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Hair Removal Devices Generate Highest Revenue in Beauty Devices Market
Generating $47.4 billion in 2019, the global beauty devices market is expected to register a CAGR of 19.7% during the forecast period (2020–2030). The major growth drivers for the industry are the increase in the geriatric population, rise in the prevalence of dermatological issues and hormonal problems, escalating awareness about the beauty devices available, and surge in the disposable income of people.
Segmentation Analysis of Beauty Devices Market
In 2019, the hair removal category held the largest share in the beauty devices market, on the basis of type. This is ascribed to the rising prevalence of hormonal problems, increasing disposable income, easy availability of hair removal treatments at spas, and growing consciousness with regard to appearance.
The at-home division, under segmentation by usage, is projected to experience the fastest growth in the beauty devices market during the forecast period, on account of the fact that these devices are easily available and their usage requires almost no technical and medical expertise, which is why their adoption in at-home settings is increasing.
The beauty devices market generated the highest revenue in North America during the historical period (2014–2019). This was a result of the high disposable income and increasing appearance consciousness, which together lead to a high spending on beauty products and devices. Further, in Canada, the preference of consumers is changing toward organic products and technology-driven aesthetic procedures, which is driving the sale of such devices in the country. Similarly, the incidence of skin diseases, for instance, acne, which affects up to 50 million U.S. residents each year, as well as the number of burn cases, is surging in the region.
Growing Appearance Consciousness is Trending in Market
A prominent trend in the beauty devices market currently is the rising consciousness about personal appearance. To help people look young, healthy, and attractive, electronic devices, which offer higher convenience, quicker operations, and automation features, are being launched in the market. These devices are available for a range of purposes, such as hand, facial, and nail treatments, hair treatments, body treatments, and hair removal. Moreover, due to hormonal activity and age, several changes happen in the body, including changes in the body fat composition, cellulite increase, rolls of localized fat, skin laxity, discoloration, fine lines, large pores, acne scars, age spots, and broken blood vessels.
Increasing Dermatological Disease Prevalence Is Driving Market
The major factor behind the growth of the beauty devices market is the surging incidence of various skin problems. For instance, photoaging, which happens due to prolonged pollution and ultraviolet (UV) radiation exposure, causes reduced skin elasticity, sunburns, and hair loss. Environmental pollution and excessive alcohol and tobacco consumption are some common causes of skin problems, the most widespread of which include hyperpigmentation, acne, psoriasis, dyspigmentation, deep wrinkles, freckles, melasma, and atopic dermatitis. The American Academy of Dermatology (AAD) says that more than 85% of the people in the U.S. suffer from acne at least once. Thus, due to all such issues, people are rapidly purchasing beauty devices for their management and treatment.
Emerging Economies are Key Opportunity Area for Market Players
In the coming years, companies in the beauty devices market can leverage the growth opportunities being offered by developing countries. With an increasing number of people in emerging economies, including China and India, subject to stressful lifestyle, insufficient sleep, lack of exercise, and poor diet, the prevalence of skin issues caused by hormonal imbalance is rising in these nations. Along with this, people here are also becoming more conscious of their appearance, with the increasing influence of the Western culture. Both these factors are together raising the demand for beauty devices, thereby offering the market lucrative opportunities.
|Market Size by Segments||Type, Usage|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Russia, Benelux, Poland, Turkey, Switzerland, Czech Republic, Hungary, Slovakia, China, Japan, India, Australia, South Korea, New Zealand, Taiwan, Singapore, Vietnam, Malaysia, Thailand, Sri Lanka, Brazil, Mexico, Argentina, Chile, Saudi Arabia, U.A.E., South Africa, Israel, Kuwait, Oman, Qatar, Bahrain|
|Market Players||Panasonic Corporation, Lumenis Ltd., Nu Skin Enterprises Inc., TRIA Beauty Inc., Home Skinovations Ltd., Carol Cole Company Inc., L’Oréal SA, Candela Corporation, YA-MAN LTD., MTG Co. Ltd., Koninklijke Philips N.V., LightStim, Spectrum Brands Holdings Inc., Conair Corporation, Amorepacific Corporation|
Mergers and Acquisitions Are Most Important Strategic Measures
In recent years, mergers and acquisitions have emerged as the strongest set of strategic measures in the beauty devices market, due to the continued pursuance of business growth by the key companies.
For instance, in September 2018, Syneron Medical Ltd. completed the acquisition of Ellipse, a Denmark-based manufacturer of laser and intense pulsed light (IPL)-based devices, to serve a large number of aesthetic skin and medical purposes.
On similar lines, in March 2018, L'Oréal acquired ModiFace Inc., which provides the artificial intelligence (AI) and augmented reality (AR) technologies for the beauty sector. With this move, L'Oréal aimed to technologically advance its 34 brands, for a wider customer interest.
The major players in the global beauty devices market are Panasonic Corporation, Lumenis Ltd., Nu Skin Enterprises Inc., TRIA Beauty Inc., Home Skinovations Ltd., Carol Cole Company Inc., L’Oréal SA, Candela Corporation, YA-MAN LTD., MTG Co. Ltd., Koninklijke Philips N.V., LightStim, Spectrum Brands Holdings Inc., Conair Corporation, and Amorepacific Corporation.
Beauty Devices Market Size Breakdown by Segment
The beauty devices market report offers comprehensive market segmentation analysis along with market estimates for the period 2014–2030.
Based on Type
Based on Usage