The dermatology devices market is expected to witness rapid growth owing to Increasing prevalence of skin cancer and other skin diseases contribute significantly to the high demand for dermatology devices. Furthermore, growing awareness of cosmetic procedures to improve aesthetic appeal and technological advancements in dermatology devices drive the adoption of these devices. Rise in disposable income is also considered as an important factor driving the market for dermatology devices.
Skin disease is one of the leading causes of the increasing global disease burden, affecting millions of people worldwide. Aging, and environmental and genetic factors result in the development of a diverse number of skin diseases. Prevalence of melanoma and non-melanoma skin cancers is rising significantly. According to the Skin Cancer Foundation, around 10,130 people die due to melanoma every year in U.S. Furthermore, the 2018 statistics of American Cancer Society stated that in U.S., around 91,270 new melanoma cases were expected to be diagnosed in 2018. Hence, there has been a consistent rise in the number of skin problems for the past few years, which may help in the growth of the overall market.
Moreover, the introduction of advanced dermatology devices for removing age spots or dark marks is expected to drive the product demand over the forecast period. Procedures such as microdermabrasion are used to renew the overall skin tone, as well as reduce scarring, wrinkles, and other skin-related conditions. Increasing awareness of these procedures is expected to drive the demand for dermatology procedures, leading to a subsequent rise in demand for dermatology devices.
Key Market Trends
Dermatoscopes Anticipated to Show High Growth during the Forecast Period
A dermatoscope or a skin surface microscope is a non-invasive, handheld magnification tool that is directly placed on the surface of the skin of the patient, to examine the key morphological structures of skin lesions, which are on and below the skin surface and are not easily visible to the naked eye. This is useful to the dermatologists in distinguishing benign from malignant (cancerous) lesions, especially in the diagnosis of melanoma. Dermoscopy has also been observed to improve the diagnostic accuracy, sensitivity, and specificity for skin cancer diagnosis by dermatologists.
These devices have been continued to be valuable in the dermatology industry, along with new technologies in areas, such as artificial intelligence (AI), which enhance its uses to become an essential tool in every medical professional's office. Moreover, they are gaining popularity in other fields of medicine, including primary care. Several studies have revealed the accuracy of dermatoscopes. Thus, the above-mentioned factors are expected to drive the growth of the dermatology devices market.
North American Region Holds the Largest Market Share of Dermatology Devices Market
North America has accounted for the largest share of the market. This trend is likely to continue due to the increasing prevalence of skin cancer and other skin diseases, such as eczema and rosacea. An increasing number of skin cancer cases are also found in the United States. Basal cell carcinoma and squamous cell carcinoma are the most common types of skin cancer being reported in the United States. However, 75% of skin cancer deaths are caused due to melanoma, the third most common form of cancer.
There are several medical technology companies focusing on products that deliver less expensive, quicker, and more efficient patient care. These advancements of technologies in dermatology devices, in terms of features and wide-scale application for skin diseases, are expected to bolster the demand for dermatology devices in the market.
The market players are expanding the dermatology devices portfolio, by improving their existing product portfolios, along with continuous innovation in the devices that are already available in the market. These players are also adopting growth strategies to expand their product offerings, strengthen their geographical reach, and increase their customer base.
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