Dermatology Treatment Devices Market $8,800.07 million in by 2027 - The Insight Partners

Rising prevalence of skin issues and technological advancements in dermatology treatment devices are expected to boost the growth of the market

NEW YORK, UNITED STATES, April 24, 2023 /EINPresswire.com/ -- Rising Prevalence of Skin Abnormalities and Skin Cancer Drives Dermatology Treatment Devices Market

Age-related skin issues such as pigmentation, wrinkles, creases, and acne, as well as burn scars caused during accidents are common among masses. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US, affecting ~50 million Americans annually. ~85% of people from the age group of 12–24 experience minor acne problems. The costs associated with the treatment of acne, as well as lost productivity among those receiving treatment for acne, exceeded US$ 1.2 billion in 2013; more than 5.1 million people, primarily children and young adults, and sought medical treatment for acne in the same year. Further, 1 in 10 people develops atopic dermatitis during their lifetime, and the condition affects up to 25% children and 2–3% of adults. Moreover, ~28% women with age less than 25 admit that they regularly worry about their signs of aging, and this number increases to 42% and 54% among those belonging to the age groups 25–34 and 35–44, respectively. In addition, according to a poll conducted by conducted Dermstore with 2,000 women across the US, young women started using products to reduce the signs of aging much sooner than older women. Further, the European Commission (EC) has ranked skin diseases as the fourth most common cause of human illness.

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The prevalence of skin cancer has dramatically increased in the recent years. According to the National Cancer Institute in the US, skin cancer accounts for ~4.6% of the total newly occurring cancer cases in the country. The World Health Organization (WHO) reported the incidence of 2–3 million non-melanoma and 132,000 melanoma cases every year in the world. In addition, according to the Skin Cancer Foundation Statistics, one in every five Americans is likely to develop skin cancer once in their lifetime. These issues require critical medical intervention and appropriate devices for their therapeutic treatment to combat severe condition, which is further likely to propel the growth of the dermatology treatment devices market.

According to our new market research study on “Dermatology Treatment Devices Market to 2027 – COVID-19 Impact and Global Analysis – by Product Type, Application, and End User,” the market is expected to reach US$ 8,800.07 million by 2027 from US$ 5,320.73 million in 2019; it is estimated to grow at a CAGR of 6.7% during 2020–2027. Factors such as rising prevalence of skin issues and technological advancements in dermatology treatment devices boost the growth of the market. However, the risk of undesirable side effects associated with the use of dermatology treatment devices hinders the market growth.

The healthcare sector has been witnessing rapid transformations since the past few years. As per European Union, the global middle-class population is expected to reach 5.3 billion by 2030, and Asia is likely to account for a maximum share of this population. By 2030, China and India together are expected to represent ~66% of the global middle-class population and 59% of middle-class consumption. The expansion of middle-class, with significant changes in consumer behavior and consumption patterns, would drive economic development in the world. For example, according to the US Bureau of Labor Statistics, the disposable income in the US increased from US$ 10,036.9 billion in 2006 to US$ 13,968.6 billion in 2016, and it is further expected to reach US$ 21,178.2 billion by 2026. With increase in disposable incomes, changes in technology, and better after-care, a general attitude toward skin-related conditions has changed. This has led to the mounted adoption of dermatological procedures and home-based medical devices to treat skin conditions. These conditions encourage multinational corporations in the beauty and skin care industry to target massive populations, especially the growing middle-class population, in countries such as India and China.

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Application-Based Insights

The dermatology treatment devices market, by application, is segmented into skin resurfacing, skin rejuvenation, hair removal, psoriasis, scar, warts and skin tags, hyperpigmentation and vascular lesions, acne, tattoo removal, and hyperhidrosis. The skin rejuvenation segment held the largest share of the market in 2019, whereas the hair removal segment is anticipated to register the highest CAGR in the market during the forecast period.

Distribution Channel-Based Insights

Global The dermatology treatment devices market, based on distribution channel, is segmented into,hospitals pharmacies , pharmacies &and drug stores, and online pharmacies. In 2019, the hospitals pharmacies segment held the largest share of the market, by distribution channel. Moreover, , and the market for the same segment is anticipated to register estimated to grow at the highest CAGR in the market during the forecast period.

End User-Based Insights

On the basis of end-user, the dermatology treatment devices market has been segmented into hospitals, SPA clinics, dermatology clinics, and surgical centers. The dermatology clinics held the largest share of the market in 2019, and the same segment it is further estimated to register the highest CAGR in the market during the forecast period2020–2027.

Product Type-Based Insights

Based on On the basis of product, the dermatology treatment devices market was segmented into lasers, light therapy devices, energy-based therapies devices, microdermabrasion devices, microneedling, and cryotherapy devices. In 2019, the lasers segment accounted for the highest largest share in the market and is likely to retain its share-based dominancet share duringthe forecast period. The projected growth of the market for this segment is attributed owing to the factors such as increasing adoption of lasers for aesthetic and dermatology issues, rising adoption of laser-based procedures, ease of the treatment, and reliability of the procedure results. In addition, development of low-cost lasers for home-based uses procedures is likely to offer a key growth opportunity for the market players operating in the dermatology treatment devices market players industry.

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Sameer Joshi
The Insight Partners
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