Dermatoscope is Estimated to Witness High Growth Owing to Increased Dermatological Diagnosis
A dermatoscope is a handheld medical device used to examine skin for signs of skin abnormalities, including skin cancer. It provides magnification and illumination to examine skin lesions. Dermatoscopy reduces the chance of overlooking subtle changes in skin structures or color by allowing the dermatologist to look just beneath the surface of the skin. This helps improve detection of melanoma and other skin cancers. The global dermatoscope market involves products including contact dermatoscopes, polarized dermatoscopes, and hybrid dermatoscopes.
The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased dermatological diagnosis presents a major market opportunity for dermatoscopes. Overexposure to UV rays can damage skin and increase risk of skin cancer. With rising awareness about skin health, the number of people visiting dermatologists for skin check-ups has increased significantly in recent years. Dermatoscopy helps dermatologists conduct detailed examinations and accurately diagnose various skin conditions. Thus, growing demand for dermatology consultations and early detection of skin cancer and other abnormalities is expected to drive the demand for dermatoscopes over the coming years. Rapid advances in dermatoscope technology are also improving imaging capabilities aiding diagnosis, further aiding market growth.
Porter's Analysis
Threat of new entrants: The dermatoscope market size requires high initial investments and has presence of established players. However, opportunities exist for new players focusing on niche segments.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has presence of several device manufacturers. However, buyers have option to compare products on parameters like pricing and technology.
Bargaining power of suppliers: A few key players dominate the supply of components like cameras, lighting sources, and lenses. This gives them moderate bargaining power over device manufacturers.
Threat of new substitutes: New substitutes pose low threat as dermatoscopes offer high-resolution inspection of skin lesions compared to conventional examination.
Competitive rivalry: The market witnesses intense competition due to presence of global and regional players. Players differentiate based on continuous product innovations.
SWOT Analysis
Strengths: Non-invasive nature of dermatoscopes and ability to aid early detection of skin cancers.
Weaknesses: High costs of advanced dermatoscopes limits adoption in developing regions. Lack of skilled dermatologists in some markets.
Opportunities: Growing skin cancer incidence and awareness campaigns are expanding the customer base. Telemedicine offers opportunities for makers to broaden reach in rural areas.
Threats: Presence of low-cost alternatives like digital magnification devices. Reimbursement issues in some regions hamper market growth.
Key Takeaways
The global dermatoscope market is expected to witness high growth over the forecast period due to rising awareness about skin diseases. The Asia Pacific region is anticipated to grow at the fastest pace owing to increasing healthcare investments and healthcare reforms in major countries like India and China.
North America currently dominates the global market and is expected to retain its position over the forecast period. This is attributed to advanced healthcare infrastructure and growing demand for advanced imaging technologies for effective disease diagnosis.
Key players operating in the dermatoscope market are Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco. Canfield Scientific and HEINE Optotechnik together hold around 30% share of the global market.
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