Dermatology Diagnostic Devices Market Analysis

Dermatology Diagnostic Devices Market Analysis

Based on product, the industry is segmented into imaging devices, dermatoscopes, microscopes and others. Imaging devices segment held largest market share in the dermatology diagnostic devices market accounted for more than 59% revenue share in 2022. Increasing usage of imaging devices across the world is attributable to growing number of skin diseases such as psoriasis, skin lesions and myeloma. For instance, skin cancer is one of the lethal cancers highly prevailing across the globe. As per the American Society of Clinical Oncology (ASCO), it is estimated that in 2023, around 12,590 people will die of myeloma in the U.S. Hence, there is an emerging need for imaging devices that finds application in early diagnosis of disease, thereby boosting dermatology devices market.
 

The dermatology diagnostic devices market by application is categorized into skin cancer, psoriasis, dermatitis hair & scalp disorders, acne, and others. Psoriasis segment garnered significant revenue size in the year 2022 and is estimated to flourish enormous growth over the analysis timeframe. Increasing prevalence of psoriasis and technological advancement for the diagnosis of psoriasis and psoriatic arthritis is anticipated to propel dermatology diagnostic devices industry expansion. Further, numerous initiatives including campaigns, research funding towards advancing diagnosis and treatment for psoriasis undertaken by associations will positively impact dermatology diagnostics devices market growth.
 

The dermatology diagnostic devices market by end-use is segregated into dermatology centers, hospitals, clinics, and others. The dermatology centers segment is accounted for more than USD 2 billion market size in 2022 and is anticipated to foresee high growth potential over forecast period. High segmental growth is owing to patient inclination towards aesthetic procedures, increasing prevalence of several skin disorders especially skin cancer. Moreover, high availability and accessibility for advanced technology for enhanced patient outcome among settings stimulating segmental revenue growth.
 

U.S. dermatology diagnostic devices market accounted for more than USD 2 billion in 2022 and will grow momentously more than USD 4 billion by 2032. High revenue size is primarily owing to the increasing incidence of skin cancers coupled with rising healthcare expenditure. Technological advancements in dermatology diagnostic devices will drive country’s business growth. High adoption of advanced diagnostic devices for atopic psoriasis, acne, and other skin conditions for enhanced success rates will augment dermatology diagnostic devices business growth. Further, rising R&D investments for early detection of skin cancer and treatment procedures by major industry players will have significant impact on industry growth. Strong presence of prime competitors emphasizing on novel product launch will boost industry statistics in the U.S.