Microdermabrasion Market- Overview
Microdermabrasion is the non-surgical cosmetic procedure for the treatment of skin problems such as acne, pigmentation, and sun-damage. It is one of the best treatment for skin rejuvenation and is found to be popular among women across the globe. This popularity achieved by the treatment is due to various advantages offered such as painlessness, fast recovery, low treatment time, best results, and minimal side effects.
In microdermabrasion, diamond-shaped crystals are used for skin rejuvenation and removal of an upper layer of skin. It improves skin circulation and removes dead and damaged skin cells. The treatment has become popular among women owing to increasing number of women opting microdermabrasion over dermabrasion. There is also an increase in the number of cosmetic procedures in spas and dermatology clinics.
What factors are expected to rule the future of global microdermabrasion market?
The market for microdermabrasion is growing due to rising prevalence of acne in both the developing and developed countries, and increasing demand for non-surgical cosmetic procedures for various skin problems such as hyperpigmentation acne & trauma scars, photo-damage, stretch marks, and others. According to the Acne and Rosacea Society of Canada in 2016, acne affected about 90% of the teens in Canada. Approximately 5 million people within the region have medical conditions for acne. Moreover, it was estimated that 1 in 2 teens (55%) get acne scars on the face. Moreover, increasing number of non-surgical cosmetic procedures is also fuelling the growth of the market. According to the American Society of Plastic Surgeons, about 15.9 million surgical and minimally-invasive cosmetic procedures were performed in the United States in 2015.
The rise in awareness about skin problems and treatment available in the market also influences the growth of the market. Additionally, the market is also affected by the change in customer preferences especially of the youth as well as the switching cost. Therefore, key players should focus on the cost-effectiveness of the product, and determine the target population in a particular geographic area. Expansion of skin care business may also help the key players to focus on the increasing demand for skin care devices and products used by the dermatologist.
The market is expected to show growth in the developed countries owing to the rise in the per capita income of the population, and availability of funds for research activities. There is also an increasing awareness about available cosmetic procedures, and their pros and cons, including the results among the younger population in developing countries across the globe. Availability of highly qualified and skilled healthcare professionals such as dermatologist also fuel the growth of the market. Furthermore, rising expenditure on cosmetic procedures also fuels the growth of the market. According to the Cosmetic Physicians College of Australasia in 2015, the Australians spent approximately USD 890 million on minimally or non-invasive cosmetic procedures.
Major restrains in the growth of this market is the availability of alternative treatment such as chemical peel, light therapy, laser therapy, and the high cost of microdermabrasion.
What are new technologies and trends driving the market growth?
Hygdrafacial and laser cut diamond tip is the latest trending microdermabrasion technologies in the market. Hygdrafacial provides antioxidants and peptides to the skin and is one of the best treatment for acne for all skin types. Laser cut diamond tip is very effective for skin rejuvenation, dead skin cells, and acne.
What are the strategic approaches of the key players to sustain their growth in the market?
Key players in microdermabrasion market are Koninklijke Philips N.V., Johnson & Johnson Services Inc., Procter & Gamble, Altair Instruments, Aesthetic Solutions Inc, Advanced Microderm, Inc., Silhouet-Tone, Dermaglow, and New Shining Image LLC. Majority of the players are concentrated in the American countries. These players also manufacture microdermabrasion machine and crystals. The market players are now engaged in strategies such as new product launch, partnership, and collaborations. For instance, the strategic approach adopted by Johnson & Johnson Services Inc. are planned acquisitions and dispositions for strengthening their position in the market and increasing focus on long-term plans by building sustainable customer loyalty and building shareholder value. Silhouet-Tone focuses on the development of new non-invasive age-management solutions. Procter & Gamble adopt strategies such as accelerate cost reductions by streamlining management decision making, manufacturing and other work processes, increasing efficiency in the U.S. supply chain, and managing the business through ongoing acquisition, joint venture, and divestiture activities.
Additionally, key development of market players also plays a significant role in determining the growth of the company in the skin care and aesthetics market. It also determines the progress of the company and its influence on the consumer behavior. For instance, in June 2017, Koninklijke Philips N.V. has acquired Electrical Geodesics a U.S.-based medical device company that designs, develops and commercializes a range of non-invasive technologies. In October 2016, Coty Inc. completed the merger of the Procter & Gamble Company’s fine fragrance, color cosmetics, salon professional and hair color and certain styling businesses. In February 2015, Koninklijke Philips N.V. completed the acquisition of Volcano.