Market Trends of Global Dermatology Devices Industry
This section covers the major market trends shaping the Dermatology Devices Market according to our research experts:
Wrinkle Removal Segment is Anticipated to Show High Growth Over the Forecast Period
The wrinkle removal segment is expected to project significant growth over the forecast period owing to factors such as the growing burden of the elderly and geriatric population, and increasing awareness about aesthetic procedures coupled with the launch and approval of the products.
The growing geriatric population is also boosting the growth of the market segment. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males and 3,796,750 were females, living in Canada in 2021. Such a rise in the geriatric and elderly population ultimately results in facial aging, leading to wrinkles, thereby boosting the demand for these devices.
Additionally, the launch of wrinkle removal devices based on advanced technology in the country is also contributing to the growth of the segment. For instance, in January 2022, Lumenis launched the Splendor X device into the United Kingdom market. The device has already received a CE mark for hair removal, vascular treatments, pigmented lesions, and the treatment of wrinkles. The system is powered by BLEND X technology, which emits a binary laser at synchronized and controllable ratios of Nd: YAG (1064 nm) and Alexandrite (755 nm) wavelengths. Such launches are expected to propel the growth of the market segment. Furthermore, in April 2021, Crown Aesthetics, a division of Crown Laboratories, Inc., received United States Food and Drug Administration (FDA) clearance for SkinPen Precision for the treatment of wrinkles on the neck. Such approvals are also expected to boost the growth of the market segment.
Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.
North American Region Holds the Largest Market Share of Dermatology Devices Market
North America accounted for the major share of the market studied. This trend is likely to continue due to the increasing prevalence of skin cancer and other skin diseases, such as eczema and rosacea, coupled with approval for dermatological devices and increasing awareness about aesthetic procedures.
According to the American Cancer Society's 2022 statistics, in the United States, an estimated 99,780 new cases of melanoma of the skin are expected to be reported in 2022. Of those, 57,180 cases are likely to be registered among males and 42,600 in females. Thus, the rising burden of skin cancer and other skin diseases is a major contributor to the increasing demand for dermatology devices, thus boosting the growth of the market.
Moreover, several medical technology companies focus on products that deliver less expensive, quicker, and more efficient patient care. For instance, in July 2020, Lancer Skincare launched the Pro Polish Microdermabrasion Device. Pro Polish enhances the efficacy of the Lancer routine by delivering surface-layer microdermabrasion in a patented, handheld device. These advancements in dermatology devices, in terms of features and wide-scale application for skin diseases, are expected to bolster the demand for dermatology devices in the region. Additionally, in June 2020, AbbVie Inc. (Allergan Aesthetics) received the United States Food and Drug Administration approval for JUVÉDERM VOLUMA XC for the augmentation of the chin region to improve the chin profile in adults over the age of 21. Such approvals are also boosting the growth of the market.
Thus, owing to the abovementioned factors, the studied market is expected to project considerable growth over the forecast period in North America.
