The Insight Partners 2022

Market for Laser-Based Dermatology Treatment Devices to Grow at Highest CAGR during 2020–2027

NEW YORK, UNITED STATES, January 13, 2023 /EINPresswire.com/ -- According to the insight partners new market research study on “Dermatology Treatment Devices Market to 2027 – COVID-19 Impact and Global Analysis – by Product Type, Application, and End User,” the market is expected to reach US$ 8,800.07 million by 2027 from US$ 5,320.73 million in 2019; it is estimated to grow at a CAGR of 6.7% during 2020–2027. Factors such as rising prevalence of skin issues and technological advancements in dermatology treatment devices boost the growth of the market. However, the risk of undesirable side effects associated with the use of dermatology treatment devices hinders the market growth.

On the basis of product, the dermatology treatment devices market was segmented into lasers, light therapy devices, energy-based therapies devices, microdermabrasion devices, microneedling, and cryotherapy devices. In 2019, the lasers segment accounted for the largest share of the market, and it is likely to continue to be the largest shareholder in the market during the forecast period. The market growth of this segment is attributed to the factors such as increasing adoption of lasers for aesthetic and dermatology issues, rising adoption of laser-based procedures, ease of the treatment, and reliability of the procedure results. In addition, the development of low-cost lasers for residential use acts as a major growth opportunity for the dermatology treatment device market players.

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Cutera Inc.; Bausch Health Companies Inc.; Sciton, Inc.; Lumenis; Alma Lasers; Cynosure, Candela Corporation; Biofrontera Ag; Avita Medical; and PhotoMedex are among the leading companies in the dermatology treatment devices market.

The healthcare sector has been witnessing rapid transformations since the past few years. As per European Union, the global middle-class population is expected to reach 5.3 billion by 2030, and Asia is likely to account for a maximum share of this population. By 2030, China and India together are expected to represent ~66% of the global middle-class population and 59% of middle-class consumption. The expansion of middle-class, with significant changes in consumer behavior and consumption patterns, would drive economic development in the world. For example, according to the US Bureau of Labor Statistics, the disposable income in the US increased from US$ 10,036.9 billion in 2006 to US$ 13,968.6 billion in 2016, and it is further expected to reach US$ 21,178.2 billion by 2026. With increase in disposable incomes, changes in technology, and better after-care, a general attitude toward skin-related conditions has changed. This has led to the mounted adoption of dermatological procedures and home-based medical devices to treat skin conditions. These conditions encourage multinational corporations in the beauty and skin care industry to target massive populations, especially the growing middle-class population, in countries such as India and China.

The COVID-19 pandemic was first reported in December 2019 in Wuhan (China). The impacts of this outbreak are being felt across several markets in the world. The demand for dermatology treatment devices has reduced amid this global crisis due to a significant shift in the focus toward the management, treatment and prevention of COVID-19. The pandemic is continuing to worsen around the world leading to massive disruptions in global supply chains, consumer markets, and economies, and these conditions are also restraining the growth of the dermatology treatment devices market.

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Age-related skin issues such as pigmentation, wrinkles, creases, and acne, as well as burn scars caused during accidents are common among masses. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US, affecting ~50 million Americans annually. ~85% of people from the age group of 12–24 experience minor acne problems. The costs associated with the treatment of acne, as well as lost productivity among those receiving treatment for acne, exceeded US$ 1.2 billion in 2013; more than 5.1 million people, primarily children and young adults, and sought medical treatment for acne in the same year. Further, 1 in 10 people develops atopic dermatitis during their lifetime, and the condition affects up to 25% children and 2–3% of adults. Moreover, ~28% women with age less than 25 admit that they regularly worry about their signs of aging, and this number increases to 42% and 54% among those belonging to the age groups 25–34 and 35–44, respectively. In addition, according to a poll conducted by conducted Dermstore with 2,000 women across the US, young women started using products to reduce the signs of aging much sooner than older women. Further, the European Commission (EC) has ranked skin diseases as the fourth most common cause of human illness.

The report segments global dermatology treatment devices market as follows:

By Product Type

Lasers
Light Therapy Devices
Cryotherapy Devices
Microdermabrasion Devices
Energy-Based Therapy Devices
Microneedling
By Application

Skin Resurfacing
Skin Rejuvenation
Hair Removal
Psoriasis
Scars
Warts and Skin Tags
Hyperpigmentation and Vascular Lesions
Acne
Tattoo Removal
Hyperhidrosis

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