The growing prevalence of skin diseases is pushing up the demand for skincare devices across the world. As per the World Health Organization, nearly 132,000 people are diagnosed with melanoma all over the world every year. Furthermore, the organization reported that non-melanoma skin cancer affects between 2 and 3 million people around the world every year. Some of the major reasons behind the high incidence of skin diseases are excessive tobacco and alcohol consumption, anxiety, and stress.
The rising prevalence of skin cancer and various skin problems is also causing a sharp surge in the sales of skin devices across the globe. Besides this, the soaring population of geriatric people is also propelling the global demand for skincare devices. This is because dryness, skin sagging, pigmentary alteration, and wrinkles are highly prevalent among old people, on account of the reduced glandular and vascular network in their skin layers and the loss of fibrous tissue in their skin.
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Because of the aforementioned reasons, skincare devices and anti-aging devices are increasingly being used by geriatric people. These devices revitalize and tighten their skin and help them attain a youthful look. Apart from these factors, the rapid advancements being made in skincare devices are also propelling the progress of the skincare devices market. Due to these advancements, it is now possible to effectively treat sun spots, cellulite, and fine lines.
For example, Lumenis Ltd. launched Legend Pro+, which is a new face and body platform that provides long-term efficacy, minimal pain, and immediate results without any requirement for anesthesia. Due to these factors, the global skincare devices market is demonstrating rapid advancement. The valuation of the market is predicted to rise from $9,531.9 million in 2019 to $28,157.2 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 11.0% between 2020 and 2030.
Based on application, the skincare devices market is categorized into disease diagnosis & treatment, skin tightening and body contouring, cellulite reduction, hair removal, and skin rejuvenation. Out of these, the hair removal category is predicted to record higher growth in the market in the future years. This is ascribed to the rising public awareness about laser hair removal devices in several countries and the surging requirement for laser hair removal devices around the world.
Additionally, with rapid expansion in the global e-commerce industry, laser hair removal products for home usage are easily available via various online portals. Geographically, the North American skincare devices market recorded the highest growth in the past, due to the presence of a large population and the high incidence of skin problems in the region. In the future, the market will exhibit the fastest growth in Asia-Pacific (APAC), as per the estimates of the market research company, P&S Intelligence.
Hence, it is safe to say that the sales of skincare devices will shoot-up all over the world in the forthcoming years, primarily because of the rising prevalence of skin diseases and the surging geriatric population.
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