Report : South & Central America Dermatology Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type (Treatment Device and Diagnostic Device), Application (Skin Care Diagnosis, Skin Rejuvenation, Hair Removal, Body Contouring & Skin Tightening, Psoriasis, and Others), and End User (Hospitals, Dermatology Clinics, and Others)
At 9.8% CAGR, the South & Central America Dermatology Devices market is speculated to be worth US$ 522.24 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America dermatology devices market was valued at US$ 298.16 million in 2022 and is expected to reach US$ 522.24 million by 2028, registering a CAGR of 9.8% from 2022 to 2028. Rising aesthetics procedures among individuals and technological advancement in dermatology devices are the critical factors attributed to the South & Central America dermatology devices market expansion.
According to the Frontiers S.A. report, dermatology is an independent clinical secondary discipline. With the emerging digital technology, remote transmission technology, and internet technology, dermatology devices procedure has become the most accessible discipline to integrate with innovative technologies and establish clinical applications. Top companies are developing technology-based devices intended for dermatology applications. For instance, in July 2021, Cytrellis company's Microcoring technology-based product, "Ellacor," is a new category of device that removes roughly 8% of the targeted skin surface at once with small skin cores where stitches are not required.
Additionally, Sofwave utilizes ultrasound energy-based products. For example, Sofwave's "Ultratherapy Device" is the best fit, capable of detecting skin lesions at a 3-4.5mm depth. For some people with thicker or heavier skin, more profoundly penetrating beam is preferred. Ultratherapy Device is best for detecting medium thickness or thicker skin that is focal (in certain areas). Ultratherapy Device Software is best for thicker skin where the underlying tissue is not as much of an issue.
The cosmetic and plastic surgery industry has achieved significant attention in the market. The procedures have become accessible and feasible through technological advancement. Computer-assisted imaging is one of the most prominent advancements as it assists surgeons in identifying the exact specification of skin disorder and offers results with high quality. Moreover, in the plastic surgery industry, the development of micro-devices enables surgeons to conduct microsurgery consisting of tiny incisions and scarring, making it a popular option for many patients. Such innovative technology-based products are safe and provide accurate results. Therefore, technological advancements in dermatology devices are responsible for the growth of the South & Central America dermatology devices market.
On the contrary, complications after cancer procedural treatment and cosmetic surgery from unqualified professionals hurdles the growth of South & Central America dermatology devices market.
Based on product type, the South & Central America dermatology devices market is segmented into treatment device and diagnostic Device. The treatment device segment held 67.5% market share in 2022, amassing US$ 201.40 million. It is projected to garner US$ 354.60 million by 2028 to expand at 9.9% CAGR during 2022–2028.
Based on application, the South & Central America dermatology devices market is segmented into skin cancer diagnosis, skin rejuvenation, hair removal, body contouring & skin tightening, psoriasis, and others. With 36.6% share of the domain, the skin cancer diagnosis segment dominated the South & Central America dermatology devices market in 2022. It accrued US$ 109.05 million in 2022 and is estimated to generate US$ 196.69 million by 2028 to grow at a CAGR of 10.3% over the forecast period.
Based on end user, the South & Central America dermatology devices market is segmented into hospitals, dermatology clinics, and others. The hospitals segment held the largest share of the market in 2022. With 56.9% share of the domain, the hospitals segment dominated the South & Central America dermatology devices market in 2022. It accrued US$ 169.72 million in 2022 and is estimated to generate US$ 294.91 million by 2028 to grow at a CAGR of 9.6% over the forecast period.
Based on country, the South & Central America dermatology devices market is segmented into Brazil Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 55.3% market share in 2022. It was assessed at US$ 164.79 million in 2022 and is likely to hit US$ 301.26 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the South & Central America dermatology devices market are Alma Lasers, Candela Corporation, Cutera Inc., El.En. S.p.A., FotoFinder Systems GmbH, Leica Microsystems, among others.
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