Microdermabrasion devices help in skin exfoliation by gently sloughing off dead skin cells from the epidermis via vacuum suction and abrasion. Use of these devices helps in treating fine wrinkles, pigmentation, sun damage, acne scarring, and stretch marks among others. Factors such as minimal downtime, fewer side effects compared to other aesthetic procedures, and reduced costs are propelling the adoption of microdermabrasion treatments. The global Microdermabrasion Devices Market is estimated to be valued at US$ 517.61 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for non-invasive aesthetic procedures owing to benefits like minimal downtime and reduced risks represents a key opportunity for growth of microdermabrasion devices market. Procedures like microdermabrasion help in skin rejuvenation without requiring extensive recovery period or presenting major health risks. This drives their preference over other techniques like laser treatment and plastic surgeries. With rising consumer awareness, discretionary spending on aesthetic treatments is on the rise. This provides an opportunity for market players to capitalize on through development of technologically advanced yet affordable products which can address a wide range of skin issues. Penetrating new geographic segments and target populations will also aid in tapping the unrealized potential of this market.
Porter's Analysis
Threat of new entrants: Low capital requirement but presence of large established players make entry difficult. Bargaining power of buyers: Buyers have moderate bargaining power given the availability of product alternatives from competing brands. Bargaining power of suppliers: Suppliers have low bargaining power as raw materials used are commoditized. Threat of new substitutes: Threat of substitutes is moderate as non-invasive skin treatments are gaining popularity. Competitive rivalry: Intense rivalry exists among established brands due to presence of numerous patented product offerings.
SWOT Analysis
Strengths: Non-invasive procedure, rise in skin related issues, growing medical aesthetics industry. Weaknesses: Require skilled professionals, high cost of machines, temporary results. Opportunities: Untapped rural markets, growing medical tourism, rising disposable incomes. Threats: Risk of side effects, availability of alternative treatments, stringent regulatory framework.
Key Takeaways
The Global Microdermabrasion Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market was valued at US$ 517.61 Mn in 2024 and is expected to grow at a CAGR of 7.4% during the forecast period.
Regional Analysis: North America currently dominates the market owing to easy availability of technologically advanced products and rising medical aesthetics expenditure in the US and Canada. Key regional markets include Asia Pacific and Latin America driven by growing medical tourism industries and increasing healthcare spending.
Key players operating in the Microdermabrasion Devices market are Cipla, Teva Pharmaceuticals, Glenmark Pharmaceuticals, AdvaCare Pharma, Medlab Pharmaceuticals Private Limited, Dermocare Laboratories, Iva Healthcare Private Limited, Unilab Chemicals & Pharmaceuticals Pvt Ltd, Organon group of companies, Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals. Cipla and Teva Pharmaceuticals are leading players due to their diverse product portfolio and global market presence.
Get More Insights Here
https://www.trendingwebwire.com/medical-devices-reimbursement-market-size-share-growth-outlook-2023/
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian