by Skincare devices offer features like wrinkle reduction, skin tightening and skin rejuvenation amongst others. They incorporate technologies like laser, RF, ultrasound, and intense pulsed light which help deliver effective results without any downtime or side effects. Growing demand for non-invasive aesthetic procedures and increasing focus on personal grooming are propelling the adoption of skincare devices. In addition, rising geriatric population base suffering from ageing signs like wrinkles and age spots is creating high demand for anti-ageing treatments. Technologies such as laser and radiofrequency help in skin tightening and collagen production thereby reducing fine lines and wrinkles.
The global skincare devices market is estimated to be valued at US$ 40,139.2 Mn in 2023 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 major trend driving the skincare devices market is increasing consumer awareness regarding anti-ageing. Social media platforms have significant impact in educating consumers about latest non-invasive aesthetic procedures. With growing selfie culture, young population is adopting skincare devices to enhance physical appearance even before visible signs of ageing emerge. Technology advancement is another key trend, with manufacturers focusing on development of multi-function devices offering various treatments through single system. Portable devices are also gaining traction due to convenience of at-home treatments.
Porter’s Analysis
Threat of new entrants: Low economies of scale and high capital investment requirement in R&D and manufacturing pose barriers for new entrants in the skincare devices market.
Bargaining power of buyers: Large number of existing players makes buyers have higher bargaining power by creating competitive pressure on device pricing.
Bargaining power of suppliers: Suppliers of rare materials and technologies used in manufacturing skincare devices have some bargaining power over device makers.
Threat of new substitutes: Alternate aesthetic treatments like cosmetic procedures pose some risk of substitution for certain devices targeting skin problems.
Competitive rivalry: Presence of numerous global and regional players results in high competition in the skincare devices market through new product launches and strategic collaborations.
Key Takeaways
The global skincare devices market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises North America dominates the global market and is expected to maintain its leading position during the forecast period. Asia Pacific is anticipated to register the highest CAGR of 7.3% during the forecast period owing to increasing awareness about aesthetic procedures.
Key players operating in the skincare devices market are Beckman Coulter, Inc., Thermogenesis Holdings, Inc., Maco Pharma International GmbH, Immucor, Inc., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Grifols, S.A., Abbott Laboratories, Global Scientific Company, Sigma Laborzentrifugen GmbH, Terumo BCT, Inc., Poly Medicure Ltd, and Thermo Fisher Scientific, Inc. The market is highly competitive with large multinational companies occupying major market share. These companies are focusing on new product launches and strategic collaborations 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
