The market for skincare devices is primarily driven by increasing adoption of aesthetic procedures worldwide. With the invention of non-invasive and minimally invasive procedures, consumers and patients are rapidly adopting skin treatment devices such as laser-based technology.
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On the basis of the distribution channel, indirect channel holds a larger share in the skincare devices market due to the dominance of conventional distribution network of wholesalers and retailers. However, the market by direct channels is expected to grow at a CAGR of 13.5% during the forecast period. Increasing profit margin and expanding reach of e-commerce network are leading to higher growth in the market by indirect channels.
The global skincare market has also been segmented by end-user into dermatology clinics, spas and salons, hospitals and other end users. Skincare devices were mostly sold to dermatology clinics and hospitals; however, their demand in salons and spas is increasing rapidly due to miniaturization of these devices and reducing costs.
Key players in the skincare devices market are investing in the development of at-home and handheld devices, which is strengthening their position in the market.
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However, local players are depending upon new technology to develop low-cost products, thus increasing the rivalry in the market to some extent. Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA, Lumenis Ltd., Alma Lasers Ltd., PhotoMedex Inc., Hologic Inc., Valeant Pharmaceuticals International Inc., Galderma SA, Beijing Toplaser Technology Co Ltd.and Panasonic Corporation are the key players offering skin care products in the market.
Source: VynZ Research