Around the world, the geriatric population is booming, prevalence of skin issues is rising, and spending power of people is increasing. In addition, hormonal disorders are becoming common, and people are rapidly becoming conscious about how they look. All these factors are together predicted to propel the global beauty devices market at a 19.7% CAGR during 2020–2030 (forecast period); the market garnered $47.4 billion in revenue in 2019.
Beauty Devices Market Segmentation
The light-emitting diode (LED) therapy and photorejuvenation classification would witness the fastest growth in the beauty devices market during the forecast period. This is attributed to the swift uptake of such devices for treating pigmentation, blemishes, sun-induced freckles, wrinkles, fine lines, and age spots. Furthermore, such devices are also finding widespread adoption in at-home settings, which is further driving the advance of this classification.
During the historical period (2014–2019), the salon category generated the highest revenue in the beauty devices market, on account of the growing footfall at such establishments for the treatment of acne and scars. Moreover, salons are mushrooming across the world, which is another reason for the dominance of this category on the market.
In the coming years, the growth of the beauty devices market would be the fastest in Asia-Pacific (APAC), as a result of the rising disposable income and increasing prevalence of dermatological issues in the region. In addition to this, the awareness about the array of beauty devices available is rising, as is the population of the elderly and incidence of hormonal disorders. As per the World Population Ageing 2019 report, APAC, including Southeast and East Asia, is home to the largest number of elderly people in the world, and the situation would be the same till 2050.
Market Players Engaging in Partnerships to Enhance Business Growth
Numerous beauty devices market players have entered into partnerships in the past, to utilize each other’s technical expertise, product portfolio, customer pool, marketing strategies, and geographical presence.
For instance, in February 2019, Spectrum Brands Holdings Inc. announced a multi-year global partnership with Manchester United plc, for the former’s Remington personal care brand. With this partnership, Spectrum became the British football club’s official Electrical Styling Partner.
Browse report overview with detailed TOC on "Beauty Devices Market Research Report: By Type (Hair Removal, Cleansing, Acne Treatment, LED Therapy and Photorejuvenation, Oxygen/Facial Steaming, Hair Growth, Dermarolling, Cellulite Reduction), Usage (Salon, Spa, At-Home) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/beauty-devices-market
In the same vein, also in February 2019, Amorepacific Corporation and A.S. Watson Group signed a memorandum of understanding (MoU), leveraging which the former company expanded its business in numerous countries of Europe and Asia.
Lumenis Ltd., Panasonic Corporation, TRIA Beauty Inc., Nu Skin Enterprises Inc., Carol Cole Company Inc., Home Skinovations Ltd., Candela Corporation, L’Oréal SA, MTG Co. Ltd., YA-MAN LTD., LightStim, Koninklijke Philips N.V., Conair Corporation, Spectrum Brands Holdings Inc., and Amorepacific Corporation are the most prominent companies operating in the global beauty devices market.