Dermatology Devices Market Report

Dermatology Devices Market Analysis By Product & Application (Diagnostic Devices, Treatment Devices), By End Use (Hospitals, Clinics, Others), And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-781-0
  • Number of Pages: 129
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the dermatology devices market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for dermatology devices market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of dermatology devices market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Dermatology Devices Market Categorization:

The dermatology devices market was categorized into four segments, namely product (Diagnostic Devices, Treatment Devices), application (Diagnostic Devices, Treatment Devices), end-use (Hospitals, Clinics), regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)

Segment Market Methodology:

The dermatology devices market was segmented into product, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The dermatology devices market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-nine countries, namely, the U.S.; Canada; Germany; U.K.; France; Italy; Spain; Switzerland; The Netherlands; Belgium; China; Japan; India; Australia; South Korea; Thailand; Malaysia; Singapore; Indonesia; Philippines; Brazil; Mexico; Argentina; Colombia; Chile; South Africa; Saudi Arabia; UAE; Israel; Turkey.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Smart home market companies & financials:

The dermatology devices market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ALMA LASERS - Alma Lasers is present in over 80 countries across the globe and it provides a light-based, laser, ultrasound, and radiofrequency solutions in surgical and esthetic fields. It operates through three primary business segments: Surgical, beauty solutions, and medical aesthetic solutions. Alma Lasers provides various treatment solutions for different skin and body conditions. These include acne scars, feminine health, hair removal, laser lipolysis, onychomycosis, pigmented lesions, psoriasis, skin resurfacing, tattoo removal, vascular lesions, veins, vitiligo, wrinkles, and more. The company was earlier known as MSQ Ltd.

  • CYNOSURE - Cynosure, Inc. manufactures light-based systems used in medical and esthetic procedures. The company's products are used in procedures such as body contouring, skin rejuvenation, hair removal, and scar reduction. It holds 37 patents and has a distribution channel with subsidiaries in over 60 countries across the globe. The company serves consumers globally through its partial and wholly owned subsidiaries. Hologic, Inc. acquired Cynosure, Inc. in March 2017 and operates as Hologic's medical esthetics segment.

  • SOLTA MEDICAL - Solta Medical is a wholly owned independent division of Valeant Pharmaceuticals International, Inc. The company was known as Thermage, Inc. and later changed its name to Solta Medical, Inc. in January 2009. The company has expertise in aesthetic energy devices for skin resurfacing and rejuvenation, body contouring, acne reduction, skin tightening, and liposuction. In the year of 2013, Solta Medical was acquired by Valeant Pharmaceuticals International, and in 2018, the company changed its name to Bausch Health Companies, Inc. Over 2.5 million procedures are performed each year using the company's devices.

  • CUTERA - Cutera was founded by veteran optical and laser engineers. The company produces energy-based technologies used in body and face esthetic procedures. The company is present in more than 40 countries such as North America, France, Netherlands, Belgium, Australia, and Luxembourg. It has received FDA clearance for its hair and pigmentation removal products. In 2014, the company invested 14% of its total revenue in R&D.

  • CANDELA MEDICAL - Candela Medical is a medical devices company marketing medical lasers and other related products. The company is present in over 86 countries and has offices in France, Germany, North America, Australia, Japan, China, Spain, Portugal, and Italy. It has three distinct brands: CoolTouch, Syneron, and Candela. In 2009, the company entered into an exclusive agreement with Candela Corporation and was renamed Syneron Candela. The transaction was worth USD 65 million and was expected to help both companies complement each other's product portfolio and commercial infrastructure. In 2010, the company benefitted from this transaction as Candela Corporation received approval from the Ministry of Health, Japan, to market its long-pulsed laser system in the country.

  • CANFIELD SCIENTIFIC, Inc. - Canfield Scientific, Inc. is a medical devices company manufacturing and marketing imaging systems for scientific research and healthcare settings. It has over 50 global distributors aiding promotion and advertising, increasing product penetration. The company offers devices majorly in dermatology clinics, medical practices, and biotechnology research centers. The company operates in three business segments: Canfield Imaging Systems, Canfield Clinical Services, and DermaTrak Skin Imaging Centers.

  • 3GEN - 3Gen is a medical devices company engaged in the manufacturing and marketing of DermLite. The company offers a wide range of dermatoscopes to diagnose various skin care conditions and diseases. The majority of the company's products are used for skin cancer detection. For instance, DermLite HÜD, a novel product developed by the company, is a polarized skin magnifier that is USB-rechargeable and showcases a slide-on adapter for any smartphone.

  • AESTHETIC GROUP - Aesthetic Group is engaged in the manufacturing and marketing of esthetic products and accessories. The company operates in five business segments such a as Aesthetic medicine, plastic surgery, dermatology, monotherapy, and beauty. It distributes its products globally through its vast distribution network.

  • AMBICARE HEALTH Ltd - Ambicare Health is a medical devices company engaged in marketing and distributing light therapy devices for treating acne and non-melanoma skin cancer. The company markets its products through a vast distribution network and a chain of e-commerce retail stores. It was formerly called Lumicure Ltd. and changed its name to Ambicare Health in the year 2009.

  • IMAGE DERM, Inc. - Image Derm, Inc. is a leading medical device company that specializes in manufacturing and marketing advanced microdermabrasion devices. Their products are designed to deliver superior results for crystal microdermabrasion, diamond microdermabrasion, and serum infusion treatments. Image Derm is committed to providing high-quality products that meet the highest industry standards and exceed our customers' expectations. The company has a diverse range of products which caters to various end-use settings, including beauty salons, dermatology clinics, and spas. They possess innovative solutions for their customers with a range of practical, safe, cutting-edge microdermabrasion treatments.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Dermatology Devices Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2020, historic information from 2018 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Dermatology Devices Market Report Assumptions:

  • The report provides market value for the base year 2020 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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