| Published: May 2018 | Report Code: LS10041 | Available Format: | Pages: 124 |
Valued at $33.5 billion in 2017, the global beauty devices market is projected to surpass $96.9 billion by 2023, witnessing a CAGR of 19.4% between 2018 and 2023.
Among all regions, North America is expected to dominate the market during the forecast period. This can be mainly attributed to the greater disposable income of the consumers in the region, which increases their spending power on personal care products. In addition, the increasing appearance consciousness among consumers and growing prevalence of skin diseases is also leading to the growing adoption of technologically advanced beauty devices in North America. According to the American Academy of Dermatology (AAD), approximately 85% of the population in the U.S. suffers from acne every year.
The increasing utilization of electronic beauty devices and introduction of innovative products are the leading trends that have been observed in the global beauty devices market. The launch of new and innovative beauty devices has been assisting dermatologists, aestheticians, and clinicians to treat skin diseases, reduce signs of aging, and improve skin textures. For instance, in January 2018, Nu Skin Enterprises Inc. launched ageLOC LumiSpa, which is a waterproof and rechargeable handheld personal skin care cleansing device.
Moreover, surge in geriatric population is playing a pivotal role in the growth of the beauty devices market. Aging causes loss of fibrous tissue and reduced vascular and glandular network in the layers of the skin. Therefore, anti-aging products and devices helps in reducing aging marks, providing a younger look to a person by revitalizing and tightening the skin. Another factor driving the market growth is rising disposable income. It has been observed that the progressing level of disposable income has led to high spending on personal and beauty care products, across the globe. The U.S. Bureau of Labor Statistics stated that the disposable income in the U.S. increased from $10,036.9 billion in 2006 to $13,968.6 billion in 2016, and is further expected to reach $21,178.2 billion by 2026.
Emerging economies, such as China and India are witnessing increasing prevalence of skin and hormonal disorders. Hormonal disorders primarily cause insufficient sleep, stressful lifestyle, poor diet, and lack of exercise which leads to various problem like imbalance of hormones, excessive weight gain unwanted growth hair, acne and other skin related issues. This in turn, is increasing the demand of beauty devices in the global market and provides a huge growth potential for the market players in terms of product portfolio and market share expansion.
When segmented on the basis of type of devices, light/LED therapy and photorejuvenation category was the largest shareholder in the beauty devices market in 2017 and is expected to witness the fastest growth, progressing at a CAGR of 20.2% during the forecast period. This can be ascribed to their wide use in treating skin conditions like blemishes, pigmentation, wrinkles, age spots, fine lines, and sun-induced freckles.
Furthermore, beauty salons were the largest users of beauty devices and accounted for 54.7% share in 2017. The high demand of beauty devices in salons is mainly on account of increasing number of salons, globally. Also, at-home beauty devices are in huge demand, making it the fastest growing category in the beauty devices market.
During the forecast period, the global beauty devices is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly on account of technological innovations, rising prevalence of skin and hormonal diseases, escalating geriatric population, and increasing awareness about beauty devices. According to the UN publication, “World Population Aging 2017”, Asia is expected to witness a two-fold increase in the aging population, with the population aged 60 years or over projected to increase from 549 million in 2017 to nearly 1.3 billion by 2050. Moreover, availability of leading brand and introduction of less expensive beauty devices in the region tends to attract the end users to adopt these devices for various grooming purposes. Furthermore, increasing urbanization also plays a significant role in the growth of the beauty devices in this region.
On the other hand, North America was the largest market for beauty devices during the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the high disposable income, increase in the demand of natural and organic products, growing appearance consciousness, and greater adoption of technologically advanced beauty devices in the region. Increasing use of technology with beauty products has piqued the interest of market players to invest in this industry, which, in turn, is positively impacting the growth of beauty devices market.
The beauty devices market is fragmented in nature, and Koninklijke Philips N.V., The Procter & Gamble Company, YA-MAN Ltd., Syneron Medical Ltd., L’Oreal SA Panasonic Corporation, Nu Skin Enterprises Inc., MTG Co. Ltd., Carol Cole Company, Home Skinovations Ltd., TRIA Beauty Inc., Lumenis Ltd. are some of the major players engaged in the manufacturing and commercialization of beauty devices.
In the recent years, major players in the beauty devices market have taken several strategic measures such as product launches, mergers and acquisitions, and geographical expansions to gain a competitive edge in the industry. For instance, in March 2018, L'Oréal completed its previously announced acquisition of ModiFace Inc., a provider of augmented reality and artificial intelligence applied to the beauty industry. This acquisition is in line with L'Oréal's digital acceleration strategy to provide the group's 34 international brands with the most innovative technologies in terms of services and beauty experience.
Furthermore, in January 2018, L’Oréal SA introduced UV Sense, the first battery-free wearable electronic UV sensor, at the 2018 Consumer Electronics Show (CES). The company changed the consumers sun safety behavior through new UV Sense that offers longer wear and real-time data. Similarly, in January 2018, Carol Cole Company Inc. launched NuBODY, the first-ever, United States Food and Drug Administration (USFDA)-cleared microcurrent beauty device for the body. NuBODY is specially engineered to deliver a flow of targeted microcurrent to the larger and denser areas of the body. Its Micro-4 technology could target stubborn areas, such as arms, stomach, thighs and others, to help smooth away the look of dimpled, uneven skin.
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