Fast-track FDA approvals play a vital role in new product launches, especially in the LED and lasers categories, according to a new FMI study.
Growing commercialization of advanced technology in homecare dermatology and frequent introduction of user-friendly dermatology services are collectively boosting the growth prospects for homecare dermatology energy-based devices landscape at a global level.
According to a newly released intelligence report by Future Market Insights, exhibiting nearly 5% year over year growth in revenue, the global homecare dermatology energy-based devices landscape is likely to be worth over US$ 550 Mn in 2020. While maximum incremental opportunity is projected for China and APEC, North America – despite being the global leader – is likely to witness moderate growth in coming years.
Rapidly growing demand for homecare devices as a result of a paradigm shift from conventional clinics to in-house, non-invasive energy treatments is prominently responsible for healthy revenue growth projections for homecare dermatology energy-based devices.
Technological advancements in these devices are widening their application base, thereby pushing the rate of adoption further at a global level. Another strong push factor associated with homecare dermatology energy-based devices includes their availability as the OTC products.
Product type analysis of market landscape reveals that laser and IPL (intense pulsed light) equipment are enjoying the highest sales, whereas LED equipment is projected to emerge as the most attractive segment in homecare dermatology energy based devices space in the near future.
Hair removal and acne, followed by wrinkles treatment, are reportedly the most extensively sought after applications of homecare dermatology energy based devices.
E-commerce dominates all other distribution channels, according to the report. Hyper markets and super markets also remain among the preferred channels for product distribution.
A Bird’s Eye View of the Global Landscape
“The global market for homecare dermatology energy based devices is a highly consolidated landscape, wherein the top two players collectively account for around 60% share of the market revenue. Koninklijke Philips, with more than a third of the market value share, secures the top position with its extensive portfolio of intense pulsed light devices used for hair removal,” explains a senior research analyst while offering the inclusions of the company’s recent report on the global homecare dermatology energy based devices market.
Adding further to the information about the market competition, the analyst says, “A majority of companies are prioritizing product innovations in LED, IR, and lasers segments. Moreover, a large number of market players are taking efforts for extended product reach through retail partnerships, in addition to NPD for a wider application base. Companies are also observed to be focusing on collaborations and acquisitions to reshape their product distribution strategy for better profitability”.
FDA Approvals Are Relatively Easy
Relatively easy and faster FDA approvals for homecare dermatology energy based devices are driving improved appearance of these devices in tandem with the latest handheld gadgets, which prominently curtail the need for frequent visits to professional cosmetic treatment centers.
A recent example includes FDA clearance for Titan – the anti-aging device launched by Skinovations Inc. later in 2017.
On a similar line, North American and European markets for homecare dermatology energy based devices are witnessing remarkable adoption in recent years. FMI identifies a slew of business expansion opportunities in the aforementioned regions for manufacturers of homecare dermatology energy based devices.
Moreover, growing R&D efforts as manufacturers in the US zoom in on the production quality, is likely to shape the performance of North America’s market for homecare dermatology energy based devices.
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Combination of Technologies for Better Treatment Output
Making the most of the best attributes of LED and lasers technologies, a new trend among manufacturers now involves the combination of both the technologies for manufacturing homecare dermatology energy based devices. While these devices are claimed to be effectively reducing fine lines and improving skin tone with LED, lasers enable them to be highly target specific. A recent example is of YA-MAN’s RF Beaute Photo PLUS.