Skincare Devices Market

Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

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Industry: Medical Devices | Author Name: Amol

Significant Global Burden of Skin Conditions Boosts Sales of Skincare Devices

One in four Americans suffers from at least one skin condition. The global prevalence is also considerably high, which only points to the fact that skin conditions are much more common worldwide, like most other health conditions. However, despite skin diseases being the fourth most commonly seen reason behind human illness, most people rarely or never seek medical aid. The rising prevalence of skin cancer further adds to the burden of skin diseases, which critically demands reliable tools to address the various skin diseases - both minor, and major. The global skincare devices market has thus been on an upward trend over the past few decades. The market also covers skin damages from pollution, UV radiation, sun exposure, and other environmental factors, which ensures flourishing growth prospects over the forecast period.

With a greater number of devices being launched in the skincare segment, skincare device manufacturers are expected to witness robust demand growth. Increasing consumer awareness about the availability of therapeutic skincare procedures, rising spending power, and growing preference for self-care, and grooming among both women, and men will remain the key driving factors underpinning expansion of the skincare devices market. While acne problems remain among the most common issues globally, those that accompany ageing, including skin dryness, wrinkles, sagging, pigmentary alteration, and skin sagging will also create a fertile ground for skin tightening, and revitalizing treatment devices.

Evolving Consumer Demands Dictate Sales Pattern in Skincare Devices Market

There has been an exploding rise in the demand for a wide range of aesthetic processes such as skin rejuvenation, restoration, skin tightening and firming, contouring, liposuction, and hair removal. Consistently growing inclination toward adoption of a regular skincare regime has also become a significant booster to the beauty industry’s fastest growing segment, i.e., skincare. An ascending number of medspas further contribute to the growing scope for sales growth of the skincare devices market. The demand for body contouring, and skin tightening is however expected to remain higher, attributing to the soaring prevalence of obesity worldwide. An uptrend in the demand for liposuction surgical procedures remains a strong factor driving the growth of this segment of market. Other segments like cellulite reduction, and skin rejuvenation are also projected to see healthy growth during the period of forecast.

Among treatment devices, those for cryotherapy, and liposuction continue to sell high, whereas LED therapy devices, and lasabration devices will remain sought-after over others. Although adoption at dermatology clinics continue to capture a major share in sales of skincare devices, the home-use segment is also exhibiting a notable growth pace recently. This has been attributed to technology intervention, user-friendly features, easy operability, and growing affordability of a number of devices used for skincare.

Wearable Skincare Segment Continues to Have a Moment as Customisation Remains a Popular Consumer Trend

When it comes of wearable skincare devices, anti-ageing remains the most sought-after application area, closely followed by the sun/UV exposure. Skincare wearable technology is thus projected to hold a massive remunerative opportunity for the booming skincare devices market. The future of beauty industry looks bright with brands that are embracing customisation to cater to singular needs of consumers in more than one better way. This is where wearables win the game as the biggest benefit that will win newer markets for wearables is their alignment with the thriving consumer trend of customisation. Considering the significant role of advanced technologies in bringing customisation to the table, the market will continue to witness deepening penetration of next-generation technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and Augmented Reality (AR) paving the way for ground-breaking innovations. While personalised skincare is set to become the beauty industry's next big thing enabled by smart technologies, the Japanese beauty behemoth Sheseido launched a revolutionary smart appliance system of serum, and moisturiser enabled by the pairing of IoT, and AR. The system - Optune was introduced in the market in 2019.

Market Proliferation Apace in North America, Europe, and Asia Pacific

North America maintains its leading position in the global skincare devices market on account of being the earliest technology adopter, extensive availability of devices on market, and an affluent consumer base willing spending a premium on personal skincare. A remarkably high proportion of the obese American population opting for liposuction, and cellulite reduction procedures is particularly generating demand for skin tightening and contouring devices across the region. Moreover, the region has been witnessing a number of global brands investing in the US, and Canadian markets. Key European countries are also buoyant with augmenting brand investments in the high-potential region, which provides a fillip to Europe’s market growth. The market in Asia Pacific, on the other hand, has been witnessing a promising growth outlook owing to the strong presence of local skincare brands with multiple affordable offerings. With geriatric population across populous Asian economies set to expand at a rapid pace, the market is projected for impressive prospects here. Skin rejuvenation treatment devices, and anti-ageing and toning devices are expected to sell out faster than others on the market.

Beauty tourism has been flourishing as a burgeoning global industry recently. Cosmetic surgery is amongst the highly preferred medical procedures among medical tourists travelling from worldwide. As per the International Society of Aesthetic Plastic Surgery (ISAPS), the US, Brazil, Japan, Italy, and Mexico account for 41.4% of the world's cosmetic procedures, followed by Russia, India, Turkey, Germany, and France. This expanding marketplace is also pushing the prospects of skincare devices.

R&D, M&A, and JV Highlight Key Strategies of Companies; Product Innovations Drive Competition

Philips, Bausch Health Companies Inc., Lumenis Ltd., DDK DRTV, NuFace, LLC (DermaFlash), Syneron Medical Ltd., L'Oréal S.A., FOREO, Syneron Medical Ltd., Alma Lasers Ltd., Solta Medical Inc, PhotoMedex, Schick Medical, and Sheseido Company constitute some of the leading players in the global skincare devices market. In addition to strategic M&A deals, key companies in the skincare devices landscape have been emphasizing extension, and strengthening of their portfolios with innovative product launches. Strong regional footprint is also expected to remain the focal area for some of the globally important skincare device manufacturing brands. An expanding stature of the market is also reflected through a growing number of strategic partnerships, and joint ventures. EFFECTIM Co., Ltd., a recently declared joint venture of Sheseido Company, Limited and YA-MAN LTD., commenced its operations from October, 2020. While the new venture exclusively aims to cover beauty, and skincare device business, the target markets include Japan, and China. In July, 2021, Sheseido recently announced another JV deal with Accenture.

With more companies significantly raising their R&D investments, the skincare devices market is likely to witness notable innovations in the near future. The focus will be on user-centric, and user-compatible products. Feeligreen, a French start-up, had introduced a novel, electronically-controlled skincare device - DermoPatch back in 2015. The device addresses potential ageing signs, and promotes thinning, and firming of skin by a unique technology that involves diffusion of cosmetic beauty products, as well as topical medication into the skin. Recently in July, 2021, Sheseido unveiled its first-ever touchless Skin Visualizer device that gives a precise overview of the skin’s real-time conditioning, and offers a highly individualised information about one’s beauty circulation. The device is revolutionary, and aims to aid in arriving at the most fruitful beauty decisions concerning skin. Nu Skin also announced the launch of a new skincare device system ageLOC Boost for a quick microcurrent treatment, earlier in 2021.

Top-selling brands like L’Oréal continue to enjoy popularity on the back of their excellent consumer understanding that drives, and directs their investments in R&D. It was My UV Patch by La Roche-Posay, L’Oréal’s first UV sensor that made an attempt to keep an effective tab on the UV exposure of skin by using the gen-next technology in 2016. This wearable device is lightweight, and flexible, and was launched in the market as an advanced sun exposure tracker that potentially helps with issues like ageing, hyperpigmentation, and severe sunburns. The MY Skin Track UV jointly launched by L’Oréal and La Roche-Posay has also been a breakthrough innovation in wearable skincare devices. It has a safety sensor to help the wearer track the skin exposure to UV, humidity, pollen, and pollution.

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