Market players have been adopting the strategy of acquisition to acquire the assets that have a potential to solve existing issues.
Dermatology Devices Market Overview:
Market players have been adopting the strategy of acquisition to acquire the assets that have a potential to solve existing issues. One of the leading dermatology devices manufacturers acquired another company to enter the acne treatment market. For acne treatment, dermatologists prescribe drugs and creams. However, they can be expensive and less effective. Acquisition of devices that facilitate acne treatment and clear the skin faster and more effectively will help market players in raising their market share. Moreover, new products are gaining approval from regulatory bodies such as the U.S. Food and Drug Administration (FDA). The camera system that recently gained approval enables dermatologists in taking non-polarized, polarized, and UV photos. This helps physicians in researching color and structure of affected skin, determine its position, and highlight exact margins. New devices will continue to arrive in the coming years. According to the report published by Allied Market Research, the global dermatology devices market is estimated to reach $17.99 billion by 2030. Following are some of the trends taking place worldwide.
Acquisition is one of the major strategies adopted by market players to enter new markets and raise their market share worldwide. STRATA Skin Sciences, Inc., one of the leading dermatology devices manufacturers, carried out an acquisition of assets of Theravant Corporation’s TheraClear System. This acquisition will enable STRATA to enter the acne treatment market. Commenting on the acquisition strategy, Robert Moccia, the President and CEO at STRATA Skin Sciences, highlighted that the company has been looking forward to explore opportunities for developing devices for different dermatologic conditions. The company found that Theravant’s technology was an ideal fit for enabling the entry into the acne treatment market. The acquisition of TheraClear System enables STRATA to offer safe and effective technology for replacement or complimenting the existing prescription drugs and creams. For treatment of acne, the devices developed by TheraClear System facilitates doctors, aestheticians, and nurses in carrying out acne treatment processes seamlessly and effectively.
Availing the approval from regulatory authorities such as FDA is essential to enter the market and make way for innovative devices. The Japanese electronics giant Casio gained the FDA approval for its camera system that helps dermatologists in capturing high-quality photos of skin of patient. This system is expected to help dermatologists in availing a close observation. Following the approval, the company aims to commercialize its system in the U.S. Its DZ-D100 Dermocamera and DZ-S50 Dermoscope will be launched for healthcare providers.
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Top Leading Players:
The key players operating in the global dermatology devices market include Alma Lasers Ltd., Ambicare Health Ltd, Bausch Health Companies Inc., Candela Laser Corp, Canfield Scientific, Inc, Carl Zeiss Meditec Ag, Cutera, Inc., Cynosure, Inc., Heine Optotechnik, Lumenis Ltd.
Covid-19 Scenario-
Here, it’s worth mentioning that the outbreak of the Covid-19 pandemic gave way to adjournment of the majority of elective surgeries across the world, which in turn resulted into a steep decline in demand for dermatology devices, thereby impacting the market negatively, especially during the initial period. However, as the global situation is getting back to normalcy, the market is also projected to revive soon.