Paragraph: A dermatoscope is a hand-held device used to examine and evaluate skin lesions. It aids in the early detection of skin abnormalities such as melanoma, one of the deadliest forms of skin cancer. The rising prevalence of skin cancer due to increased exposure to UV radiation has boosted demand for dermatoscopes for efficient diagnosis.
The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The key trend propelling the growth of the dermatoscope market size is the rise in skin cancer diagnosis. According to the American Cancer Society, over 5.4 million new cases of non-melanoma skin cancer are diagnosed in the United States each year. Dermatoscopes aid in the early detection of melanoma and other skin cancers through visualization of subsurface skin structures not visible to the naked eye. Their use allows for conducting systematic and thorough skin examinations. This has led to a higher diagnosis and treatment rate of skin cancer. Consequently, the increasing demand for effective skin cancer screening is expected to drive the demand for dermatoscopes over the forecast period.
Strength: The dermatoscope market is experiencing high demand due to the increasing skin related disorders. It enables early detection of skin diseases.
Weakness: High cost of advanced dermatoscopes restricts its adoption in developing regions. Lack of reimbursement policies is another challenge.
Opportunity: Rapid urbanization and increase in private healthcare expenditure in emerging economies provide lucrative opportunities. Growing dermatology practices and availability of portable devices widen the scope.
Threats: Presence of alternativesDiagnostic methods poses threats to market growth. Lack of skilled professionals hinders efficient usage.
The global dermatoscope market is expected to witness high growth during the forecast period of 2023 to 2030. The North America region currently dominates the market owing to high awareness levels and technological advancements in the region.
Regional analysis: North America is expected to continue dominating the dermatoscope market owing to high per capita healthcare expenditure and adoption of innovative skin diagnostic technologies in the region. Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to increasing healthcare infrastructure and rising prevalence of skin disorders in densely populated countries like India and China.
Key players: Key players operating in the dermatoscope market are Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco. These companies are focusing on new product launches and geographical expansions to gain higher market shares.