Albany, New York, Jan. 15, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research in its report titled, "Skincare Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018", provides key insights and in-depth analysis of the global skincare devices market. According to the report, the global skincare devices market is expected to grow at a 10.1% CAGR during the forecast period of 2012 to 2018 and will reach a value of US$10.7 billion by 2018.
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The market for skincare devices is driven by the growing incidence rate of skin disorders, extensive marketing initiatives, technological advances, and growing medical tourism and medspas. Moreover, the untapped market potential of emerging economies with high unmet medical needs provides a good market opportunity for the skincare devices market.
The global skincare devices market according to product types is segmented into diagnostic devices and treatment devices. The diagnostic devices sector in the skincare devices industry is further divided into biopsy devices, image guiding systems, and dermatoscopes. The treatment devices segment in the global skincare devices market is further segmented into LED therapy devices, liposuction devices, cryotherapy devices, electrosurgical devices, lasabrasion (laser skin resurfacing) devices, and microdermabrasion devices. The LED therapy devices segment held the largest share in the skincare devices market. According to a lead TMR analyst, the lasabrasion technology will demonstrate tremendous growth in the Asia-Pacific skincare devices market due to its large consumer base's preference for laser-based procedures for enhancing their overall aesthetics. Growing number of liposuction and hair removal procedures makes the lasabrasion technology skincare devices segment highly attractive in terms of CAGR and revenue. The popularity of laser hair removal is accelerating so fast, that it is difficult for FDA to maintain an updated list of all the laser manufactures whose devices have been cleared.
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Among various types of lasers in the skincare devices industry, fractional CO2 will display a record-high growth attributed to their ease-of-use and efficiency in applications such as wrinkle removal, scar reduction, spot reduction, etc. Application-wise, the global skincare devices market is categorized into six major application areas which are damage repair, skin tightening and body contouring, hair removal, cellulite reduction, disease diagnosis and treatment, and skin rejuvenation. The market sector for aesthetic procedures such as body contouring, skin tightening, and cellulite reduction is anticipated to grow at a double digit CAGR. This is attributed to the increasing awareness of the public regarding the ill-effects of obesity that affects a major chunk of the population globally.
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Geographically, the Global Skincare Devices Market is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW). North America is the leading regional market sector in global skincare devices market owning to its large consumer base of high-income groups. North America contributed to over 40% of the total share in 2018, and is expected to continue its dominance in terms of revenue during the forecast period. On the other hand, growing disposable incomes combined with growing medical tourism in Asia Pacific and Latin America will drive the growth of the market in these regions.
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The Skincare Devices Market is highly competitive and manufacturers in this industry provide a broad spectrum of products. Some of the key players in the global skincare devices market include Cutera, Inc., Lumeins Ltd., PhotoMedex, Inc., Cynosure, Inc., Syneron Medical Ltd., and Solta Medical, Inc.
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Source:Transparency Market Research