Dermatology Devices Market balanced to Reach Insignificant CAGR till 2024
Most invasive surgical procedures often leave behind scars and vascular lesions. Aging results in loss of hair, wrinkles, and skin deterioration. The last decade has witnessed an increasing number of minimally invasive procedures and rising inclination of people to undergo cosmetic procedures in order to enhance aesthetic appeal. Pharmaceutical drugs intended for such treatment are associated with various side effects and are relatively expensive. Minimally invasive procedures have emerged as a preferred alternative to such drug therapies and also enjoy a competitive edge over conventional surgical procedures, as the former leave back minimal scars, if any. Getting a tattoo done is a rage across the globe and the trend transcends all boundaries of age, race, and gender. However, the recent decade has also witnessed a high prevalence of tattoo regret among the populace. As per results of a 2014 survey conducted by Ampp3d—part of Mirror.co.uk—around 1/3rdof people in the age group of 25–35 years in the U.K. regretted getting a tattoo and wanted to get it removed. Laser tattoo removal has been considered the most effective option for tattoo removal as this technique removes tattoo without scarring or burns.
The global dermatology devices market was valued at US$ 3,409.1 million in 2015 and is expected to witness a robust CAGR of 7.6% during the forecast period (2016 – 2024).
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Evolving technology to be a threat for conventional treatment methods in the dermatology devices market
Minimally invasive treatment procedures are gaining attention in the medical community and patients worldwide. Therefore, devices such a microdermabrasion, pens for pigmented lesions, scars, and loose skin, and laser therapy are in high demand globally. These devices are replacing the usual surgeries performed to treat skin disorders, which leaves out unwanted scars post-surgery. Laser resurfacing, dermabrasion, and chemical peels are some of the safe and effective treatment options for acne scarring. Effectiveness of laser and light therapies in treating mild to moderate acne is still under research.
PMD Beauty pioneered the at-home microdermabrasion device that allows users to perform microdermabrasion procedure at ease and convenient. The device has a large consumer base in the U.S., U.K. and Australia.
Growing target population to serve as a potential opportunity for dermatology devices market players
According to the American Academy of dermatology, acne is the most common skin condition in the U.S. affecting nearly 50 million people annually. This is a sizeable addressable market for acne removal devices.
According to the Astanza Laser LLC (2016), 45 million Americans have tattoos with a majority (40%) of them being in the age group of 26 years to 40 years.
According to the American Society of Plastic Surgeons, among the 14.2 million minimally-invasive cosmetic procedures performed in 2015 in the U.S., botulinum toxin type A, soft tissue fillers, chemical peel, laser hair removal and microdermabrasion were the top five procedures.
According to the survey by Dr. Sandy Tsao, MD, Massachusetts General Hospital Dermatology Laser and Cosmetic Center, one in seven people wished they had never got a tattoo engraved on their skin.
According to the International Society of Aesthetic Plastic Surgery (ISAPS) 2015 global survey, U.S. had the highest number of non-surgical procedures performed (2.6 mn) followed by Brazil (1.1 mn). South Korea, India, Mexico, Germany, Colombia, France, and Italy are other leading countries with most aesthetic procedures being conducted in 2015. These statistics signify potential opportunities for companies in the global dermatology devices market.
This is expected to benefit the dermatology devices market players such as Valeant Pharmaceuticals International Inc., Lumenis, Ltd., Cynosure Inc., Syneron Candela Ltd., Avita Medical Ltd., Alma Lasers, Ltd., Lutronics Corporation, Beijing Toplaser Technology Co. Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., and Cutera, Inc.
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