Analysts at Fact.MR, a market research, and competitive intelligence provider, have recently published a revised analysis on the global dermatology devices market. The industry is anticipated to rise at a stellar CAGR of 12.5% over the decade to attain a net worth of nearly US$ 39 Bn by 2031, up from US$ 12 Bn that was recorded in 2020.
Changing beauty standards across the globe have led to some massive changes in the dermatology industry. Dermatology devices are crucial in maintaining ever-changing beauty standards. There has been substantial increase in general awareness about how a person looks, and in these modern times, appearance is of crucial importance to one’s personality.
This has led to high demand for dermatology devices across the globe as more people are concerned about their appearance than ever before. The pressure to look good and presentable is immense in these times of video conferences and virtual meetings as a result of the COVID-19 pandemic. Social media and celebrities have largely influenced the beauty trends and majority of dermatological procedures are inspired by the aspiration of people to look like them.
Technological advancements are promoting innovations in dermatology devices. Rising prevalence of skin cancer and other diseases is also a major factor driving sales of dermatology devices. Dermatological procedures to rejuvenate the skin, hair removal, and facial treatment are some of the major areas that are driving market growth.
Key Takeaways from Market Study
- By 2031, sales of dermatology devices are expected to bring in revenue worth US$ 39 Bn.
- Demand is anticipated to increase at an impressive CAGR of 12.5%.
- North America accounted for 40% of global market share in 2020.
- The APAC market is anticipated to rise at the fastest CAGR over the next ten years.
- Increasing awareness among consumers, rising prevalence of skin diseases and skin cancer, more investments in research, and rising disposable income are some of the factors that are expected to drive demand, globally.
“Increasing focus on aesthetics and evolving beauty standards are expected to fuel demand for dermatology devices,” says a Fact.MR analyst.
Which Sectors Would Benefit Most from Technological Advancements In Dermatology Devices?
Dermatology diagnostics devices market and dermatology imaging device market are the two major industries that would be shaped by advancements in dermatology devices. As technological proliferation increases, compatibility norms change for the devices used in the industry.
As technology advances, the need for advanced instruments and devices is expected to fuel demand for dermatoscopes and dermatology microscopes. Sales of dermatoscopes and dermatology microscopes are also expected to see steady increase with more advanced and precise devices being launched by various manufacturers.
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