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Dermatology devices market to grow by USD 124.69 billion from 2022 to 2027 | Telemedicine and remote monitoring is the primary trend in the market – Technavio

NEW YORK, Aug. 18, 2023 /PRNewswire/ — The dermatology devices market size is estimated to increase by USD 124,693.13 million from 2022 to 2027, at a CAGR of 8.42%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report –Request a sample report

Dermatology Devices Market – Company Scope

The dermatology devices market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 companies listed below.

AbbVie Inc., Aerolase Corp., Aesthetic Group, Alma Lasers Ltd., Bausch Health Co. Inc., Bruker Corp., Candela Corp., Canfield Scientific Inc., Carl Zeiss Stiftung, Cutera Inc., Cynosure LLC, DermLite LLC, FotoFinder Systems GmbH, HEINE Optotechnik GmbH and Co. KG, Image Derm Inc., Lumenis Be Ltd, Merz Pharma GmbH and Co KGaA, Michelson Diagnostics Inc., Photomedex Inc., and Sihuan Pharmaceutical Holdings Group Ltd. Download Sample

Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Dermatology devices market

Dermatology Devices Market – Segmentation 

The market is segmented by End-user (Hospitals and Clinics), Product (Treatment devices and Diagnosis devices), and Geography (North America, Europe, APAC, and Rest of World (ROW))

  • The hospitals segment is estimated to witness significant growth during the forecast period. Hospitals have the financial resources and infrastructure to keep up with technological developments. Some well-known medical facilities that use dermatological devices to provide comprehensive patient care include the Mayo Clinic, Cleveland Clinic, Massachusetts General Hospital, and Johns Hopkins Hospital. Factors such as increased R&D activities, development of healthcare infrastructure, and adoption of innovative dermatological diagnostic devices are expected to drive the growth of the market demand during the forecast period.
  • North America is estimated as the largest region in the market during the forecast period. One of the main reasons for the growth of the market in North America is the growing geriatric population and high prevalence of chronic and infectious skin diseases and increasing the demand for medical devices raised the demand for diagnostic products and services in this region. In addition, the growing popularity of diagnostic dermatological tests among the geriatric population has increased sales of dermatological devices in the US. Therefore, these factors are expected to drive the growth of the market in the region during the forecast period.

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Dermatology Devices Market – Market Dynamics

Key Driver – 

One of the key factors driving the dermatology devices market growth is the increasing prevalence of skin disorders. The increasing prevalence of skin diseases such as skin cancer, acne, psoriasis, and eczema, which require effective diagnosis, treatment, and monitoring, contribute significantly to the development of the dermatological devices market. The dermatological device is a key element to enable accurate diagnosis, personalized treatment, and monitoring of disease progression. As a result, the demand for dermatological devices is increasing the incidence of various skin problems, and consumers and healthcare professionals alike are looking for effective and advanced treatments. Thus, these factors are expected to fuel the growth of the market during the forecast period. 

Leading Trend – 

A key factor shaping the dermatology devices market growth is telemedicine and remote monitoring. One of the key benefits of the rising integration of devices with telemedicine platforms includes improved access to dermatological care by enabling remote diagnosis, consultation, and monitoring of dermatological diseases. As a result, dermatologists can remotely consult with patients through the telemedicine platform, making it more convenient and minimizing the need for face-to-face consultations. Using a number of dermatological tools including dermatoscopy, imaging systems, and webcams, dermatologists can remotely examine and diagnose skin problems using these platforms. Thus, these applications are expected to fuel the growth of the market during the forecast period. 

Significant Challenge – 

Stringent regulatory requirements for approvals for dermatology devices are the challenges that affect market growth. One of the significant challenges facing dermatologists is gaining regulatory approval for dermatological devices due to the stringent standards set by regulatory agencies. Some important parts of approval include clinical trials, extensive literature, and safety assessments. As a result, new product innovations of dermatological devices are hampered by regulatory clearance delays. Therefore, these factors are expected to impede the growth of the market during the forecast period.

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What are the key data covered in this Dermatology Devices Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the dermatology devices market between 2023 and 2027
  • Precise estimation of the size of the dermatology devices market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the dermatology devices market across North America, Europe, APAC, and Rest of World (ROW)
  • A thorough analysis of the market’s competitive landscape and detailed information about companies 
  • Comprehensive analysis of factors that will challenge the growth of dermatology devices market companies 

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Dermatology Devices Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.42%

Market growth 2023-2027

USD 124,693.13 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.0

Regional analysis

North America, Europe, APAC, and Rest of World (ROW)

Performing market contribution

Europe at 35%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

AbbVie Inc., Aerolase Corp., Aesthetic Group, Alma Lasers Ltd., Bausch Health Co. Inc., Bruker Corp., Candela Corp., Canfield Scientific Inc., Carl Zeiss Stiftung, Cutera Inc., Cynosure LLC, DermLite LLC, FotoFinder Systems GmbH, HEINE Optotechnik GmbH and Co. KG, Image Derm Inc., Lumenis Be Ltd, Merz Pharma GmbH and Co KGaA, Michelson Diagnostics Inc., Photomedex Inc., and Sihuan Pharmaceutical Holdings Group Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Originally published at https://www.prnewswire.com/news-releases/dermatology-devices-market-to-grow-by-usd-124-69-billion-from-2022-to-2027–telemedicine-and-remote-monitoring-is-the-primary-trend-in-the-market—technavio-301904099.html
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