Dermatology devices market, an integral vertical of medical equipment space, of late, has been providing lucrative opportunities to the investors to exploit economies of scale. The claim is very well validated from the increasing attempts by the market giants to brainstorm innovative products that prove to be highly profitable for the consumers. However, the regulatory, tax, and financial issues associated with dermatology practices are some of the pivotal factors massively influencing the dermatology devices industry trends. Perhaps driven by the fact that dermatological practices include lab testing, ASC-based surgery, cosmetics and other services all under the same roof, this particular business vertical is overtly subject to stringent regulatory norms.
For the record, since 2011, eight new therapies have been approved by the FDA for the treatment of patients affected with metastatic melanoma, including four targeted therapies and four immunotherapy agents. In this regard, it is prudent to mention that since the millennium, targeted immunotherapy for patients affected with psoriasis has become a subject of focus for clinical research. This in consequence has led to the development of a plethora of new devices that are absolutely in compliance with the FDA regulations, which by extension has catapulted dermatology devices market size. Testament of the fact is the USD 8.4 billion revenue garnered by the business vertical in 2017.
One of the pivotal rationales behind the accelerated growth of dermatology devices market is the extensive penetration of laser and light therapy devices (LED) in skin treatments. It has been observed that skin responds well to near-infrared wavelengths when delivered with therapeutic intent at correct proportion. This pointer effectively justifies the hoopla created around low level laser therapy for skin treatments. In fact, light therapy devices held a significant share of dermatology devices market in 2017 and is slated to witness a double digit CAGR of 10.8% over 2018-2024.
These non-invasive skin therapies are gaining a huge popularity especially across western countries where disposable incomes are relatively high and the desire to hold an ideal appearance is quite pronounced. Below mentioned is the yesteryear’s statistics of the top five non-surgical procedures practiced in U.S. that further affirm the aforementioned declaration.
These estimates serve to testify that the US is of the most profitable investment destinations for dermatology devices industry players. As per a recent research assessment, the regional dermatology devices market procured almost 92% of the overall industry share in 2017 and the supremacy is likely to continue over the ensuing years. Another factor that has fueled advanced dermatology devices demand in the country is the increasing prevalence of skin cancer across this belt. In fact, estimates indicate that diagnosis and treatment of nonmelanoma skin cancer in the U.S. increased by almost 77 % over 1994-2014. As per the American Cancer Society, 9320 casualties in U.S. is expected to occur from melanoma, which is claimed to be the deadliest form of skin cancer, this year- a figure that in all plausibility would leave a highly remunerative impact on U.S. dermatology devices industry.
Speaking of the corporate profile, renowned biggies encompassing dermatology device market have been making agonizing attempts to effectuate the commercialization of advanced diagnostic devices that have the potential to disrupt the business dynamics. In this regard, one of the distinguished innovations that has lately gained all attention in dermatology devices market is the AI computer that is deemed to possess an unmatched efficiency level. Allegedly, the specially programmed device’s deep learning CNN (convolutional neural network) could detect skin cancer more precisely than 58 dermatologists. The research team spanning across Germany, U.S., and France recently published the study in a journal named Annals of Oncology.
Not to mention, besides technology interventions, regulatory adherence remains the top-notch priority underlining the product landscape of dermatology devices market. In a recent turn of events, Hologic’s division Cynosure launched an FDA approved dermatology device, dubbed as TempSure Envi. This groundbreaking radiofrequency-based device is claimed to improve the skin texture by minimizing fine lines, wrinkles, and tightening pores. It is therefore apt to state that the backing of administrative bodies in tandem with incessant product innovations would carve lucrative roadmap for the dermatology devices industry. In terms of renumeration, the global market share is projected to surpass a massive valuation of USD 17 billion by 2024.