May 18, 2024

Dermatoscope Market Enabled Skin Disease Diagnosis market Driven by Rising Skin Cancer Incidents

Dermatoscopy enables dermatologists and clinicians to examine skin lesions at surface level as well as stratum corneum and epidermis layer of the skin. It helps to visualize subsurface structures of pigmented or non-pigmented skin lesions that are otherwise undetectable to the unaided eye. Modern dermatoscopes utilize cross-polarized lighting to illuminate skin lesions without glare or reflections, magnifying images to aid in early detection of melanoma and other skin cancers. The devices analyze vascular and pigmentary patterns associated with numerous skin diseases. Dermatoscopy has significantly improved the accuracy of diagnosing melanocytic lesions such as moles and melanomas by enabling visualization of clinically important morphologic features.

The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Teledermatology involves use of information technology to deliver dermatological care remotely. It aids in examining skin lesions via images and video conferencing, enabling specialists to provide diagnosis in areas underserved by dermatologists. Various players are focusing on development of mobile apps and platforms to leverage the widespread use of smartphones. These enable general physicians, patients and clinics to capture and share images of suspicious skin lesions with dermatologists for consultation and remote diagnosis, improving access to specialty care. For instance, some key players in the market offer AI-powered dermatology assistant mobile apps that use dermatoscopy and photography integrated with algorithms to provide preliminary diagnosis that are accessible globally.

Porter’s Analysis

Threat of new entrants: Low-medium. Initial investments required are high and industry is consolidated with sizable players dominating the market. However, threats are rising from some regional players

Bargaining power of buyers: Medium. Buyers have moderate bargaining power due to presence of substitutes and differentiated products offered by vendors.

Bargaining power of suppliers: Low. Suppliers have low bargaining power due to availability of raw material substitutes and commoditization of components.

Threat of new substitutes: Medium-high. Alternatives like confocal laser scanning microscopes and non-traditional imaging pose a medium threat due to technological advancements.

Competitive rivalry: High. Industry players compete on pricing, product innovation and brand positioning.

Key Takeaways

The Global Dermatoscope Market Size is expected to witness high growth. The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.

North America dominated the market in 2023 owing to increasing prevalence of dermatological diseases and growing awareness about skin conditions. Rising geriatric population prone to various skin ailments is further propelling the North America dermatoscope market.

Europe is expected to be the second largest and fastest growing market during the forecast period. High healthcare expenditure and availability of advanced dermatoscopes drive the Europe market. Increasing focus of key European players on R&D is anticipated to fuel market growth.

Key players operating in the Dermatoscope market are Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco. Players compete on parameters like product portfolio, pricing, and geographical presence to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it