The Global Beauty Devices Market is set to expand at a CAGR of 7.8 % during the forecast period (2017-2023), reveals Market Research Future (MRFR) in its extensive report. The market is primarily driven by the increasing incidences of skin diseases, surging disposable income, growing geriatric population, increasing appearance consciousness and awareness about beauty devices, and increasing prevalence of hormonal disorders, according to MRFR.
Beauty Devices Market – Key Vendors
Home Skinovations Ltd, TRIA Beauty Inc, Procter & Gamble Co, L’Oreal S.A., Nu Skin Enterprises, Panasonic Corporation, Syneron Medical Ltd, PhotoMedex Inc and Tria Beauty Inc. are some of the key vendors in the global market for beauty devices.
- August 2018 – L’Oréal is set to acquire Logocos Naturkosmetik AG. The company product portfolio boasts of being vegan and bio certified using their own plant extracts and natural ingredients derived from organic farming. With this acquisition, L’Oréal is expected to expand the sales of Logocos Naturkosmetik brands internationally.
Beauty Devices Market – Drivers and Restraints
Awareness about hair and skin related treatments is growing, subsequently leading to surging demand for beauty devices. increasing issues such as reduced skin elasticity, hair loss, and sunburns have increased the market demand for beauty devices. the market is also positively influenced by increased tobacco use, environmental pollution, ultraviolet radiation, and excessive alcohol consumption. Apart from these, number of skin diseases are elevating owing to infections caused by viruses, bacteria, and fungi. Moreover, growing geriatric population, increasing hormonal disorders, high disposable income combined with technological developments have significantly propelled the market growth.
The report also sheds light on the market restraints, namely the high cost of beauty devices. however, with existing companies focusing on unique approaches and innovative technologically advanced devices, there is intense competition among existing market players. Also, emergence of new entrants will directly lead to decrease in prices.
In addition, the growing trend of eco-friendly products and personalized at-home beauty devices is envisaged to provide massive growth opportunities in the coming years. For instance, in June 2018, Qosmedix (U.S), introduced a new eco-friendly tube collection to its extensive packaging line of skincare products.
Beauty Devices Market – Segmentation
The Global Beauty Devices Market is segmented on the basis of type, application, and end user.
By type, the market is segmented into hair care, skin care, oral care, and others. The hair care is sub-segmented into hair removal devices, hair growth devices, hair styling devices, and others. on the other hand, skin care is sub-segmented into light/led and photo rejuvenation therapy devices, cellulite reduction devices, acne removal devices, and others. In hair care, the hair removal devices claim the largest global market share of beauty devices on account of increasing prevalence of polycystic ovary syndrome (PCOS) and hormonal problems among females.
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Application-wise, the market is segmented into commercial purpose and others. Commercial purpose is sub-segmented into salon/spas, hospitals/clinics, and others. With increasing focus on grooming, increasing male population focusing on aesthetic features and strong economic growth, the segment of salon/spas has done remarkably well and will continue to do so in coming years.
By end user, the market is segmented into professional and personalized. Personalized segment is booming on account of the ease of use feature along with convenience associated with using beauty devices in the comfort of home. Growing awareness about usage of such beauty devices enables the consumer to utilize these on their own, without the inconvenience of leaving their home.
Beauty Devices Market – Regional Analysis
The global market for beauty devices is regionally segmented into the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa.
The Americas has secured the first position in the global beauty devices market on the back of well-developed technology, increasing patient with PCOS, rising aging population, and increasing government support for research & development. Moreover, increased R&D activities and the presence of market giants have triggered the growth of the market in this region. Few regions of Latin America are also expected to grow at a faster pace.
On the other hand, Europe stands second in the global beauty devices market due to the government support for research & development and availability of funds for research. This factor is estimated to drive the European market over the review period. For instance, nations in the region such as Germany and France are increasing investment in the healthcare domain, which will have a knock-on effect on the market growth in the region.
APAC is the fastest growing beauty devices market globally because of the presence of rapidly developing healthcare technology, huge patient population, and high healthcare expenditure. Also, growing demand for new treatment methods in countries like India and China is likely to emerge as the fastest growing market across the globe. Furthermore, increasing demand for quality devices in healthcare, is envisaged to increase the use of advanced equipment, in turn, fueling the market growth of the acquired aplastic anemia in the region. China rules the region with the largest market share owing to remarkable economic development and increasing aging population.
Lastly, the Middle East and Africa is anticipating a luxurious growth in coming years based on high awareness among consumers and popularity of beauty devices across all age groups.
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