U.S. Beauty Devices Market to Generate Revenue Worth $99,468 Million by 2030
- Published: November 2021
The growing number of product launches and approvals, proliferating geriatric population, rising disposable income of people, and early adoption of advanced technologies are the major growth drivers for the U.S. beauty devices market. Due to the aforementioned factors, the industry is projected to generate $99,468.0 million revenue in 2030, advancing at a CAGR of 19.6% during the forecast period (2021–2030).
The pandemic has had a negative impact on the market growth, as the supply of raw materials were severely affected because of the restrictions by governments on domestic and international trade, on the suggestion of the World Health Organization (WHO). In addition, the COVID-19 situation forced thousands of companies to throttle down or temporarily shut down assembly and manufacturing in major countries, including China, the U.S., and Germany. This led to the decreased production of raw materials and components for the devices, thereby resulting in reduced availability and sales of the final products, particularly in the first two quarters of 2020.
At-Home Category To Witness Highest CAGR during Forecast Period
The beauty devices market is categorized into salon, spa, at-home, and others, on the basis of usage. Out of these, the at-home category is expected to witness the fastest growth during the forecast period. The easy availability of several portable and easy-to-use beauty devices for hair removal, acne reduction, and skin rejuvenation is making the population more inclined toward using them for at-home treatments.
The beauty devices market of the U.S. is also categorized into hair removal, cleansing, acne treatment, light-emitting diode (LED) therapy and photorejuvenation, oxygen/facial steaming, hair growth, dermarolling, cellulite reduction, and others, on the basis of type. Among these, hair removal devices dominated the market during the historical period (2015–2020), and they are expected to retain their dominance during the forecast period. Their increasing adoption is due to the escalating prevalence of hormonal problems and polycystic ovary syndrome (PCOS) among women.
Mergers and Acquisitions Are Most-Effective Strategic Measures
Players in the U.S. beauty devices market have been involved in mergers and acquisitions to earn a competitive advantage. For instance, in September 2018, Candela Corporation acquired Ellipse, a Danish medical device company that manufactures and markets IPL and laser-based platforms for a wide variety of medical and aesthetic skin treatments.
Similarly, in May 2018, L’Oreal SA 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 SA expanded the sales of products of its 3CE cosmetics brand internationally.
The major players operating in the beauty devices market of the U.S. are 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., Koninklijke Philips N.V., LightStim, Spectrum Brands Holdings Inc., Conair Corporation, Amorepacific Corporation, Project E Beauty, Dr. Dennis Gross Skincare LLC, Beauty Bioscience Inc., FOREO AB, Cyden Limited, Alma Lasers Ltd., Jeisys Medical Inc., and The Procter & Gamble (P&G) Company.