Skin Rejuvenation Devices Market

Skin Rejuvenation Devices Market Size (2023 to 2028)

The global skin rejuvenation devices market is poised to register a CAGR of 8.9% from 2023 to 2028 and the market size is predicted to grow from USD 2,345.30 million in 2023 to USD 3592 million by 2028.

MARKET DRIVERS:

The rising prevalence of skin-related problems such as wrinkles, acne, sun-damaged skin, stretch marks, and hyperpigmentation primarily drives the growth of the skin rejuvenation devices market. According to the International Society of Aesthetic Plastic Surgery's report titled Worldwide Aesthetic Survey Results, which was published in April 2022, the overall statistics on aesthetic plastic surgery had increased in 2022. Statistics show a large rise in treatments for the face, breasts, and body. Since 2022, aesthetic body operations like liposuction, and buttock augmentation, have climbed by 59% globally. Breast surgeries, including enhancement, augmentation, and reductions, saw a 38% increase in the prior year. The number of specialized facial operations, such as face and brow lifts, surged by 61% in 2022. Due to these significant gains, Americans spent more than $16.2 billion on cosmetic surgery and aesthetic procedures in 2022, with surgical revenue rising by 66%. With many Aesthetic Society members pointing to the prevalence of meetings via video and more downtime, as well as patients undertaking more surgical face and body operations, data from 2022 reveals a potential consequence of living amid the worldwide pandemic.

The growing global aging population fuels the growth rate of the skin rejuvenation devices market. The demand for skin rejuvenation procedures is expected to grow with the increasing aging population worldwide. For instance, the World Health Organization estimates that in October 2022, the percentage of the global population will increase from 10% to 17% between 2023 and 2028. People 60 years of age and older will surpass youngsters under the age of five by 2028. In 2022, there were approximately 972 million people in the world who were 60 or older, making up 15% of the total population. This number would increase to 2.1 billion by 2028 at an average rate of about 4% per year, according to the 2022 report on world population prospects. In general, older people have less skin fat, wrinkles, and various other skin-related issues, which could result in more skin rejuvenation procedures and favor the growth of the skin rejuvenation devices market.

Technological advancements in the field of dermatology promote the skin rejuvenation devices market. The advancements in technology have resulted in the creation of novel and more efficient skin rejuvenation tools. These devices tackle diverse skin issues such as wrinkles, pigmentation, acne and scars using cutting-edge procedures such as laser therapy, intense pulsed light (IPL), radiofrequency, and ultrasound. Skin rejuvenation procedures are now more effective, safe and precise due to the technological improvements that appeal to both consumers as well as medical experts. Furthermore, skin rejuvenation devices are now easier to use and more accessible in a variety of clinical and non-clinical contexts because of the improvements in design and intuitive interfaces.

MARKET RESTRAINTS:

The insufficient funding for skin rejuvenation operations by insurance companies is predicted to limit the adoption of these procedures and hampers global market growth. For instance, in April 2022, according to the American Society of Plastic Surgeons (ASPS), each treatment of non-ablative laser treatment cost roughly US$ 2,032 per session, whereas ablative treatments cost around US$ 3,320 per session. Reimbursement has a key impact on the uptake and utilization of medical equipment and therapies. When insurance companies do not give coverage or payment for skin rejuvenation procedures, it might limit the accessibility and cost-effectiveness of these therapies for patients. As a result, the market for skin rejuvenation technologies may be impacted adversely. Without insurance coverage, patients may be less inclined to pursue skin rejuvenation procedures due to the expenses that are involved. The demand for skin rejuvenation equipment may decrease as a result of potential patients being discouraged from obtaining these procedures, which is further inhibiting the market’s growth rate.

Impact of COVID-19 on the global skin rejuvenation devices market:

The COVID-19 pandemic situation has had a detrimental impact on the skin rejuvenation devices market due to a decline in the number of surgical procedures during the COVID-19 pandemic. The social isolation and quarantine measures have declined the surgeries being performed drastically and the overall number of surgeries declined by 27.5% during the post-pandemic period, as per the information published by NCBI in July 2022. The growing cases of coronavirus patients have affected the skin rejuvenation market dynamics with reduced demand for minimally invasive cosmetic procedures such as Botox and laser skin treatment. The COVID-19 pandemic crisis transformed the market with trending online dermatology consultations and services that enabled patients and doctors to avoid the risk of virus transmission. Due to social isolation and strict measures, there were limitations in face-to-face treatment and marked teledermatology as an extensive acceptance.

REPORT COVERAGE:

This research report on the global skin rejuvenation devices market has been segmented and sub-segmented based on the following categories.

Skin Rejuvenation Devices Market – By Product Type:

• Laser Devices
• Intense Pulsed Light Devices
• Radiofrequency Devices
• Ultrasound Devices
• LED Devices
• Mechanical Energy Devices

Based on the product type, the laser devices segment is predicted to account for the leading share of the global market during the forecast period. Laser technology is always improving, which has resulted in the creation of increasingly advanced and adaptable gadgets. Among these developments are picosecond lasers, fractional lasers, ablative lasers, and non-ablative lasers. The therapy capabilities of lasers have been expanded by the development of new laser wavelengths, pulse durations, and administration systems, enabling more precise and effective skin rejuvenation techniques.

The radiofrequency devices segment is expected to witness a healthy CAGR during the forecast period. For a variety of skin issues, radiofrequency-based skin rejuvenation devices enable harmless or highly effective therapies. Wrinkles, fine lines, skin laxity, and texture all improve because of using RF energy to tighten the skin and stimulate collagen formation. Patients looking for less intrusive treatments for surgical procedures are attracted to the non-surgical character of RF therapies. Growing demand for non-surgical solutions and technological advancements majorly contribute to the growth of the radiofrequency devices segment in the global market.

Skin Rejuvenation Devices Market – By End-User:

• Dermatology Clinics
• Beauty Centers
• Home User

Based on end-users, the dermatology clinics segment is expected to account for the leading share of the global market during the forecast period owing to the growing prevalence of skin problems. With expanding skincare knowledge and increased spending power in both developed and developing nations, dermatology practices have recently seen growth. The customer interest in receiving sufficient dermatological care will increase with the growing number of carcinomas of the skin cases, which is further propelling the growth of the dermatology clinics segment in the global market.

The beauty centers segment is expected to hold a considerable share of the worldwide market during the forecast period. Beauty salons use a variety of tools and technologies to provide a broad spectrum of skin rejuvenation procedures. These might include lasers, radiofrequency equipment, ultrasound equipment, and other things. Multiple treatment options enable beauty salons to adapt to the specific needs and tastes of their customers, consequently increasing their client base.

Skin Rejuvenation Devices Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region had the largest share of the global market in 2022 and is expected to grow at a prominent CAGR during the forecasted period owing to a sharp increase in fascination for cosmetic procedures. The enormous increase in non-surgical cosmetic procedures and the flourishing need for cosmetics and skin care goods across North America further contribute to the North American market growth.

The European region is expected to hold a substantial share of the worldwide market during the forecast period. The demand for aesthetic surgeries and cosmetic treatments is very high in Europe. Europe is renowned for having a beauty-conscious population that looks for minimally invasive and non-invasive treatments to address a variety of skin issues. The market for skin rejuvenation devices in Europe is also driven by the growing demand for aesthetic treatments. Technological improvements, regulatory backing and the presence of an advanced healthcare infrastructure further boost the growth rate of the European market.

The Asia Pacific region is predicted to witness the fastest CAGR among all regions in the global market during the forecast period. Factors such as the growing number of people with beauty consciousness, technological advancements and consistent improvements in healthcare infrastructure across the Asia-Pacific region, regulatory backing and the rapidly growing medical tourism industry support the skin rejuvenation devices market in the Asia-Pacific region.

Latin America is projected to showcase a healthy CAGR during the forecast period and MEA is anticipated to showcase a moderate CAGR in the coming years.

Key Market Players:

Cutera Inc., Hologic, Inc., Lutronic Corporation, Syneron Medical Ltd., Lumenis Ltd., Strata Skin Sciences, Inc., BISON MEDICAL, Solta Medical Inc., Lynton Lasers Ltd., and EL.En. S.p.A., Sciton, Inc., Fotona D.O.O., and Alma Lasers Ltd. are some of the notable companies in the global skin rejuvenation devices market.

RECENT DEVELOPMENT IN THE MARKET:

• In February 2022, Sinclair Pharma Acquired Viora Boosting an Energy-Based Devices (EBD) Portfolio for Gaining a Direct Commercial Base in the United States.
• In March 2022, Galderma launched Twyneo Cream at the American Academy of Dermatology Annual Meeting, in Boston, Massachusetts used it for the treatment of acne.