Skincare Devices Market to Reach an Opportunity of US$ 17.29 Billion by 2023, Says TMR
ALBANY, New York, January 15, 2019 /PRNewswire/ --
According to the report published by Transparency Market Research, the global skincare devices market is anticipated to reach a valuation of US$ 17.29 bn by the end of 2023. During the forecast period, the market is expected to attain a steady growth rate of 10.1%. These numbers are attributed to the increasing demand for skincare devices and growing consciousness among individuals about their physical appearance.
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Application of skincare devices is largely seen in cellulite reduction. This segment is projected to lead the market during the forecast period. Increasing awareness among the people related to cellulite reduction has led the demand of this segment. With respect to geography, North America is projected to lead the Skincare Devices market by holding a larger share in the market. Increasing research and development activities and the launch of new products in North America has offered huge growth opportunities in this market.
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Increasing Physical Consciousness to Fuel Market Performance
Globally individuals are now more conscious about their physical appearance thus they are ready to spend a good amount of money to maintain their skin. People are now open towards different types of devices and cosmetics that will help them look more appealing. Moreover, skin care devices have found its way into cosmetic procedures including liposuction, skin tightening, body contouring, and skin rejuvenation.
Furthermore, many people suffer from different skin disorders such as spider veins, vascular lesions, cellulite reduction, skin aging, wrinkles, and other similar disorders. To treat these disorders skin care devices are largely used. Skincare devices such as image guidance systems, dermatoscopes, and biopsy devices are high in demand as it facilitates the diagnosis of skin lesions. These factors have boosted the demand in the global skincare devices market.
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Competitive Pricing to Deter Demand in Skincare Devices Market
On the contrary, high equipment cost and competitive pricing are some of the key restraining factors that might hamper the growth in this market. In addition, the easy availability of substitutes has posed a potential threat to skincare devices. However, the rising number of beauty spas, dermatologists, and professional aestheticians are expected to minimize the effect of these restraints and drive the demand in the global skincare devices market.
With the emergence of new players, the global skincare devices market is likely to witness high competition in the coming years. The rising number of players at regional as well as the international level will change the strategies followed by these players. Leading players are expected to expand their product line and introduce new products. They are also expected to invest in mergers and acquisitions with an objective to attain a larger share in the market. Lumenis Ltd., Valeant Pharmaceuticals, ZELTIQ Aesthetics, Inc., Cynosure, and Syneron Medical Ltd. are few players analyzed in the report.
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The information presented in this review is based on a TMR report, titled "Skincare Devices Market (Product - Skin Care Diagnostic Devices (Dermatoscope, Biopsy, and Image Guidance) and Skin Care Treatment Devices (LED Therapy, Lasabrasion, Liposuction, Microdermabrasion, Electrosurgical, and Cryotherapy); Application - Cellulite Reduction, Disease Diagnosis and Treatment, Hair Removal, Skin Tightening and Body Contouring, Skin Rejuvenation, and Damage Repair) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
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