a CAGR of 10.1% through 2015 – 2023
The global skin care devices market is considered as a highly competitive market with a large number of local and international players operating worldwide. According to the market research study that has been published by Transparency Market Research, the global market is likely to witness a substantial rise in the level of competition throughout the forecast period. The rising in the number of players that are expected to enter the market is another major factor that is estimated to enhance the competition among the leading players in the coming few years.
Some of the leading players operating in the global skin care devices market are Valeant Pharmaceuticals, Lumenis Ltd., Cynosure, Syneron Medical Ltd., and ZELTIQ Aesthetics, Inc. In order to maintain their position, the key player focusing on the development of new products and innovations. Moreover, the rising mergers and acquisitions and collaborations is predicted to enhance the market growth in the next few years.
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As per the market intelligence study by Transparency Market Research, the global market for skin care devices is projected to reach a value of US$17.2 bn by the end of 2023. The market is estimated to register a promising growth rate in the next few years.
North America to Lead Skin Care Devices Market Followed by Europe
From a regional viewpoint, North America is projected to lead the global skin care devices market with a large share of the market throughout the forecast period. The rising demand for skin care devices and the rising disposable income of consumers are some of the major factors that are projected to enhance the growth of the North America market in the next few years. In addition to this, the advent of new products and the rising focus on the research and development activities are further predicted to accelerate the growth of the market in the near future. North America is further projected to be followed by Europe and Asia Pacific. The rising population and the increasing awareness among consumers regarding the benefits of using skin acre devices are projected to accelerate the growth of the market in the near future.
In terms of application, the global skin care devices market has been categorized into hair removal, damage repair, body contouring, disease diagnostic and treatment, skin rejuvenation, skin tightening, and cellulite reduction. Among these, the cellulite reduction segment is projected to lead the overall market with a large share in the coming few years. The high demand for cellulite reduction owing to the rising awareness among consumers is projected to enhance the growth of this segment throughout the forecast period.
Advent of New Skin Care Devices to Encourage Growth of Market
The rising prevalence of skin cancer and the rising demand for non-invasive cosmetic procedures are considered as some of the key factors that are projected to enhance the growth of the global skin care devices market in the next few years. In addition to this, the expansion of the product portfolio and the increasing research and development activities are anticipated to accelerate the growth of the global market throughout the forecast period. On the flip side, the availability of substitute procedures and the high cost of skin care devices and procedures are projected to hamper the growth of the market in the near future. Nonetheless, the launch of new smart skin care devices, which are expected to ease up the complete procedure of treating several skin-related disorders are projected to offer lucrative opportunities for the key players in the coming years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Skin Care Devices Market (Product – Skin Care Diagnostic Devices (Dermatoscope, Biopsy, and Image Guidance) and Skin Care Treatment Devices (LED Therapy, Lasabrasion, Liposuction, Microdermabrasion, Electrosurgical, and Cryotherapy); Application – Cellulite Reduction, Disease Diagnosis and Treatment, Hair Removal, Skin Tightening and Body Contouring, Skin Rejuvenation, and Damage Repair) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023..”