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Dermatology Devices Market to Exhibit A Lucrative Growth of 9.5% CAGR

Author : Rahul Sankrityayan | Published Date : 2019-04-11 

The Dermatology Devices Market is set to exceed USD 17 billion by 2024; according to a new research report by Global Market Insights. Rising expenditure on skin care treatment and technological advancement in skin care devices is anticipated to propel industry growth. Growing health awareness regarding skin problems along with favourable demographic trends and increased access to dermatologic services are aspects boosting demand for dermatology devices industry. As demand is growing so the competition is also on surging level, through alternative treatment options.
Escalating pollution levels, unhealthy eating habits, improper skin care routine are certain factors boosting skin disorders and diseases. Technological advancements that are offering enhanced devices for skin care and availability of such devices and treatment surges adoption of dermatology devices and treatment. Implementation of laser and light sources is rapidly increasing in dermatology for treatment of cellulite, acne, vascular lesions thereby, rendering positive impact on dermatology devices market. Excessive equipment cost coupled with stringent regulatory landscape are factors hindering industry growth.

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Changing lifestyle, rising consumption of unhealthy food along with changing environmental conditions cause many skin problems that require timely diagnosis and cure. Such factors increase the demand for dermatologic diagnosis and treatment. High cost of dermatology equipment and related maintenance contracts hampers dermatology devices market growth. Stringent regulatory landscape to ensure safe use of dermatology medical devices hinders business growth.
Diagnostic devices held more than 55% of industry revenue share in 2017 due to growing incidence of skin cancer and rising need for early disease detection. Technologically advanced dermatology devices and availability of such high-tech devices for treatment and diagnosis further propels business growth. Moreover, non-invasive dermatology devices that diagnose individuals skin condition encourages patient’s preference.

Dermatology devices market, an integral vertical of medical equipment space, of late, has been providing lucrative opportunities to the investors to exploit economies of scale. The claim is very well validated from the increasing attempts by the market giants to brainstorm innovative products that prove to be highly profitable for the consumers. However, the regulatory, tax, and financial issues associated with dermatology practices are some of the pivotal factors massively influencing the dermatology devices industry trends.  Perhaps driven by the fact that dermatological practices include lab testing, ASC-based surgery, cosmetics and other services all under the same roof, this particular business vertical is overtly subject to stringent regulatory norms.

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 dermatology devices industry in 2017 and is slated to witness a double digit CAGR of 10.8% over 2018-2024.

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Prominent players operating in dermatology devices market are 3Gen, Alma Lasers Ltd., Ambicare Health Ltd., AMD Global Telemedicine Inc., Beijing Toplaser Technology Company Limited, Biolitec Ag, Cortex Technology ApS, Cutera, Inc., Dansys Group, Ellipse A/S, Genesis Biosystems, Inc., Heine Optotechnik GmbH & Co. Kg, Hologic, Inc., Image Derm Inc., Leader Healthcare, Lumenis, Inc, Michelson Diagnostics, Solta Medical Inc. (Bausch Health Companies, Inc.).

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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