April 24, 2024

The Growing Concern about Skin Care Diseases is Driving the Skincare Devices Market

Skincare devices have become indispensable for maintaining healthy and radiant skin by treating various aesthetic and medical skin conditions such as acne, wrinkles, pigmentation, and scars. These devices provide non-invasive dermatological treatments and deliver noticeable improvement in skin tone, texture, and appearance. By utilizing advanced technologies such as laser treatments, intensive pulsed light therapy, cavitation methods, microdermabrasion, radiofrequency therapies, cryotherapy, and LED therapy, skincare devices are more effective in targeting the root causes of different skin issues as compared to topical products.

The global Skincare Devices Market is estimated to be valued at US$ 40,139.2 Mn in 2024 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 advent of at-home use skincare devices equipped with advanced technologies is gaining immense popularity among consumers. Manufacturers are launching innovative home-use versions of medical-grade skincare devices for skin rejuvenation, acne treatment, hair removal, wrinkle reduction, and photorejuvenation. These portable devices are affordable, convenient to use, and offer professional-level skin treatments without requiring doctor visits or downtime. For instance, Foreo launched UFO 2 and UFO Mini 2 smart masks and mists that pair with a mobile app to deliver spa-like facial treatments at home. Similarly, NuFACE launched Trinity Facial Toning Device and Mini Facial Toning Device, which use microcurrent technology to lift and contour skin through lightweight handheld tools. The availability of such advanced yet simple to use home devices is encouraging more customers to invest in regular skincare treatments from the comfort of their homes, which is catalyzing the market growth.

Porter’s Analysis
Threat of new entrants: Low-moderate. Significant capital required to enter the market and establish brand recognition.
Bargaining power of buyers: Moderate. Large buyers can negotiate lower prices but buyers have many skincare device options.
Bargaining power of suppliers: Low. Many component part and OEM suppliers available.
Threat of new substitutes: Moderate. Technology advances may lead to new treatments.
Competitive rivalry: High. Estabilished brands compete on product features and innovation.

Key Takeaways

The global skincare devices market is expected to witness high growth. Advancements in technology and increasing demand for non-invasive aesthetic treatments are driving market expansion. The global Skincare Devices Market is estimated to be valued at US$ 40,139.2 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

Regional analysis: North America currently dominates the market due to high consumer awareness and expenditure on personal care. However, Asia Pacific is expected to grow at the fastest pace due to rising medical tourism and increasing focus on aesthetic appearances in countries like China, Japan and South Korea.

Key players: Key players operating in the skincare devices market are Panasonic Corporation, Lumenis Ltd., Valeant Pharmaceuticals Inc., Cynosure, ZELTIQ Aesthetics, Inc., Syneron Medical Ltd., Alma Lasers Ltd., and Cutera Inc. Popular products offered by these players include laser and IPL hair removal devices, body contouring & skin tightening devices, micro-needling products, and laser-assisted delivery of makeup and tattoos removal systems.

*Note:

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