06.07.22
Glowing news for the skincare device market.
According a recent report entitled, "Skincare Device Market" by Fact.MR, the skincare devices were valued at $12 billion in 2021, and are expected to reach $14 billion by the end of 2022.
The market is forecast to expand roughly three times and valued at $43.48 billion in 2032.
Covid-19 Pandemic Spawns Skincare Renaissance: LED Therapy Devices, AI Gadgets on the Rise
Throughout the Covid-19 pandemic, the market for skincare devices underwent multiple fluctuations—initially witnessing a significant contraction in demand. As healthcare practitioners allocated most resources towards administering care for Covid-19 infected patients, the scope for non-Covid treatments and surgeries were either suspended or postponed. Eventually, since 2021, prospects have begun inclining, with the rate of infections dropping significantly as people get vaccinated.
Future market demand for skincare devices is expected to bank on key technological advancements in the global healthcare industry. The need to disburse efficient and accurate care has prompted manufacturers to introduce key advancements, including the introduction of LED therapy devices, AI-enabled gadgets, etc. Based on these developments, it is expected that sales of skincare devices will expand at a CAGR of 12% across the 2022-2032 period of assessment.
APAC Region Market Expansion Fueled By Medical Tourism
Fact. MR predicts that the APAC region is anticipated to witness significant growth during the forecast period, registering a CAGR of 9.9%. The expansion of the regional market can be credited to the rise of medical tourism. Further, the increasing number of multinational companies investing in research and development in the region is expected to provide significant fuel to the market expansion.
Key players of the global skincare devices market adopt various tactics to enhance their customer base. Acquisition, partnership and collaboration are some of the methods adopted by the vendors to strengthen their position in the market.
In August 2020, Shiseido inked an agreement to enter into a Joint Venture with Ya-Man Ltd. The new company, called Effectim Co., began operations in October 2020 and owned 65:35 in favor of Shiseido.
In November 2021, Lancer Skincare joined hands with the tech startup ByondXR and launched The Virtual Lancer Dermatology Shop. The new virtual store will offer in-home benefits of Lancer dermatology through a digital platform.