Dermatoscopes are handheld medical devices that helps the dermatologist or physicians to visualize and closely observe under the skin and diagnose skin conditions effectively and faster. It magnifies the skin 10 times which makes it easier to detect skin anomalies that are otherwise difficult to identify with the naked eye.
The global Dermatoscope Market is estimated to be valued at US$ 951.1 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological innovations in dermatoscopes with high-end features is one of the major trends witnessed in the global market. Manufacturers are focusing on introducing dermatoscopes integrated with advanced technologies such as polarized light, cros polarized light, and dermlight which provides higher resolution and magnification for improved clinical diagnosis. For instance, in 2022, 3Gen introduced SpringScout Dermatoscope with patented Hybrid Lighting System that uses both transmitted and incident polarized light sources to boost visualization of melanocytic lesions. Such advances in dermatoscopes technology is expected to drive the growth of dermatoscope market during the forecast period.
SWOT Analysis
Strength: The dermatoscope market size has high demand owing to increasing prevalence of skin diseases. It aids in early diagnosis of skin conditions.
Weakness: Lack of skilled professionals for operating advanced dermatoscopes may limit market growth to some extent.
Opportunity: Growing medical tourism in developing nations presents lucrative opportunities. Rising healthcare expenditure will expand the customer base.
Threats: Presence of alternative diagnostic methods can challenge the growth of dermatoscope market. High costs of advanced dermatoscopes restricts its adoption in price sensitive areas.
Key Takeaways
The global dermatoscope market is expected to witness high growth. The market was valued at US$ 951.1 Mn in 2023 and is anticipated to reach US$ 1,603.4 Mn by 2030, expanding at a CAGR of 9.0% during the forecast period.
Regional analysis
Asia Pacific region is expected to register fastest growth during the analysis period driven by rising awareness about skin disorders and increasing healthcare expenditure. China dominates the APAC dermatoscope market holding over 20% share owing to large population base and growing medical tourism industry. North America currently accounts for the largest revenue share supported by well-established healthcare infrastructure and availability of advanced dermatoscopes.
Key players
Key players operating in the dermatoscope market are Anhui Fortune Fashion Culture Co. Ltd., Henan Ruimei Hair Products Co. Ltd., Qingdao Urjoy wigs co.Ltd., Shake-N-Go Fashion, Inc. Yuzhou Shenlong Hair Products Co. Ltd., and Xuchang Dadi Industries Co. Ltd. These companies are focused on new product launches and expansion strategies to strengthen their market position.
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