According to a recent research report published by P&S Intelligence, the global beauty devices industry was growing at a brisk rate during the historical period and it is expected to grow at the same pace during the forecast period as well. Rising incidence of skin diseases, surging disposable income, growing geriatric population, increasing appearance consciousness and awareness about beauty devices, and growing prevalence of hormonal disorders are the various factors driving the growth of this industry.
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Globally, aging population is playing a major role in the growth of the beauty devices market. Old age is associated with the loss of fibrous tissue and reduced vascular and glandular network in the layers of the skin. The appearance and characteristics of skin alters, leading to wrinkles, dryness, pigmentary alteration, and sagging. Anti-aging products and devices help in reducing aging marks, lending a younger look to a person by revitalizing and tightening the skin. Developing countries, such as India and China, are expected to have a larger geriatric population base, as compared to the developed countries, such as the U.S. 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. This rising aging population across the globe leads to increasing adoption of beauty devices, thus, driving the growth of the market.
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Despite the market growing at such a rapid pace, few barriers are still threatening the growth of the beauty device market. The high cost of beauty devices is a major restraint. The high cost of beauty devices makes them less affordable, leading to their restricted adoption in developing countries, thereby impeding the growth of the market. Various technological advancements taking place in the beauty devices products, to provide best possible treatments to the customers, have led to high prices of these products.
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