In terms of revenue, the global Dermatology Devices Market is probable to reach USD 23.43 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.5% from 2022 to 2028.
The dermatology devices market is witnessing growth due to the rising prevalence of diseases that needs surgical treatment, particularly slightly invasive surgery (MIS) which can help the dermatology devices market to gain traction in the upcoming years. Additionally, the increasing demand for dermatology devices in the emerging economies is predicted to increase the opportunities for the growth of the dermatology devices market in the years to come.
Key Highlights from the Report:
The skin cancer diagnosis sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth of this segment is attributed to an increase in the occurrences of skin cancer which requires early diagnosis. Moreover, the increasing research on skin cancer diagnosis for combating skin-related conditions could contribute to the growth of this segment to generate high revenue shares in the upcoming years.
The light therapy devices sub-segment holds a substantial market share in 2021. The growth of this segment is attributed to easy accessibility and better dermatology treatment with the presence of skilled professionals which assist this segment to gain more profit in the coming future.
Asia Pacific is the fastest regional segment. The rapid growth in the medical tourism sector in the Asia Pacific owing to the accessibility of treatment options is projected to be the prime factor driving the growth of the regional market during the forecast period. Furthermore, the increasing beauty consciousness among the consumers is estimated to boost the demand for the product which is expected to fuel the growth of the market in years to come.
The upsurge in the incidences of skin cancer, which needs immediate treatment and which requires dermatology devices for the treatment is anticipated to boost the dermatology device market in the coming years. Furthermore, the rising incidences of conditions, like acne, psoriasis, and other skin disorders are projected to generate the highest revenue during the forecast period.
The increasing spending on healthcare that is used for skin treatments is further anticipated to gain traction during the forecast period. In addition, an upsurge in the need for improvement in aesthetics which needs dermatology devices for the treatment and is expected to fuel the dermatology devices market growth during the forecast period. Whereas, the devices can be used for cryosurgery, skin biopsy, photodynamic therapy, topical chemotherapy, electrodesiccation & curettage, and Mohs micrographic surgery which is expected to increase the demand for dermatology devices in the coming future.
North America is the largest market. The increasing incidences of skin cancer and other skin diseases like rosacea and eczema, and the increasing adoption of cosmetics procedures are the major factors contributing to the growth of North America during the forecast period.