Report Description of the US Dermatology Device Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
- To analyze and forecast the market size of US Dermatology Device Device market
- To classify and forecast US Dermatology Device Market market based on application, Device, project type, and application.
- To identify drivers and challenges for US Dermatology Device market
- To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in US Dermatology Device market
- To conduct pricing analysis for US Dermatology Device Device market
- To identify and analyze the profile of leading players operating in US Dermatology Device market
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Atopic Dermatitis drug market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Atopic Dermatitis market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy-based consulting analysis
US Dermatology Device Market Executive Summary
According to American Academy of Dermatology Association 4.5 million Americans — one in four — were impacted by skin disease. Skin disease cost the US health care system $75 billion in medical, preventative, and prescription and non-prescription drug costs. One in three Americans with skin disease were seen by a dermatologist, who collaborates with other physicians throughout the health care system in caring for these patients, consequently leading growth of the US dermatology device market.
Market Size and Key Findings
The US Dermatology Device market size is at around USD 2.48 billion in 2020 and is projected to reach USD 8.42 billion in 2027, exhibiting a CAGR of 19.06% during the forecast period.
The beauty standards among the young population are changing in the recent years, and with the aesthetic procedures possible, the generation is frequently adopting toward the dermatological process to satisfy the beauty standards, thus aiding to the growth of the United States dermatology devices market in the forecast years.
Market Growth Drivers Analysis
US dermatology devices market is expected to witness rapid growth, owing to the increasing prevalence of skin cancer and other skin diseases, and contribute significantly to the high demand for dermatology devices. Furthermore, growing awareness of cosmetic procedures to improve the aesthetic appeal and technological advancements in dermatology devices drive the adoption of these devices. The rise in disposable income is driving the market for dermatology devices.
The side effects related to dermatological treatments and stringent regulatory policies for medical devices are some of the factors, which is likely to hamper the growth of the market.
COVID-19 impact on “US Dermatology Device Market”
The outbreak of COVID-19 impacted the US dermatology devices market. The closure of non-essential businesses created a disruption in the dermatology industry, and consumers are now looking for online cosmetic home treatments. The dermatology brands can exploit this opportunity to renovate their online offerings, offer e-consultation services, and invest in advanced technology as more consumers seek cosmetic advice from the comfort of their homes.Therefore the US dermatology diagnostic devices and therapeutics market is set to expand at a stellar pace.
Some of the key players in the dermatology devices market are 3Gen, Inc., Aesthetic Group., Alma Lasers, Ltd., Ambicare Health., AngioDynamics, Inc., B. Braun Melsungen AG, Bruker Corporation, Canfield Scientific, Inc., Carl Zeiss, Cutera, Inc., Cynosure, Inc., Erbe Elektromedizin GmbH, Genesis Biosystems, Inc., Heal Force Bio-meditech Holdings Limited, Heine Optotechnik GmbH & Co. Kg, ILLUCO, Image Derm, Inc., Johnson & Johnson Private Limited, Lumenis, Ltd., Medtronic Plc, and Others
Products in Pipeline
STRATA Skin Sciences Announces Acquisition of Acne Treatment Device Assets from Theravant Corporation. Which will Creates a robust pipeline of new opportunities, targeting dermatologic conditions beyond acne, with a unique treatment approach.The acquisition of the TheraClear System provides STRATA with a safe and effective technology to complement and/or replace prescription drugs and topical creams. TheraClear Acne System delivers a two-part process for treating inflammatory acne, pustular acne and comedonal acne that combines a vacuum and broadband light that has been proven to clear skin rapidly for fast and visible reduction in acne and associated redness. The rapid improvement experienced by patients drives compliance and patients returning to dermatologist’s offices to complete therapy.
Notable Recent Deals
In Jan 2020, 3Derm Systems, Inc. (3Derm) announced that it was granted two FDA Breakthrough Device designations for 3DermSpot, an algorithm that uses artificial intelligence (AI) and highly standardized skin images to autonomously detect melanoma, squamous cell carcinoma, and basal cell carcinoma.
In Jul 2020, Lancer Skincare announced the launch of its very first skincare exfoliating device, the Pro Polish Microdermabrasion Device. Pro Polish enhances the efficacy of the Lancer routine by delivering surface-layer microdermabrasion in a patented, handheld device.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario of US Dermatology Device Services
The US Food and Drug Administration (FDA) evaluates and approves Class III medical devices through its premarket approval (PMA) process. The agency classifies devices that “support or sustain human life, are of substantial importance in preventing impairment of human health, or present a potential unreasonable risk of illness or injury” as Class III devices.1,2 Such devices pose a greater risk to patient health than Class I or Class II devices and are therefore subject to the FDA’s most stringent regulatory requirements.
Between January 1st, 1980, and November 1st, 2016, the FDA approved 27 original PMA applications for dermatologic devices (Table), consisting of 14 implants or fillers (51.9%), 11 photodynamic therapy devices (40.7%), 1 dermal replacement matrix (3.7%), and 1 diagnostic imaging instrument (3.7%). Our linear regression analysis indicates that the rate of original PMA device approvals per year for dermatologic devices has not significantly changed since 1980.