« The global skincare devices market will grow owing to an increase in the prevalence of skin disease and better awareness of the same, says a study by Transparency Market Research (TMR).
The report, titled ‘Skincare Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,’ states that the global skincare devices market will report a CAGR of 10.1 % from 2012 to 2018, reaching a valuation of US $10.7 bn by 2018.
More companies in the global skincare devices market are boosting their marketing budgets, leading to an increased level of awareness among consumers.
The other key driving factor for the global skincare devices market is a spurt in the number of ‘medspas,’ especially in countries where the medical tourism industry is booming. Moreover, the launch of minimally-invasive skincare devices will bring more consumers in the folds of the global skincare devices market.
These factors will collectively contribute to a steady growth in the revenues of market players.
However, the skincare devices market is currently a hotbed of innovation, which results from the high degree of competition that prevails here.
While the price wars have given consumers in the skincare devices market greater bargaining power, the same cannot be said for companies competing against each other. This factor will likely prove to be the greatest restraint for the growth and expansion of the skincare devices market. Market players will also have to brave headwinds in the form of substitutes that are increasingly available to consumers.
TMR analysts recommend companies in the skincare devices market to tap growth opportunities that are increasingly springing up in developing countries. These regions have a massive untapped potential thanks to the unmet medical needs that prevail here.
The global skincare devices market is studied on the basis of product type, application, and geography.
By geography, the market is segmented into Asia Pacific, North America, Europe, and Rest of the World. The North America skincare devices market was the largest from the global perspective. The North America market is expected to maintain a lead over other regions through the forecast period of the report. At the same time, consumers in several Asian countries and the Latin America region are reporting an uptick in disposable incomes – this will help the skincare devices in these regions report a healthy rate of growth.
Using application as a criterion, the report segments the global skincare devices market into disease diagnosis and treatment, hair removal, skin rejuvenation, skin tightening and body contouring, cellulite (fat) reduction, and damage repair. The demand for body contouring and skin tightening devices will see massive growth over the report’s forecast period. Factors such as skin loosening as a result of weight loss procedures will fuel the demand for both skin tightening devices and services.
On the basis of type of product, the market is segmented into diagnostic and treatment devices. Each of these segments is sub-segmented to provide a detailed study of the market. A rapidly aging population will contribute to the growth of the skincare devices market.
About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. »
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