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Dec-2021

Global Skin Analysis Systems Market Size To Grow At 9.04% CAGR From 2021 to 2026

North America followed by Europe dominated the global skin analysis systems market in 2020.

As per our research report, the global skin analysis systems market size is estimated to be growing at a CAGR of 9.04% from 2021 to 2026.

The pandemic has significantly affected the skin analysis systems market due to manufacturing, supply chain issues, and product launch delays. In early 2020, the COVID-19 disease started to spread worldwide. Millions of people worldwide have been infected with COVID-19 infection, and major countries across the globe have restricted non-emergency treatments, putting the skin analysis systems market under huge losses. As a result, dermatology and cosmetic procedures were kept on hold until the phase of active–infection was passed on. However, in the latter half of 2020, the market grew substantially with the increased influx of patients with up-lifting restrictions. Therefore, the pandemic will not have long-term effects on the projected growth of the market over the forecast period.

The growing prevalence of skin diseases, concerns for youthfulness, and healthy skin are key factors driving the skin analysis systems market. According to the US Department of Health and Human Services, more than 3.58 million people are diagnosed with skin cancer each year in the United States. According to the WHO, approximately 3.18% of the adult American population suffered from psoriasis in 2010. Increased skin exposure to UV rays and chemicals, pollution, stressful lifestyle, and genetic predisposition to skin disorders are other factors expected to help the market grow. Constantly evolving health technologies and innovations are the key factors in the early detection of skin disorders. Therefore, it contributes significantly to the growth of the skin analysis systems market.

With urbanization resulting in increased awareness of people's appearance and aesthetic appeal, there is an enormous demand for skin diagnosis and treatment procedures. Furthermore, emphasis is placed on educating the public about melanoma and non-melanoma skin cancers. Early detection of this highly- aggressive improves prognosis rate with improved, powerful, and futuristic tools in the skin analysis systems market. According to the CDC, recorded data shows that nearly 77,700 new cases of melanoma are reported each year in the U.S; this includes 45,855 men and 31,850 women. Overall, the incidence rate for melanoma was indicated to be 21.85 per 100,000. According to Ferlay et al., over 26,200 males and 33,500 females are diagnosed with melanoma each year. Around 8,350 males and 7,650 females face death due to cancer-related complications, making this the 8th most commonly diagnosed cancer in females.

However, strict regulations regarding product approval, poor pricing strategies, and growing consumer demand for inexpensive products restrict the skin analysis systems market. Additionally, the lack of adequate training in the handling of the instruments restricts the growth of the global skin analysis systems market.

KEY MARKET INSIGHTS:

Based on the product type, the skin pigmentation segment dominated the skin analysis systems market in 2020 and is projected to maintain its position during the studied period. This segment will grow due to the companies' detailed skin analysis, quick diagnosis, and brilliant image quality. Meanwhile, the skin imaging segment is anticipated to evolve and increase at an impressive CAGR of 5.5% during the prognostic period. The main factors, like the multiple applications of skin imaging to detect various skin conditions and disorders, will drive this segment. The evolution and implementation of artificial intelligence in skincare, imaging, and analysis have increased the uptake of the systems in hospitals and clinics, which subsequently contributes to the growth of the skin analysis systems market.
Based on the application, the hospital segment holds the largest segmental share and is estimated to continue to dominate over the forecast period. This segment will grow due to various skin analysis devices in hospitals. The dermatology clinic segment will grow at a high CAGR during the period, as mentioned above, as the dermatology clinics provide personalized services at an affordable price and are increasing in popularity for providing aesthetic procedures.
Based on the region, North America was the dominant region and is also projected to dominate the overall market in the years to come. Factors such as the rising prevalence of skin diseases, unhealthy lifestyles, increasing geriatric population, and highly advanced and developed healthcare infrastructure in the region are driving the North American market, especially in the U.S.A. and Canada. Meanwhile, the Asia-Pacific region market will grow at a high CAGR in the coming years, owing to the increased awareness of skincare, the presence of a large population, tough market competition, and rising healthcare spending.
The companies profiled in this report that play a leading role in the global skin analysis systems market are Bio-Therapeutic Inc., Callegari Srl, Visiomed Group SA, DermoScan GmbH, CYNOSURE, Cortex Technology, AGFA Healthcare, Dermalumics, Canfield Scientific, Inc., Davi & Cia, DJM Medical Instrument GmbH, and BOMTECH ELECTRONICS CO., Ltd.

MARKET SEGMENTATION:

By Product: