July 22, 2024
Microdermabrasion Devices Market

Microdermabrasion devices market: Growing adoption of non-invasive cosmetic procedures driving market growth

The global microdermabrasion devices market is estimated to be valued at US$481.09 million in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period of 2023-2030, according to Coherent Market Insights. The market offers various products that help in the treatment of various skin-related conditions, such as acne scars, wrinkles, and pigmentation disorders. These devices provide a non-invasive and effective treatment option, making them increasingly popular among consumers worldwide. The advantages of microdermabrasion devices include improved skin texture, reduced appearance of fine lines, and increased collagen production.

Market key trends: Growing popularity of home-based microdermabrasion devices

One key trend in the microdermabrasion devices market is the growing popularity of home-based devices. As consumers are increasingly looking for convenience and cost-effectiveness, home-based microdermabrasion devices offer a viable solution. These devices allow users to perform the treatment in the comfort of their own homes, saving them time and money associated with in-clinic treatments. Furthermore, advancements in technology have made these devices more user-friendly and safe for personal use. The availability of a wide range of home-based microdermabrasion devices from various manufacturers is also contributing to the market growth. As a result, the demand for such devices is expected to increase significantly over the forecast period.

Porter’s Analysis:

Threat of New Entrants: The threat of new entrants in the microdermabrasion devices market is low. The market is highly competitive, with established players already dominating the industry. The high capital requirements and the need for advanced technology act as barriers to entry for new players.

Bargaining Power of Buyers: The bargaining power of buyers in the microdermabrasion devices market is moderate. Buyers have the ability to compare prices and quality of products from different suppliers. However, the specialized nature of these devices and the importance of quality in achieving desired results limit the extent to which buyers can negotiate.

Bargaining Power of Suppliers: The bargaining power of suppliers in the microdermabrasion devices market is moderate. Suppliers that provide key components for the devices have some bargaining power as they can influence prices or supplies. However, there are multiple suppliers available in the market, giving buyers options to choose from.

Threat of New Substitutes: The threat of new substitutes in the microdermabrasion devices market is low. Microdermabrasion is a widely accepted and effective method for skin rejuvenation and improving skin conditions. There are currently no viable alternatives that can provide similar results.

Competitive Rivalry: The competitive rivalry in the microdermabrasion devices market is high. There are several key players operating in the market, offering a wide range of products and competing based on factors such as price, quality, and brand reputation. This intense competition drives innovation and product development in the market.

Key Takeaways:

The global microdermabrasion devices market is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing demand for aesthetic procedures and the growing awareness about skincare and beauty treatments.

Regionally, North America is expected to be the fastest-growing and dominating region in the microdermabrasion devices market. The region has a well-established healthcare infrastructure, high disposable income, and a strong presence of key market players. Additionally, the rising demand for non-invasive cosmetic procedures and the increasing importance of personal grooming are driving market growth in this region.

Key players operating in the microdermabrasion devices market include DermaSweep Inc., Lifetrons Switzerland AG, Trophy Skin, Silk’n, HoMedics USA LLC, PMD Beauty, Dermaglow, ImageDerm Inc., Clairderm Medical Aesthetics, Sylvan Company, Altair Instruments, Koninklijke Philips, Microderm GLO Skincare USA, Silhouet-Tone, and Edge Systems LLC (HydraFacial). These companies are actively engaged in research and development activities, strategic collaborations, and product launches to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it