The global beauty devices market was pegged at USD 33.2 billion in 2017 and is projected to grow at a CAGR of 18.3% during the forecast period. The factors contributing to the growth of the market include the rise in the prevalence of skin disorders, increasing rate of hormonal imbalance cases, an increase in the geriatric population, and growing awareness for beauty devices. The launch of at-home LED therapy devices is the latest trend observed in the market, while the high cost of beauty devices constraints the growth of the industry, globally.
The market for beauty devices is led by hair removal products and its market growth is driven by the increasing prevalence of hormonal imbalance cases, especially in women population. The number of polycystic ovary syndrome (PCOS), has witnessed an increase in growth on a global level, which is a common cause of facial hair growth among women suffering from PCOS. Availability of a large number of variance for the hair removal devices also contributes to its large share in the global beauty devices market.
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The major end user to the global beauty devices market is salon and spa, whereas, the rising number of at-home beauty devices are expected to witness a promising growth during the forecast period. The industry players are focused on the development of products that serves its consumers at the convenience of their home, without compromising the product’s efficacy.
The beauty devices market is poised to grow at CAGR of 18.3% during the forecast period (2018-2024). Asia-Pacific beauty devices industry is expected to witness a significant growth at a high CAGR of 19.8% during the forecast period. The growth is driven by the rising number of local players in the regional market, the large consumer base, and the increase in number of salon and spas. The demand for beauty devices in countries such as China, India, and Korea is high, due to the large discerning consumer base. This also provides an opportunity for market players to expand their global presence and invest in these countries to increase their overall market share.
Additionally, most of the local players in the region are investing on the development of compact, cost-effective, and technologically advanced beauty devices that will stimulate the growth of the Asia-Pacific beauty devices market in the coming future.
The key players of the beauty devices industry include Panasonic Corporation, L’Oreal SA, Photomedax Inc., The Proctor & Gamble Company, Koninklijke Philips N.V. The market players for beauty devices are investing in the development of innovative and cost-effective products to target large pool of consumers. For instance, in February, 2018, The Proctor & Gamble Company brand Gilellette Venus expanded its product portfolio with the launch of three new hair removal products, namely Venus Platinum Extra Smooth, Venus Face Perfection, and Venus Bikini Precision at prices $12.99, $34.99, and $19.99 respectively.
The companies are also collaborating with other industry players toattainlarge market shareinfuture. Some of the other players include Home Skinovations Ltd, Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc.
Global Beauty Devices Market Coverage
Type Insight and Forecast 2014-2024
• Cleansing Devices
• Hair Removal Devices
• Skin Dermal Rollers
• Acne Devices
• Light/LED Therapy and Photo Rejuvenation Devices
• Oxygen and Steamer Devices
• Hair Growth Devices
• Cellulite Reduction Devices
End-User Insight and Forecast 2014-2024
• Beauty Clinics
• Spas and Salons
• at Home
Beauty Devices Market by Region
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
Rest of the World (RoW)
• Saudi Arabia
• South Africa