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Skincare devices help reduce signs of aging, minimize wrinkles, fine lines, acne scars, and other skin imperfections. Devices such as laser therapy, intense pulsed light therapy, microdermabrasion, and skin tightening devices treat various skincare conditions in a non-invasive manner.
The global Skincare Devices Market is estimated to be valued at US$ 40,139.2 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for anti-aging devices is one of the major trends driving the growth of the skincare devices market. Devices such as laser therapy, microdermabrasion machines, and skin tightening devices are increasingly being used to treat aging signs such as fine lines, wrinkles, and loose skin. These non-invasive procedures help diminish the visual age of skin, thereby enhancing the confidence and self-esteem of individuals. As people are becoming more conscious about their appearances, the demand for anti-aging treatments is increasing significantly. This is expected to propel the demand for various skincare devices over the forecast period.
SWOT Analysis
Strength: Skincare devices offer non-invasive solutions to common skin problems. They help treat acne, reduce wrinkles and fine lines, and slow signs of aging. This provides consumers an easy alternative to creams and oral medications.
Weakness: Skincare devices can be expensive to purchase for individual use. Many consumers find the costs prohibitive compared to cheaper topical creams. Some devices also require regular treatments to see prolonged results.
Opportunity: The rising preference for anti-aging treatments presents an opportunity. Many skincare devices effectively tackle signs of aging, expanding their appeal to older consumers. New devices hitting the market introduce innovative technologies too.
Threats: Strict regulations on cosmetic devices pose a threat. Obtaining approvals from regulatory bodies is a long process. Heavy marketing from pharmaceutical companies for oral drugs also increases competition in certain therapies.
Key Takeaways
The global skincare devices market is expected to witness high growth at a CAGR of 6.7% during the forecast period from 2023 to 2030.
North America currently dominates the market and is projected to continue its dominance through 2030. Rising prevalence of skin conditions along with the increasing demand for non-invasive cosmetic procedures are driving the regional market.
Key players operating in the skincare devices market are Panasonic Corporation, L’Oreal, Photomedex Inc., Procter & Gamble, Philips, Syneron Medical Ltd., Carol Cole Company. These companies have a strong presence across major markets and are investing heavily in new product launches to consolidate their market shares.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
