by The global dermatoscope market is a multibillion-dollar industry with substantial scope for growth. Dermatoscopes are hand-held devices that enable examination of suspicious skin lesions at surface level as well as in deeper structures below the epidermis with magnification. Their use allows for early detection of various skin cancers and disorders like melanoma, basal cell carcinoma, and seborrheic keratosis. Dermatoscopes provide improved diagnostic accuracy compared to naked-eye examination by magnifying lesions and enhancing contrast of morphological structures. This aids clinicians in differentiating between benign and malignant lesions, establishing diagnosis, and determining appropriate treatment. Growing incidence of various types of skin cancer worldwide due to increasing exposure to ultraviolet radiation and aging population has stimulated demand for dermatoscopes.
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:
There is growing adoption of teledermatology solutions that enable remote skin examinations using digital dermatoscopes and store-and-forward technology. This allows asynchronous consultation between dermatologists and patients during the COVID-19 pandemic while ensuring social distancing. Major players are focusing on development of specialized dermatoscopes integrated with artificial intelligence and smartphone apps. Such smart dermatoscopes can automatically analyze skin lesions, compare with databases, and provide differential diagnoses and risk assessments to support clinical decision making. AI-powered diagnostic tools could make expert dermatological evaluations more accessible. Research efforts are also underway to explore potential of confocal laser scanning dermatoscopes and ultrasound dermatoscopes to enable non-invasive in vivo assessments of skin morphology at cellular level. Their utility in mapping of melanomas, characterization of non-melanoma lesions and guided biopsy is being evaluated.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the dermatoscope market size due to high R&D and manufacturing costs. Brand recognition also plays a key role.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes and differentiated products offered by various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is high due to a limited number of suppliers for key components like camera sensors and accessories.
Threat of new substitutes: The threat of substitutes is low as dermatoscopes provide convenience and accuracy over naked-eye examination.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players offering similar and differentiated product lines. Players focus on product innovation and geographic expansion.
Key Takeaways
The global dermatoscope market is expected to witness high growth over the forecast period. North America dominated the dermatoscope market in 2023 due to increasing adoption of digital technologies in diagnosis and rising awareness regarding skin diseases.
Regional analysis: Asia Pacific is expected to register the fastest growth rate due to growing medical tourism, increasing healthcare infrastructure, and rising disposable incomes in developing 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, and AMD Global Telemedicine. Players focus on partnerships, product launches, and geographic expansions to gain a competitive edge.
