Medical Tourism Creating Opportunities for the Global Skincare Devices Market Growth: P&S Market Research

NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) — The skincare devices market size is projected to grow at a CAGR of 11.2% during 2017-2023. The growth in the market will be led by increasing cases of skin cancer and skin related disorders, rising demand for aesthetic procedures, growing geriatric population, technological advancements in skincare devices, and increase in disposable income.

Medical tourism is defined as the travel across international borders to avail some form of medical treatment, which might or might not be present in the traveler’s home country. It includes people who travels to different places to receive better treatment and care at affordable prices as compared to traveler’s home country. Some of the reasons of the medical tourism are affordable treatment cost, access to immediate services, excellent quality and world class facility, access to latest technology, and more qualified and experienced doctors and surgeons. Medical tourism is among the major factors for generating revenue in the global skincare devices market in developing countries such as India, South Africa, Thailand and Mexico. According to Medical Tourism Association (MTA) patient survey, 33% patients travelled abroad for cosmetic surgery. As per the reports of MTA 2013 Medical Tourism Patient Survey, Latin America and Asia are the two leading regions for medical travel.

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Increase in the disposable income has led to the rise in the expenditure on skincare, globally. According to the American Society of Plastic Surgeons (ASPS), Americans spent more than $16 billion on cosmetic plastic surgeries, in 2016. According to the World Bank, the GDP per capita growth rate in China was 6.4% in 2015, and around 6.3% in India. The increase in GDP per capita income and high disposable income has led to increasing spending power of the Asian population on the skincare treatment. Liposuction, hair removal and photo rejuvenation are some of the most commonly performed skin treatment, which further drives the growth of the global skincare devices market.

Europe is the second largest market for skincare devices, estimated to account for 22.7% of the global market in 2017. The market growth in Europe is mainly attributable to the increasing aging population and rising number of surgical procedures performed for the treatment of obesity in the region. Among the European nations, the German skincare devices market is the largest. However, France is expected to project the fastest growth in demand for skincare devices in the region.

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Some of the other key players operating in the skincare devices market include Michelson Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA, PhotoMedex Inc., Lumenis Ltd., Hologic Inc., Alma Lasers Ltd., Panasonic Corporation and Valeant Pharmaceuticals International Inc.

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