|Status : Published||Published On : Mar, 2019||Report Code : VRHC1193||Industry : Healthcare||Available Format :||Page : 131|
The Asia-Pacific beauty devices market is expected to grow at a CAGR of 21.1% during the forecast period with its market size predicted to reach USD 36.9 billion by 2024. The Asia-Pacific beauty devices market is primarily driven by factors such as increasing geriatric population, increasing prevalence of skin diseases, increasing awareness for personal and beauty care, increasing the prevalence of hormonal disorders. Cellulite reduction devices, hair removal devices, acne devices, cleansing devices, light/led therapy and photo rejuvenation devices are the major contributor to the beauty devices industry in the region.
Insight by Type
On the basis type of devices, the market is categorized into cellulite reduction devices, hair removal devices, acne devices, cleansing devices, light/led therapy and photo rejuvenation devices, hair growth devices, oxygen and steamer devices, skin dermal rollers and others. Among the various type of beauty devices, hair removal devices hold the largest share in the market due to the increasing awareness regarding hair fall and the availability of a wide range of hair removal devices, such as trimmers, clippers, epilators, and shavers.
Insight by End User
The primary end users of beauty devices in the Asia-Pacific are beauty clinics, spas and salons, and at home users. Among all end users, the spas and salons are estimated to account for the largest share of the Asia-Pacific beauty devices market size in 2018. The demand for beauty devices is anticipated to remain the largest in the spas and salons due to the large consumer base opting for personal and beauty care at spas and salons. Also, with the technological advancements and development of hand-held devices, the demand for at home beauty devices is expected to increase significantly during the forecast period.
Rapidly growing personal care industry, increasing prevalence of skin disorders, increasing geriatric population, increasing awareness for the personal and beauty care, increasing prevalence of hormonal disorders are the primary growth drivers for the Asia-Pacific beauty devices industry. The disposable income in the emerging economies such as China and India has increased over the years, which has increased the affordability of beauty devices for at home uses as well as affordability for personal care and beauty care services. For instance, as per the World bank data, the GDP per capita of India was USD 447.01 in 2001, which increased to USD 1,942.1 in 2017. Similarly, the GDP per capita of China was USD 1,053.11 in 2001 which increased to USD 8,826.99 by 2017.
The geriatric population is prone to several skin problems such as acne, wrinkles, aging spots and hair loss. Increasing geriatric population in the region especially in China and Japan has fueled the demand for beauty devices. As per the World Bank, 16.98% population of Japan and 6.91% population of China was aged 65 or above, and the percentage increased to 27.05 % and 10.64% respectively by 2017.
The high cost of branded products and development of counterfeit products are the key challenges in the Asia-Pacific beauty devices industry. In Asia-Pacific, several branded products are being counterfeit leading to the negative opinion about branded products, which is a major concern for industry players.
Geographically, China is the largest beauty devices market in the region owing to the aging population, high prevalence of skin diseases, and high disposable income. The demand for premium beauty devices is increasing rapidly in Japan due to the high per capita income in the country and high aging population. India is the fastest growing beauty devices market among Asia-Pacific countries. India is home to the largest young population which are getting aware for personal care and beauty care. This population segment Is the most lucrative market for industry players, thus offering immense growth opportunities for the Indian market.
Some of the players operating in the Asia-Pacific beauty devices industry are Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Lumenis Ltd., Syneron-Candela, and TRIA Beauty, Inc.
Primary Research Interviews - Breakdown