February 24, 2024

The Skincare Devices Market is Expected to be Flourished by Growing Urbanization and Changing Lifestyle

The global skincare devices market encompasses skincare devices that are used for various purposes such as skin revitalization, hair removal, nail treatment, leg and wound care, tattoo removal, acne treatment, and skin tightening and cellulite reduction. Skincare devices include laser and LED therapy devices, microdermabrasion devices, ultrasound devices, anti-aging devices, cleavage devices, RF devices, lymph drainage devices, etc. These devices help in improving complexion, tone, and texture of the skin with minimal downtime. The skincare devices market has witnessed massive demand in both developed and developing economies attributed to growing urbanization, western influence, increasing disposable income, and changing lifestyles.

 The global skincare devices Market is estimated to be valued at US$ 40,139.2 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing urbanization and changing lifestyles are the key drivers propelling the growth of the skincare devices market. Rapid urbanization has led to western influence and increased concerns regarding physical appearance among consumers. The modern lifestyle characterized by hectic schedules, inadequate sleep, and higher levels of stress is taking a toll on skin health and boosting the demand for advanced skincare solutions. According to the UN, more than half of the world’s population currently lives in urban areas and it is projected to increase to 68% by 2050. Additionally, growing disposable incomes in developing nations are enabling consumers to spend more on personal care and skincare products and devices. Rising awareness about aesthetic procedures through social media and digital marketing is further augmenting the popularity of skincare devices for both clinical and home use purposes. However, high costs of premium skincare devices remain a major factor limiting widespread adoption, especially in price-sensitive developing markets.

Moreover, manufacturers are focusing on introducing cost-effective skincare device technologies such as multi-functional devices, compact portable devices and subscription-based business models to expand consumer reach. Such initiatives are expected to bolster the skincare devices market growth during the forecast period.
Segment Analysis
The skincare devices market is segmented into diagnostic and treatment devices. The treatment devices segment dominates the market and accounts for around 70% share owing to the wide availability and adoption of cosmetic treatment devices such as laser, IPL and anti-aging devices to treat various skin conditions. These devices provide non-invasive procedures to reduce acne scars, wrinkles, skin tightening etc. The diagnostic devices segment is growing at a faster rate due to rising awareness about early skin cancer detection and increasing number of dermatological clinics.

PEST Analysis
Political: The skincare devices market is regulated by various authorities like FDA in US and MHRA in Europe which ensure the safety and efficacy of these devices through approval process. However, international regulations could vary which impacts global trade.
Economic: Developed economies with higher healthcare spending like US and Western European countries dominate the market. With growing middle class in developing nations and increasing accessibility of these devices through e-commerce, new opportunities will emerge in Asia Pacific and Latin America.
Social: Rising awareness about skin health and growing popularity of minimally invasive aesthetic procedures drive the adoption of home-use devices. Social media influences beauty standards which boosts the demand for anti-aging products and treatments.
Technological: Continuous innovation is taking place in equipment, lasers and light/energy sources to develop more advanced devices with enhanced efficacy, minimal downtime and safety. Devices integrated with artificial intelligence and digital features are gaining traction.

Key Takeaways
The global skincare devices market is expected to witness high growth over the forecast period owing to increasing beauty awareness, rising disposable incomes, and growing preference for non-invasive aesthetic procedures.
Regional analysis: North America dominates the market currently owing to growing medical tourism and extensive availability of advanced devices in countries like the US. Asia Pacific is anticipated to witness the fastest growth over the coming years led by factors like huge target population, rising medical costs in countries like China, India and Japan.
Key players: Key players operating in the skincare devices market are Beckman Coulter, Inc., Thermogenesis Holdings, Inc., Maco Pharma International GmbH, Immucor, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Grifols, S.A., Abbott Laboratories, Global Scientific Company, Sigma Laborzentrifugen GmbH, Terumo BCT, Inc., Poly Medicure Ltd, and Thermo Fisher Scientific, Inc. Companies are focusing on developing innovative home-use devices to leverage the widespread e-commerce platforms for greater accessibility and penetration.

*Note:

1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it