Global Dermatology Medical Device Market Highlights Over 2022 – 2031
The global dermatology medical device market is estimated to garner a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing aesthetic awareness amongst people, and growing skin disorders. Furthermore, the data released by the World Cancer Research Fund International states that melanoma of the skin is the 17th most common cancer worldwide and there were 150,000 new cases of melanoma of the skin in 2020. Hence the rising cases of skin cancer are expected to escalate the global dermatology medical device market growth during the forecast period. Additionally, the NHS UK data reveals that about 95% of people aged 11 to 30 suffer with acne problems. On account of the increasing number of people with acne, the global dermatology medical device market is expected to grow significantly during the forecast period. Moreover, with the increasing disposable income of the people, they are paying attention to aesthetic beauty and spending lavishly on laser or energy-based procedures. It includes procedures, such as, sun damage treatment, facial redness, wrinkles, laser hair removal, age spots removal, scars treatment, and tattoo or birthmark removal. Hence the global dermatology medical device market is estimated to foster remarkable growth during the forecast period on account of the increasing number of people getting hair removal treatment.
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The market is segmented by application into vascular lesions, hair removal, acne treatment, and others. Out of which, the hair removal treatment segment is anticipated to hold the largest share in the global dermatology medical device market on account of a large number of people investing in hair removal treatment. As the disposable income of people is increasing they are investing in aesthetics.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Dermatology Medical Device Market Regional Synopsis
Regionally, the global dermatology medical device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of the presence of a well-established healthcare infrastructure. Furthermore, the data published by the American Academy of Dermatology Association acne is a prominent skin condition in the USA which is affecting up to 50 million Americans annually. On the back of the rising number of people with acne conditions global dermatology medical device market is estimated to witness significant growth during the forecast period. Moreover, according to another data released by the American Academy of Dermatology Association, in the USA more than 9500 people are diagnosed with skin cancer disease every day, while more than 1 million Americans are living with melanoma, as of 2019. On the back rising emergence of patients with skin cancer disease in the US, the global dermatology medical device market is expected to witness significant growth in the region during the forecast period.
The global dermatology medical device market is projected to grow during the forecast period in the Europe region on the back of the growing geriatric population. Also, the government guidelines are flexible in the region which is the reason the global dermatology medical device market is expected to witness remarkable growth during the forecast period. Moreover, availability of advanced healthcare facilities in the region is further anticipated to boost the market growth.
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The global dermatology medical device market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global dermatology medical device market includes the following segments:
By Product Type
- Private Clinics
- Specialty Dermatology Clinics
- Vascular Lesions
- Hair Removal
- Wrinkle Removal
- Acne Treatment
- Surging Cases of Skin Cancer
- Growing Inclination Towards Aesthetic Beauty
- Exorbitant Cost of the Treatment
Top Featured Companies Dominating the Market
- Alma Lasers Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Bausch Health Companies Inc.
- Cutera, Inc.
- Canfield Scientific, Inc.
- Aesthetic Group
- Cynosure LLC
- Lumenis Be Ltd.
- Candela Corporations
- Image Derm Inc.
- Medtronic pl