The global beauty devices market was valued at $50,814.4 million in 2020, and it is expected to reach $311,039.3 million in 2030, witnessing a CAGR of 20.6% during the forecast period (2021–2030). The major factors behind the growth of the market are the increasing appearance consciousness, surging awareness about beauty devices, rising prevalence of skin diseases, growing geriatric population, rising disposable income, and escalating prevalence of hormonal disorders.
Due to the COVID-19 pandemic, global manufacturing facilities, including those of beauty devices, were affected owing to the lockdowns across the world. Moreover, due to the continuous spread of the coronavirus, market players, as well as governments of most of the countries, were affected. As a result, the sale of beauty devices had witnessed a negative impact in the short run (till the third quarter of 2020), thus leading to a reduction in the market growth rate. However, the demand for beauty devices resurged after the resumption of manufacturing operations, lifting of lockdowns, reopening of salons, and streamlining of imports and exports.
The beauty devices market is categorized into hair removal, cleansing, acne treatment, LED therapy and photorejuvenation, oxygen/facial, hair growth, dermarolling, cellulite reduction, and others, on the basis of type. Among these, the LED therapy and photorejuvenation category dominated the market during the historical period (2015–2020), and it is expected to retain its dominance during the forecast period. This is mainly because these devices are useful in treating a wide range of skin issues, including blemishes, wrinkles, pigmentation, sun-induced freckles, fine lines, and age spots.
Furthermore, on the basis of usage, the beauty devices market is categorized into salon, spa, at-home, and others. Out of these, the salon category is expected to witness the fastest growth during the forecast period. This would primarily be due to the rising prevalence of androgenetic alopecia and increasing appearance consciousness among people.
Geographically, North America was the largest contributor to the beauty devices market in 2020. This is mainly attributed to the increase in the demand for natural and organic products owing to the rise in the disposable income, escalating geriatric population, increasing appearance consciousness and awareness about beauty devices, and strong digital marketing of such products by key players.
Asia-Pacific (APAC) is expected to be the fastest-growing market for beauty devices during the forecast period, primarily due to the increasing urbanization rate. This, accompanied by the increasing disposable income, offers a wide scope for the adoption of social networking platforms and leads to the risingconcern regarding physical appearance among people, thereby driving the use of beauty devices.
Players in the beauty devices market are involved in partnerships and facility expansions to gain a significant position. For instance, in May 2020, Amorepacific Corporation announced plans to enter into a partnership with Rationale Group LLC based in Australia. Through this partnership, Amorepacific Corporation expanded its production base and strengthened its retail network in the country.
Similarly, in December 2019, Amorepacific Corporation established the Amorepacific X TMIC Innovation Plant, in partnership with Alibaba Group, to expand its customer reach.
The major players operating in the global beauty devices market include 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., and Koninklijke Philips N.V.