04, April 2023
As per WHO, skin diseases are among the most common human health ailments, affecting around 900 million people globally at any time. Conditions like psoriasis, melanoma, and acne are among the major conditions that have elevated the demand for dermatology devices for skin biopsy, topical chemotherapy, cryosurgery, etc. The adoption of these devices has also soared due to demand for procedures like soft tissue fillers, skin rejuvenation, and liposuction to enhance appearance. Given these factors, the global dermatology devices market is expected to reap $32.33 billion by 2030, growing at a CAGR of 13.06% during the forecast period 2023-2030.
Dermatology diagnostic and treatment devices have also grown considerably due to the rise in obesity and the geriatric population. According to the World Obesity Atlas 2022, around 1 billion people worldwide will be diagnosed with obesity by 2030. This has influenced manufacturers to develop devices supporting skin tightening, resurfacing, and contouring.
As a result, the prevalence of skin conditions and focus on aesthetic appearance have spurred technological advancements, widening the overall scope of the dermatology devices market.
In recent years, emerging technologies like digital photographic imaging, AI, machine learning, etc., have surpassed traditional diagnosis and treatment methods. These technologies have improved the accuracy of skin cancer diagnosis in real time. For instance, Spectrascope enables non-invasive in-vivo skin cancer diagnosis via machine learning algorithms and non-discrete molecular laser spectroscopy. Also, DermaAId by AIIMS-Delhi (with NurithmLab) addresses accuracy issues in diagnosing dermatological diseases, including skin cancers, using AI and ML algorithms.
Besides, on February 2, 2023, Oro Health announced the launch of its AI-powered pre-diagnostic triage tool DermSmart to accurately categorize skin types and common diseases.
Our report analysis indicates the skin cancer diagnosis category in terms of diagnostic devices is estimated to witness the fastest growth at a CAGR of 12.55% from 2023 to 2030.
Further, more than 9,500 people in the US are diagnosed with skin cancer daily, as per the American Academy of Dermatology. Estimates suggest that the incidence rate of melanoma is rising rapidly, which has accelerated the demand for advanced treatment options. In such a scenario, photodynamic therapy and digital photography have emerged as ideal solutions that offer effective and personalized treatment options to patients. These factors thus widen the scope of the North American dermatology devices market, fronted by the United States.
From hair removal to skin tightening to tattoo exclusion, laser technology has gained significant prominence in aesthetic dermatology treatments. In this regard, a laser with longer wavelengths has expanded the range of beauty treatments, making aesthetic lasers a lucrative sector for manufacturers to tap. The market is primarily driven by the CO2 and YAG laser systems. For instance, CO2 lasers have gained traction to resurface facial skin by stimulating collagen, whereas YAG lasers are widely popular for tattoo removal.
While skin rejuvenation and tattoo removal are popular treatment device use classes, the hair removal category is expected to observe the fastest growth at a CAGR of 14.11% during 2023-2030.
Also, laser leads the treatment device segment in terms of equipment, attaining a revenue worth $2369.50 million in 2022. In recent years, laser devices have materialized as low-risk skin solutions. Their popularity has fueled strategic collaborations, creating opportunities for the dermatology devices market. For instance, in March 2022, the Vascular Birthmarks Foundation collaborated with Candela Medical, Dr. Giacomo Colletti, and Laserplast to offer pro-bono laser therapies to more than 30 pre-qualified patients from 13 nations.
COVID-19-induced virtual healthcare platforms have also penetrated the field of dermatology. As the name suggests, teledermatology includes professional consultation in a remote setting. Over the years, teledermatology has expanded into one of the popular specialties, with dermatoscopes witnessing high demand to accurately examine morphological structures of skin lesions.
Based on our assessment, the dermatoscopes category is expected to witness the fastest growth in terms of diagnostic equipment at 13.09% of CAGR during the forecast period 2023-2030.
Advanced manufacturing processes such as reduction in dimensions, digital image analysis, and integration of AI have enabled digital dermatoscopes to gain prominence in teledermoscopy. Therefore, the rise in teledermatology, especially to treat highly prevalent conditions like psoriasis, opens new avenues for the dermatology devices market.
In recent years, there has been a considerable rise in demand for minimally invasive and non-invasive procedures over traditional surgical treatment. This is mainly because of advantages like less pain, reduced scarring, and the fastest recovery. Moreover, the growing demand for treatments like skin resurfacing, body contouring, and wrinkle removal has increased the demand for minimally invasive lasers and biopsy devices. Hence, in retrospect, technologically advanced pain-free treatments are expected to create multiple opportunities for the dermatology devices market globally.
North America leads in the dermatology devices market, attaining revenue worth $5200.51 million in 2022.
Q2) What major trends shape the dermatology devices market?Advancements in developing dermatology devices, growing skin diseases, and rising preference for cosmetic procedures shape the dermatology devices market.
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