Beauty Devices Market Overview
The global beauty devices market generated $33.5 billion revenue in 2017 and is forecasted to witness a CAGR of 19.4% during 2018–2023. Rising incidence of skin diseases, surging disposable income, growing geriatric population, increasing appearance consciousness and awareness about beauty devices, and growing prevalence of hormonal disorders are the various factors driving the growth of this industry.
GLOBAL BEAUTY DEVICES MARKET, BY USAGE, $M (2013-2023)
On the basis of type of device, the beauty devices market has been classified into hair removal, cleansing, acne, light/LED therapy and photorejuvenation, oxygen and steamer, hair growth, dermal rollers, cellulite reduction, and other devices. Of these, the fastest growth during the forecast period is expected from light/LED therapy and photorejuvenation devices, at a CAGR of 20.2%. The increasing awareness about advanced features offered by light/LED therapy and photorejuvenation devices for treating wrinkles, blemishes, and sagged skin is leading to their increased adoption, and attributing to their fast growth in the market.
Based on usage, the beauty devices industry has been divided into salon, spa, at-home, and others. Of these, salons recorded the highest use of these devices in 2017, valued at 54.7% in the market. Increasing geriatric population, rising prevalence of alopecia, and growing awareness about beauty treatments is leading to the high use of beauty devices in salons.
Asia-Pacific (APAC) is predicted to be the fastest growing beauty devices market during the forecast period. The availability of multinational brands and introduction of less expensive beauty products in APAC tends to attract the population to use these devices for various grooming purposes. The easy availability of beauty products manufactured by various multinational brands on online channels further drives the market growth.
Beauty Devices Market Dynamics
The introduction of new and innovative beauty products is a major trend observed in this market, which is changing the scenario of the beauty devices industry. Beauty device manufacturing companies are developing new and innovative products, in response to the increasing industry demand for advanced skin care and hair care solutions. The launch of new and innovative beauty products in recent years has enabled dermatologists, clinicians, and aestheticians to treat skin diseases, improve skin texture, and reduce multiple signs of aging.
Rising incidence of skin diseases, surge in geriatric population, increasing disposable income, growing prevalence of hormonal disorders, and increasing appearance consciousness and awareness about beauty devices are the factors driving the growth of the beauty devices industry. According to the U.S. Bureau of Labor Statistics, there has been an increase in the personal disposable income of the country’s population; it increased from $10,036.9 billion in 2006 to $13,968.6 billion in 2016 and is expected to reach $21,178.2 billion by 2026. With the increase in household disposable income, the buying power of customer increases, leading to growth in the sales of personal care and beauty products.
Polycystic ovary syndrome (PCOS) is an endocrine disorder that occurs due to imbalance of hormones in females and leads to acne and growth of excessive or unwanted hair. As reported by the National Center for Biotechnology Information (NCBI) in 2014, PCOS also leads to hirsutism, a condition where hair growth is observed in places in females which normally occurs for men, such as chin, chest, upper lip, stomach, and back. NCBI further reported that hirsutism occurs in around 70% women suffering from PCOS.
Beauty Devices Market Competitive Landscape
L’Oréal SA offers its skin care devices under the brand Clarisonic; the company offers a range of products under this brand, such as Clarisonic Mia 1, Clarisonic Mia 2, and Clarisonic Mia 3. However, L’Oréal’s hair care device offerings are fewer in number as compared to its skin care devices. In terms of product offerings, Koninklijke Philips N.V. (Philips) is the leading player in the market, offering products for hair removal, skincare, and hair care. Philips offers both skin care and hair care beauty devices, such as hair dryers, pro straighteners, intensive pulse light (IPL) hair removal devices, and epilators for hassle-free hair removal.
The beauty devices market players are introducing innovative skin care devices into the market in order to increase their product offerings. For instance, in October 2017, Nu Skin Enterprises Inc. introduced ageLOC LumiSpa, a skin care device, and 18 additional products at a global sales event of the company. Products include ageLOC LumiSpa, Powerlips Fluid, Dr. Dana nail renewal system, and Rau. Among these products ageLOC LumiSpa is a dual-action skin care device that delivers a skin-perfecting treatment and deep cleansing benefits, revealing smoother, softer skin after just one use.
Also, in April 2017, L’Oréal SA launched a skin device based on the mechanobiology techniques, a unique massage device with anti-aging effects on wrinkles and the contours the face, lips, and neck. This device is able to improve the signs of aging by modifying skin tissue properties. Some of the other major players in the beauty devices industry are Panasonic Corporation, Lumenis Ltd, Home Skinovations Ltd, The Procter & Gamble Company, Syneron Medical Ltd, iluminage Beauty Inc., Koninklijke Philips N.V., and Carol Cole Company.