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Pharmacy benefit management market
Skin Imaging Systems Market Report Overview
The global skin imaging systems market size was 155.6 million in 2022. As per our research, the market is expected to reach USD 279.7 million by 2029, exhibiting a CAGR of 8.4% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with the Skin Imaging Systems Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Skin analysis systems are medical tools used to gauge the health of the skin and identify skin issues. Skin analysis systems are significant because they can aid in spotting early indications of skin cancer, UV damage, and other skin problems. Through quantitative analysis, skin imaging systems or skin analysis systems can find such skin issues, including not only superficial skin issues but also those in the base layer of the skin. This will nip these issues in the bud. To help you comprehend the problems with their facial skin, including chloasma, red blood silk, wrinkles, skin texture, and acne. For diagnostic and therapeutic reasons, skin imaging devices are used to acquire real-time images of the body's surface components. The device transmits high-frequency sound waves by way of a portable transducer that comes into contact with the patient's skin. The sound waves are transformed into electrical impulses, which are then presented as images on a monitor, after they have bounced off the tissues and organs beneath the skin.
The rising demand for skin analysis systems from hospitals, clinics, and other end users is responsible for the market's expansion. Additionally, this market is expanding as a result of rising skin disease prevalence and increased awareness of skin health. The global market for skin analysis systems is divided into three types based on type: skin pigmentation, skin elasticity, and skin imaging. Due to its capacity to provide high-resolution images that aid in the precise diagnosis of a variety of skin disorders, the imaging segment is anticipated to grow at the greatest CAGR during the projection period.
COVID-19 Impact: COVID-19 pandemic halted the production of a number of products in the skin imaging systems
Due to the global adoption of lockdown due to the COVID-19 pandemic, production of a number of products in the skin imaging system business has been halted. The market for Skin Imaging systems in 2020 has been hindered by this. In the second and third quarters of 2020, COVID-19 already had an impact on the sales of Skin Imaging systems; however, it is predicted to rebound in 2021. Previously, the United States, Germany, Italy, and the United Kingdom accounted for the majority of the market for Skin Imaging systems. However, as the corona virus has spread, this demand has decreased. Furthermore, the lockdown's potential effects are now unknown, and a company's ability to recover financially depends entirely on its cash reserves. Manufacturers of Skin Imaging systems can afford a complete lockdown for just a few months before the participants must change their investment strategies. For instance, in order to cut costs, a number of market participants temporarily stopped their output. Contrarily, few participants used employee layoffs to survive the COVID-19 health crisis.
Latest Trends
"Increase in demand for skin enhancement fueling the expansion of this market"
The global market for complexion analysis systems is growing significantly due to the increase in demand for skin enhancement. The market for the complexion analysis system is also being driven by customers' growing awareness of their physical appearance and anti-aging methods. The performance of complexion analysis systems has undoubtedly increased with the introduction of technologically advanced solutions like Visia by Canfield Scientific. This has attracted a customer base and helped the market grow. Using size and definition, Visia can tell pores from skin patches. Using the analysis, groupings of pores can be seen, and this can show skin that is greasy and prone to breakouts. To determine whether an exfoliation treatment is necessary, a precise examination of skin texture is adequate. The primary driver of the global market is the rise in medical SPAs that provide services to the fashion, film, and television industries.
Skin Imaging Systems Market Segmentation
- By Type Analysis
According to type, the market can be segmented into 3D, 2D. 3D is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into hospital, beauty salon, skin care centers, others. Hospital will be the dominating segment.
Driving Factors
"The beauty and dermatology industries are seeing an increase in demand for skin analysis systems for the diagnosis and treatment of skin problems"
The market for skin analysis systems is primarily driven by concerns about youth, healthy skin, and the rising occurrence of skin illnesses. The US Department of Health and Human Services estimates that more than 3.58 million Americans receive a skin cancer diagnosis each year. The WHO estimates that in 2010, 3.18% of adult Americans in the country had psoriasis. Other reasons that are anticipated to contribute to the market's expansion include increased skin exposure to UV radiation and chemicals, pollution, stressful lifestyle choices, and hereditary predisposition to skin disorders. The main components in the early detection of skin problems are constantly developing medical advances and technologies. As a result, it has a big impact on the market expansion for skin analysis systems.
"Rising awareness regarding the early detection and treatment of different skin diseases fueling the expansion of this market"
Urbanization has raised people's awareness of aesthetic appeal and outward appearance, which has resulted in a huge demand for skin diagnosis and treatment techniques. Additionally, informing the public about melanoma and non-melanoma skin malignancies is a priority. With more advanced, potent, and cutting-edge technologies on the market for skin analysis systems, the prognosis rate for early diagnosis of this very aggressive condition is improved. Nearly 77,700 new instances of melanoma are reported annually in the U.S., including 45,855 men and 31,850 women, according to data from the CDC. Melanoma incidence was estimated to be 21.85 per 100,000 people overall. Over 26,200 men and 33,500 women are diagnosed with melanoma annually, according to Ferlay et al. And some 8,350 men and 7,650 women are in danger of dying. Over 26,200 men and 33,500 women are diagnosed with melanoma annually, according to Ferlay et al. This is the eighth most common cancer in women to be diagnosed, and around 8,350 men and 7,650 women will die from cancer-related problems.
Restraining Factors
"Stringent Rules Governing Product Approval May Hinder the Market Growth "
The market for skin analysis systems is constrained by stringent rules governing product approval, weak pricing tactics, and rising customer desire for low-cost goods. Additionally, the development of the global market for skin analysis systems is constrained by the absence of proper training in the use of the equipment.
Skin Imaging Systems Market Regional Insights
"North America region will dominate the market during forecast period"
In terms of revenue share, North America dominated the world market for skin analysis systems in 2019. Due to rising R&D expenditures by industry participants and the use of cutting-edge technology for the diagnosis and treatment of various skin problems, the region is anticipated to maintain its dominance during the forecast period. Additionally, the high prevalence of skin-related disorders such eczema, vitiligo, rosacea, psoriasis, and acne is helping the region expand. For instance, according to the National Psoriasis Foundation, there are approximately 6 million psoriasis sufferers in the United States, which represents 2% of those over the age of 12 and 7% of those over the age of 60 (NPF 2018).
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Canfield Scientific,Inc (U.S.)
- FotoFinder Systems GmbH (Germany)
- PIE Co.,Ltd (Japan)
- QuantifiCare (U.S.)
- Shanghai May Skin Information Technology Co (Japan)
- DermaQuip (U.S.)
- Courage+Khazaka electronic GmbH (Germany)
- Sylton (InnoFaith Beauty Sciences) (Netherlands)
- Emage Medical (U.S.)
- PSI Plus Co., Ltd. (U.S.)
- Callegari (Italy)
- Bomtech Electronics (South Korea)
- Miravex (Ireland)
- Demetra (Italy)
- Spectrum Science & Beauty (Australia)
- MetaOptima (Canada)
- Beijing ADSS Development Co (China)
- Pixience (France)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 155.6 Million in 2022 |
Market Size Value By |
US$ 279.7 Million by 2029 |
Growth Rate |
CAGR of 8.4% from 2022 to 2029 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the Skin Imaging Systems Market expected to touch by 2029?
Based on our research the Skin Imaging Systems market is expected to reach 279.7 million USD in 2029.
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What CAGR is the Skin Imaging Systems Market expected to exhibit by 2029?
The Skin Imaging Systems market is expected to exhibit a CAGR of 8.4% by 2029.
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Which are the driving factors of the Skin Imaging Systems Market?
Rising awareness regarding the early detection and treatment of different skin diseases fueling the expansion of this Skin Imaging Systems market.
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Which are the top companies operating in the Skin Imaging Systems Market?
The top key players in the Skin Imaging Systems market are Canfield Scientific Inc, FotoFinder Systems GmbH, PIE Co.,Ltd, QuantifiCare, Shanghai May Skin Information Technology Co, DermaQuip, Courage+Khazaka electronic GmbH, Sylton (InnoFaith Beauty Sciences), Emage Medical, PSI Plus Co., Ltd., Callegari, Bomtech Electronics, Miravex, Demetra, Spectrum Science & Beauty, MetaOptima, Beijing ADSS Development Co, Pixience.