Beauty Devices Market is expected to reach 90.0 Billion USD growing at a CAGR of 19.2% by Planet Market Reports
Global Beauty Devices Market Outlook
Market Overview
The use of devices for enhancing beauty and improving physical experience has been on the rise lately, owing to several factors such as global rise in aging population, especially in Asia, rising consumerism and consciousness among people to look attractive. A wide variety of beauty devices are currently available in the global market. The convenience these devices provide in terms of easy handling boost their popularity among the consumers. Rising incidences of infections and skin and hair related problems further bolster the beauty device market growth.
Beauty devices are being used by both commercial beauty establishments like salons and spas, as well as at home. The increased need of the old to look young, and of the young to look attractive, fuelled by the rise in personal disposable incomes further gives a major boost to global beauty devices market. Advancement in beauty devices offers compactness and low cost availability of products which are fostering the demand for beauty devices for various applications.
Market Segmentation
On the basis of Product Type
Skin Care
Cleansing Devices
Light/LED and Photo rejuvenation Therapy Devices
Skin Derma Rollers
Cellulite Reduction Devices
Other Skincare Devices
Hair Care
Hair Removal Devices
Hair Styling Devices
Oral Healthcare Devices
On the basis of Application
On the basis of End User
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On the basis of Region
Market Size and Forecast 2016-2024
The market of beauty devices is expected to reach USD 90.0 billion by 2024, growing at a CAGR of 19.2% over the forecast period.
Hair removal devices account for about 30% of the revenue from all types of devices being used, while Light/LED and photorejuvenation therapy devices are expected to showcase the highest CAGR in upcoming years. Usage at salons commands the majority of demand for these devices; on the other hand, demand for home use is expected to spurt at a faster pace in the coming years.
North America region dominates the global beauty devices market for beauty devices in terms of sales and revenue, while Asia-Pacific, with special emphasis on India and China, is set to witness the highest growth rates during the forecast period i.e. 2016-2024. This can be attributed to the highest predicted percentage of elderly population in Asia-Pacific region, compared to the rest of the world. Moreover, the rapid economic development along with large consumer base is expected to drive the growth of beauty device industry.
Key Drivers and Challenges
Rise in aging population, increasing consciousness towards physical appearance, rising disposable incomes and consumerism are the key factors driving the growth of beauty devices market. Further, global levels of pollution and global warming have risen. Increased exposure to pollution and UV rays is causing increasing number of infections and skin and hair problems, like skin photoaging, sunburns, skin elasticity reduction, premature aging and wrinkling, and hairloss. The occurrence of Poly Cystic Ovarian Disease and other hormonal issues among women is on the rise. Acne has become a widespread problem, especially in America. Melanoma, a type of skin cancer, is also spreading rapidly throughout, in US. As per the US Centre for Disease Control and Prevention data, invasive melanoma incidence rate was 19.9 for 2008-12. All these factors will further drive demand for skincare beauty devices.
The usage of these devices may lead to several side effects, some of them serious and permanent, like edema, erythema, permanent scarring and pigmentation. Awareness of these risks associated with the usage of beauty devices and radiofrequency treatment act as deterrents for demand, and restrain growth of the industry.
Availability of alternative cheap and traditional products also restraints the growth of beauty devices market to an extent. These may include traditional hair removal methods like shaving instead of electric shavers and epilators, treating blemishes and other skin damage with creams and ointments rather than using devices with radiation, among others.
Market Trends
The ever changing market trends for beauty device market are as follows:
More and more people are inclining towards using beauty devices at home rather than visiting a salon or spa. Easy to use, value for money and faster results are the qualities customers look for when purchasing and using these devices. The usage of apps for booking treatments and getting advice is gaining momentum, though it’s relatively new right now. Using these to monitor real time skin exposure and damage data to customize products for consumers can give the player an edge over competitors, by increasing efficiency of treatment and increasing favorability among customers.
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Key Market Players
The major players of global beauty devices market are as follows:
Market Synopsis
Market Segmentation
The global beauty devices market is segmented as follows:
By Regions
Market Dynamics: Growth Drivers, Restraints and Opportunities
Key Market Players
Porter’s Five Force Model
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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