The beauty devices market was valued at $33.5 billion in 2017 and is projected to reach $96.9 billion by 2023, progressing at a CAGR of 19.4% during the forecast period (2018–2023). Among the type of devices, the hair removal device category held the largest share in the market during the historical period.
Historically, the market witnessed the fastest growth in the category of light/LED and photorejuvenation devices. The market growth is mainly driven by growing use beauty devices for the treatment of blemishes, pigmentation, wrinkles, fine lines, age spots, and sun-induce freckles.
The ease of using beauty devices at-home is a key trend observed in the beauty devices market
Increasing utilization of electronic devices and growing inclination of consumers toward easy to use home beauty devices are some important trends observed in the beauty devices market. This is mainly attributed to the higher convenience and automation of beauty devices when compared to the manual ones. In addition, it consumes less time. For instance, ZIIP Beauty developed a handheld electronic device for face cleansing which comprises a combination of micro and nano currents that rejuvenates the skin. Furthermore, increasing launch of new and innovative beauty products is assisting dermatologists and clinicians to treat various skin diseases.
The beauty devices market is likely to witness significant growth in the coming years mainly due to surge in geriatric population
Globally, surge in geriatric population has led to high expenditure on personal and beauty care products, which is driving the growth of beauty devices market. Developing countries, such as India and China, are expected to have a larger geriatric population base as compared to the developed countries. According to the United Nations Department of Economic and Social Affairs (UNDESA), the population of individuals above 60 years of age in China would be 437 million, 324 million in India, 107 million in the U.S., and 58 million in Brazil, by 2050. Furthermore, growing appearance consciousness and awareness about beauty devices is increasing the demand of beauty devices across the globe. For instance, Light/LED therapy and photorejuvenation devices help in removing pigmentation and dark spots and tightens the skin. Therefore, the surge in appearance consciousness among both genders coupled with easy availability and application of beauty devices is driving the market growth.
Segmentation Analysis of Beauty Devices Market
Geographical Analysis of Beauty Devices Market
Together, North America and Asia-Pacific (APAC) are expected to account for over 70% share in the global beauty devices market by 2023. This can be mainly attributed to the high disposable income, appearance consciousness, escalating geriatric population, and growing prevalence of hormonal and skin disorders, in these regions.
Other geographies which include, Europe, Latin America (LATAM), and Middle East and Africa (MEA), also hold considerable shares in the global beauty devices market on account of rising incidence of skin diseases, surging geriatric population, and increasing inclination of consumers toward easy to use at-home beauty devices.
Competitive Landscape of Beauty Devices Market
Koninklijke Philips N.V., The Procter & Gamble Company, YA-MAN Ltd., Syneron Medical Ltd., L’Oreal SA Panasonic Corporation, TRIA Beauty Inc., Lumenis Ltd. are some of the major players operating in the global beauty devices industry.
In May 2018, L’Oreal SA (L'Oréal) announced the 100% acquisition of Nanda Co. Ltd., a Korean lifestyle make-up and fashion company founded by Kim So-Hee in Seoul in 2004. With this acquisition, L'Oréal has planned to expand the sales of 3CE cosmetics brand internationally. Furthermore, in April 2017, Lumenis Ltd. launched the PiQo4 laser technology for tattoo removal and pigmentation. It offers dual Nano + Pico technology, a combination of energy types that offer an effective treatment to maximize the results.
Some other important players operating in the beauty devices market are Nu Skin Enterprises Inc., MTG Co. Ltd., Carol Cole Company, and Home Skinovations Ltd.
Browse report overview with detailed TOC on "Beauty Devices Market by Type of Device (Hair Removal, Cleansing, Acne, Light/LED Therapy & Photorejuvenation, Oxygen & Steamer, Hair Growth, Dermal Rollers, Cellulite Reduction), by Usage (Salon, Spa, At-Home), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Benelux, Russia, Switzerland, Turkey, Poland, 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, Oman, Kuwait, Qatar, Bahrain) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/beauty-devices-market
BEAUTY DEVICES MARKET SEGMENTATION
Market Segmentation by Type of Device
Market Segmentation by Usage
Market Segmentation by Geography