The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global dermatology Devices market. In addition, complete analysis of changes on the global dermatology Devices market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
MARKET OVERVIEW- GLOBAL DERMATOLOGY DEVICES MARKET
MARKET DRIVERS
The increasing prevalence of skin cancer and other skin diseases contributes significantly to the high demand for products. Additionally, people's growing awareness of aesthetic appeal and technological advancements in dermatological devices is dramatically increasing the acceptance of these devices. An increase in disposable income is also considered to be one of the important factors for market growth. The prevalence of melanoma and non-melanoma skin cancers is increasing dramatically. Over the past decade, the preference for minimally invasive and non-invasive cosmetic procedures over traditional surgical procedures has increased dramatically. Minimally invasive / non-surgical alternatives offer numerous benefits over traditional surgical procedures, such as less pain, less scarring, and faster recovery. These procedures are also cheaper than traditional surgical procedures.
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MARKET OPPORTUNITIES
The market is expected to have new opportunity with the technological advancements ongoing RD activities involved in manufacturing dermatology devices is expected to provide ample of new growth opportunities for the market during the forecast period. There has been a latent shift from the use of traditional products to technologically advanced devices that help better diagnose and treat various skin diseases, as well as improve overall appearance. Thus, the introduction of technologically advanced non-invasive laser therapies has led to a high demand for dermatological devices and this factor is expected to provide rising new growth opportunities for the market over the forecast period.
MARKET RESTRAINTS
However, there have been complaints of AHU units causing burns and blisters. Some people have been burned after falling asleep with the device on, while others have been burned due to damaged cables or corrosion of gadgets. Although less harmful to the eyes than regular lasers, red light therapy may require the use of eye protection. These problems is expected to hinder the adoption of dermatological treatments. These are the factors which is expected to restrain the market growth over the forecast period.
MARKET GROWTH CHALLENGES
The Covid-19 pandemic hampered the growth of market to major extent due to limited operations of manufacturing, and disruption in the supply chain which has created a major challenges for the market growth. Also, lack of skilled work force and low awareness for new devices is expected to be major hampering for the market growth over the forecast the period.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global dermatology devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various dermatology devices in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
DERMATOLOGY DEVICES MARKET BY GEOGRAPHY
North America is anticipated to witness highest growth over the forecast period. The increasing prevalence of skin cancer and other skin diseases, such as eczema and rosacea, and the increasing adoption of cosmetic procedures are some of the main factors contributing to the growth of the regional market.
DERMATOLOGY DEVICES MARKET BY END USERS
The hospital segment is expected to hold the largest market share owing to the wide adoption of advanced dermatological devices in hospital environments. The availability of various treatment options in these facilities increases the number of visits to diagnose and treat skin diseases, which in turn supports the growth of the segment. The clinics segment is estimated to have the fastest growth rate over the forecast period. Dermatology clinics are cosmetic and medical institutions that focus on the diagnosis and treatment of skin conditions.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of dermatology devices market is majorly focused on expanding the global growth of dermatology devices with new product innovation, business expansion, increasing presence of range of manufacturer operating in dermatology devices has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
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