Beauty devices are instruments or apparatus used for cosmetic purposes for the physical enhancement of its customers. The global beauty devices market was valued at USD 33.2 billion in 2017. Several devices such as 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, contributes to the beauty devices market size. The significant growth in the beauty devices industry is imputed to the rise in prevalence of skin disorders, increasing rate of hormonal imbalance cases, increase in the geriatric population, and growing awareness for beauty devices.
Insight by Device
Among the various devices, hair removal devices are the largest contributor to the revenue generated in the global beauty devices market. The largest share of hair removal devices owes to the rising number of hormonal imbalance cases, specifically worldwide prevalence of polycystic ovary syndrome (PCOS), the most common hormonal disorder among women leading to facial hair growth. The availability of range of hair removal devices, such as trimmers, clippers, epilators, and shavers provide the consumers with wide options for selection and are indicative for the largest share of the device.
The innovation in light/led therapy and photo rejuvenation devices holds a promising growth in demand during the forecast period. The light/led therapy and photo rejuvenation devices addresses wide range of skincare issues, such as wrinkles, dark spots and acnes leading to the high growth in demand of these devices in future.
GLOBAL BEAUTY DEVICES MARKET SHARE, BY END USER (2017)
Insight by End User
Salon and spa is the major share holder based on end user for beauty devices market. The category’s large size is due to the increase in number salon and spa on a global level. Also, the increase in disposable income among emerging economies, and awareness to beauty treatments are expected to contribute to its large size. Further, the at home class of end user is expected to witness fastest growth in demand during the forecast period, due to the large availability of products with easy to use interface are gaining popularity among customers supporting at home facility.
The market for beauty devices observes a growing trend for at-home LED therapy devices used to prevent acne and enhance collagen production thereby targeting age related skin problems. The increasing prevalence of skin conditions, in addition to the increasing rate of hormonal imbalance cases, are the primary factors driving the growth of the global beauty devices industry. The rise in cases of skin conditions is also attributed to the rise in number of ageing population.
Hair loss condition is one the common skin condition that is associated to ageing population and hormonal imbalance. According to the American Hair Loss Association, Androgenetic Alopecia or common male pattern baldness (MPB) accounts for more than 95% of hair loss in men. Additionally, common causes for female baldness includes ageing, hormonal imbalance leading to PCOS, medication and other illnesses. There has been growing awareness towards beauty devices in both the developed and developing economies that will drive the growth of the overall global beauty devices during the analysis period.
The devices available in the market are costly, that restrain the growth of the global beauty devices market. With the increasing research and development activities and development of technologically advanced and had held devices, the cost for these devices is also increasing. The cost of these devices has been the key challenge before the market players, as these players have to ensure the maximum profit without having any negative impact on the affordability of these devices.
The market observes entry of local industry players, especially in developing economies of Asia-Pacific, creating threat of new entrants in the global beauty devices market. The new players are leveraging market growth through launching innovative and advanced devices at low cost, which leads to material injury to existing market players.
Geographically, North America is the largest beauty devices market, globally. This contribution is due to the demographic drift towards increasing ageing population, and awareness to the available treatment options. The North American market is also driven by the surge in prevalence of skin conditions, such as acne, psoriasis, and rosacea. According to the American Academy of Dermatology, acne is the most common skin condition, affecting up to 50 million Americans annually.
GLOBAL BEAUTY DEVICES MARKET SHARE, BY REGION (2017)
Moreover, the beauty devices industry is expected to be driven by emerging economies of Asia-Pacific, such as China, India, and Korea. This exhibits large revenue generation opportunity in these countries as the increase in consumer base and the growing number of salons and spas across the region.
Market players in the beauty devices industry are enhancing their market share through collaborations, focusing on the development of products with advance features. The global beauty devices market include large share of contribution from companies that include Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc.