by Dermatoscopes are hand-held devices that incorporate a dermatoscope, or dermatological loupe (magnifier), allowing inspection of skin lesions unobstructed by skin surface reflections. They have magnification ranges of 10x to 30x and allow for polarized light examination of the skin. Dermatoscopes aids in the early detection of skin cancers like melanoma, seborrheic keratosis, basal cell carcinoma (BCC) and others. The global prevalence of skin diseases has increased the need for early screening and detection of these conditions which drives the demand for dermatoscopes.
The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements in dermatoscopes have led to the development of hybrid dermatoscopes which combine polarized light examination and ultrasound/optical coherence tomography (OCT) to image deeper structures of the skin non-invasively. This novel technology helps clinicians differentiate difficult lesions and detect skin cancers at an early stage with greater accuracy. Smartphone-based dermatoscopes are also gaining popularity as they offer portability and connectivity for image capturing and sharing with other physicians for rapid diagnosis and treatment planning. The integration of artificial intelligence and machine learning algorithms with dermatoscope imaging further enhances diagnostic capabilities by automating the screening process and reducing diagnostic errors. Such trends are expected to drive robust growth of the dermatoscope market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the dermatoscope market size is moderate as significant capital investments are needed to manufacture dermatoscopes. However, new players can enter the market by providing unique selling propositions.
Bargaining power of buyers: The bargaining power of buyers is high in the dermatoscope market as dermatoscopes are standardized products and buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials used in dermatoscopes.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for dermatoscopes used in dermatology.
Competitive rivalry: The competitive rivalry is high among existing players to gain greater market share.
Key Takeaways
The global dermatoscope market is expected to witness high growth during the forecast period. The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to hold the largest share of the dermatoscope market during the forecast period. This is attributable to factors such as increasing prevalence of skin conditions, rising awareness about early diagnosis, and favorable reimbursement policies in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over 2023-2030 backed by growing medical tourism industry and improving healthcare infrastructure in emerging countries.
Key players: Key players operating in the dermatoscope market are Anhui Fortune Fashion Culture Co. Ltd., Henan Ruimei Hair Products Co. Ltd., Qingdao Urjoy wigs co.Ltd., Shake-N-Go Fashion, Inc. Yuzhou Shenlong Hair Products Co. Ltd., and Xuchang Dadi Industries Co. Ltd. Anhui Fortune Fashion Culture Co. Ltd. and Henan Ruimei Hair Products Co. Ltd. are among the leading manufacturers of dermatoscopes in terms of revenue.
