Global Dermatology Medical Device Market Overview
Dermatology medical devices are used in clinics and hospitals for the diagnosis of skin related diseases. These devices are also used to detect skin cancer. The global market for dermatology device is anticipated to be one of the staunchest markets in near future.
Introduction of various compact dermatology medical devices in the global market is swelling the demand among hospitals and specialty dermatology clinics. The market of dermatology devices is majorly driven on the back of advanced and user-friendly devices. Positive growth in healthcare sectors backed by increasing investments in research and development is likely to help the manufacturers to introduce cost-effective and enhanced dermatology devices. These factors further strengthened the market of dermatology medical devices across the globe.
Market size and forecast
The market of dermatology device was worth USD 6.6 Billion in 2015 and the market is further anticipated to reach USD 16.8 Billion by 2023. Further, the global dermatology device market is anticipated to expand at a CAGR of 10.6% over the forecast period i.e. 2016-2023. The hair removal segment is expected to reach USD 935.2 Million by 2023 on account of rising prevalence of polycystic disorders in women.
The market of dermatology device is primarily impelled by the rising consumer awareness towards advanced dermatology devices. However, rising demand for dermatology devices for cosmetic surgery is driving the growth of dermatology device market globally.
The market of dermatology device is dominated by North-America followed by Europe & Asia-Pacific region. Rising awareness among the population and increasing demand for cosmetic surgery in the region of North-America is fostering the growth of dermatology device market. Likewise, increasing healthcare expenditure in Asia-Pacific region makes it the fastest growing market across the globe. Rising incidents of skin diseases and increasing geriatric population across the region is expected to spur the demand for dermatology devices during the forecast period i.e. 2016-2023.
Urbanization and increasing penetration of smart cities across the globe are increasing the demand for advanced healthcare sector to minimize the burden of diseases. Awareness among the population towards skin diseases is probably increasing the patients in hospitals and clinic for diagnosis and treatment purposes. Hospitals and clinics are shifting towards sophisticated and advanced diagnosis and treatment technology devices to provide better cure and treat to the patients. Thus, dermatology devices are in demand in various specialty dermatology clinics and hospitals.
Our in-depth analysis segmented the global dermatology device Market in the following segments:
Global Dermatology Device Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Increase in aging population is predicted to trigger the prevalence of skin diseases such as melanocytes. Apart from this, rising cases of skin ulcers due to lack of awareness towards hygiene are some of the factors driving the market of dermatology devices across the globe.
Additionally, factors such as introduction of cost-effective and portable dermatology devices and rising preferences by physicians towards dermatology devices are prompting the demand for dermatology devices. Rising popularity of dermatology devices on account of its features and wide scale application for skin diseases are expected to bolster the demand for dermatology devices over the forecast period i.e. 2016-2023.
Growing prevalence of skin disorders is increasing the need for diagnosis and treatment. The dermatology devices offer the diagnosis and treatment facilities which help the physicians to provide appropriate and effective care to the patients. On the back of these features, dermatology devices are gaining traction among physicians and hospitals.
Moreover, increasing healthcare spending owing to growing concern towards cure and treatment of skin disorders, emphasize on early diagnosis and rising demand for cosmetic surgery are some of the major key elements swelling the demand for dermatology devices.
However, high cost of treatment by dermatology devices, lack of awareness in under-developed nations, presence of complexities with dermatology devices, availability of low cost substitute medication facilities and lack of skilled healthcare physicians are some of the factors restraining the market of dermatology devices across the globe.
Likewise, presence of stringent regulations from the government authorities on the manufacturing of dermatology devices is curbing the market growth by restricting the entry of new players into the market of dermatology device.
The key players of dermatology device market are as follows:
Scope and Context
Overview of the Parent Market
The Global Dermatology Device Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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