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Dermatology Devices Market to Exhibit A Lucrative Growth| Forecast 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-03-22 

The Dermatology Devices Market is set to exceed USD 17 billion by 2024; according to a new research report by Global Market Insights. Growing occurrence of skin cancer as well as surging number of skin cancer new cases are factors driving market growth. Increasing disposable income and increasing awareness of skin disorders coupled with growing spending on treatment of skin problems are aspects rendering positive impact. Surging demand for cosmetic procedures and availability of advanced treatment boosts industry growth.

Laser dermatology is used extensively for both medical and aesthetic conditions. Three broad groups of technology are foremost non–energy-based rejuvenation technologies. These include lasers, thermal tightening devices that are non–laser-based and light therapy. Additionally, light source and laser treatment target most skin conditions that are common and advances in technology of lasers as well as light source is anticipated to fuel dermatology devices market growth in foreseeable future.

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For the record, since 2011, eight new therapies have been approved by the FDA for the treatment of patients affected with metastatic melanoma, including four targeted therapies and four immunotherapy agents. In this regard, it is prudent to mention that since the millennium, targeted immunotherapy for patients affected with psoriasis has become a subject of focus for clinical research. This in consequence has led to the development of a plethora of new devices that are absolutely in compliance with the FDA regulations, which by extension has catapulted dermatology devices market size. Testament of the fact is the USD 8.4 billion revenue garnered by the business vertical in 2017.

One of the pivotal rationales behind the accelerated growth of dermatology devices market is the extensive penetration of laser and light therapy devices (LED) in skin treatments. It has been observed that skin responds well to near-infrared wavelengths when delivered with therapeutic intent at correct proportion. This pointer effectively justifies the hoopla created around low level laser therapy for skin treatments. In fact, light therapy devices held a significant share of market in 2017 and is slated to witness a double digit CAGR of 10.8% over 2018-2024.

These estimates serve to testify that U.S. is of the most profitable investment destinations for dermatology devices industry players. As per a recent research assessment, the regional dermatology devices market procured almost 92% of the overall industry share in 2017 and the supremacy is likely to continue over the ensuing years. Another factor that has fueled advanced dermatology devices demand in the country is the increasing prevalence of skin cancer across this belt. In fact, estimates indicate that diagnosis and treatment of nonmelanoma skin cancer in the U.S. increased by almost 77 % over 1994-2014. As per the American Cancer Society, 9320 casualties in U.S. is expected to occur from melanoma, which is claimed to be the deadliest form of skin cancer, this year- a figure that in all plausibility would leave a highly remunerative impact on U.S. dermatology devices industry.

Speaking of the corporate profile, renowned biggies encompassing dermatology device market have been making agonizing attempts to effectuate the commercialization of advanced diagnostic devices that have the potential to disrupt the business dynamics. In this regard, one of the distinguished innovations that has lately gained all attention in dermatology devices market is the AI computer that is deemed to possess an unmatched efficiency level. Allegedly, the specially programmed device’s deep learning CNN (convolutional neural network) could detect skin cancer more precisely than 58 dermatologists. The research team spanning across Germany, U.S., and France recently published the study in a journal named Annals of Oncology.

UK dermatology devices market was valued at USD 450 million in 2017 and anticipated to witness robust growth over the forecast period. Growth attributes to increasing occurrence of skin cancer as well as skin diseases. According to the Cancer Research UK statistics, during 2013-2015, approximately 15,400 melanoma skin cancer new cases in UK every year were recorded that accounts for nearly 42 cases every day.

China is anticipated to witness over 11% CAGR over the forecast years due to rising expenditure on skin care treatments and increasing prevalence of acne and other skin ailments. Advances in technology and rising awareness of skin problems is projected to fuel business growth.
 
Some of the key industry players in global dermatology devices market are 3Gen, Aesthetic Group, Alma Lasers, ALSA Apparecchi Medicali Srl, Ambicare Health, Amd Global Telemedicine, Beijing Toplaser Technology Company, Biolitec, Brymill Cryogenic Systems, Cortex Technology, Cutera, Dansys, Ellipse, Genesis Biosystems, Heine Optotechnik, Hologic, Human med, Image Derm, Lumenis, Michelson Diagnostics (VivoSight), PhotoMedex, Solta Medical (Valeant Pharmaceuticals International) and Syneron Medical.

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Market by Product Type

Diagnostic Devices
Imaging Devices 
Dermatoscopes 
Biopsy Devices

Treatment Devices
Light Therapy Devices (LED Therapy)
Lasers 
Microdermabrasion Devices 
Cryotherapy Devices
Electrosurgical Equipment 
Liposuction Devices

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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