Derm Appeal Blog

Forecasted Growth in the Dermatology Devices Market

Driven by the rising number of skin-related disorders and subsequent cosmetic procedures, the dermatology devices market is projected to see substantial growth in revenue, surpassing $17 billion by 2024. A new report
by Global Market Insights estimates a 9.5% compound annual growth rate from 2018 to 2024 in the dermatology devices market, including both diagnostic and treatment devices. Due in large part to the rising awareness of skin disorders and increased incidence of skin cancer in the population, rising expenditure on skin care technology is expected to propel this industry growth.

Growth in Specific Devices 
Technological advancements offering enhanced treatment of skin conditions and optimal skin care have boosted the adoption of dermatology devices by clinicians and patients alike. Diagnostic devices are leading the charge, accounting for more than half of the industry share; they are expected to continue on an upward trajectory. The treatment device segment is expected to grow lucratively as well, with a compound annual growth rate of 10.5% over the reported timeline.
Implementation of laser and light sources is increasing for treatment of cellulite, acne, vascular lesions, wrinkles, and scars accounting for the substantial projected growth of the light therapy devices segment – at 10.8% CAGR over the coming years. LED therapy has grown in popularity for the treatment of sun-related skin damage, stretch marks, fatigued muscles, wounds, and even seasonal affective disorder due to its associated benefits and efficiency. Rising use of lasers for the removal of warts, moles, lesions, and hair contributes to the projected growth of 11.5% CAGR in the laser segment over the forecasted period.
 

Additionally, the skin cancer segment growth within dermatology devices market is high, due to the increased incidence of skin cancer and technological advancements in available treatment options. The growth seen in these particular dermatology devices is attributable to escalating expenditure on skin treatment, increased awareness of skin disorders, and the rising aspiration to improve physical appearance.

Increased Incidence of Skin Disorders and Skin Cancer

Escalating pollution levels, changes in lifestyle, and the rising consumption of unhealthy food are factors contributing to the development of many skin disorders and diseases. Growing awareness of skin problems and an increased number of skin condition diagnoses are factors spearheading the surge in demand for dermatological devices, as patients seeking treatment options have an array of advanced treatment options available.

The growing occurrence of skin cancer alongside the surging number of new cases are both factors driving market growth. According to MarketWatch,  diagnostic devices accumulated more than 55% of industry revenue share in 2017 due to the increased need for early detection of skin cancer. Rising awareness of skin cancer has led to a surge in demand for preventative, diagnostic, and treatment technologies. Devices used to diagnose and treat skin cancer are expected to remain at the forefront of industry share over the coming years.

Cosmetic Procedures

A prominent trend in the dermatology market is the rise in aesthetic procedures, partially caused by increased disposable income in the population as well as an intensified desire to enhance physical appearance. The surging demand for cosmetic procedures is evidenced in the projected growth rates of both light and laser therapies, as well as the forecasted 10.7% CAGR in the skin rejuvenation segment. Advantages of minimally invasive skin rejuvenation therapy include reduction in pore sizes, improved appearance of scars and spots, smoothed fine lines, wrinkles, and collagen stimulation — all of which encourage consumer purchasing behavior.

Among the most popular and readily available cosmetic procedures is laser hair removal, which Reuters estimates totaled 1.1 million registered procedures in 2017. A total of 15.7 million cosmetic procedures were performed that year, including microdermabrasion, chemical peels and other common, minimally invasive aesthetic procedures.

Trending Upward

A rise in the number of invasive and non-invasive dermatological surgeries with the aim of treating skin ailments or enhancing appearance will drive the dermatology devices market share over ensuing years. As the Global Market Insights report reveals, increased demand from consumers is expected to result in substantial lucrative growth within the market through 2024.

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