Cosmetics and aesthetics play a huge role in the way we perceive beauty. The usage of beauty products can be traced back to ancient civilizations such as the Egyptian one which in the shows usage of eyeliner on Nefertiti’s bust. Many other civilizations designed their own cosmetics until the invention of complex chemical compounds and technology that offer us a plethora of beauty products and devices.
Beauty devices are used at salons, spas, at home for various reasons such as cleansing, steaming, skin rejuvenation, and many such processes. These devices not only enhance the skin complexion but also help in dealing with several skin conditions and diseases. Over the years, these devices have contributed greatly to the field of dermatology and personal care. Right from rectifying acne prone skin condition to making skin look younger, the global beauty devices market has definitely earned a place of itself in the world economy.
Components of Global Beauty Devices Market
The global beauty devices market can be segmented on the basis of acne elimination devices, facial and body toning devices, cleansing and cellulite reduction devices, facial rejuvenation devices, hair removal devices, and other such applications. In terms of geography, the global beauty devices market is divided into major regions such as North America, Europe, Asia Pacific, and Rest of the World. The biggest segment for the global beauty devices market is the North American and the European region.
Ugly Truth about Global Beauty Devices Market
Despite the persistent bombardment of beauty products and changing perception of beauty, the global beauty devices market faces some major restraints. Strict government regulations, relatively poor investment in manufacturing of these products, especially in the emerging economies, and lack of awareness about cosmetic changes and skin diseases is gravely affecting the growth of this market. The high cost of certain cosmetic procedures is also one of toughest challenge for the global beauty device market.Additionally, substitute and easy-to-use beauty products are also hampering the growth of the global beauty devices market.
Future of Global Beauty Devices Market
The global beauty devices market was valued at US$19,389.1 million in 2014 and is expected to grow to US$ 54,186.9 million in 2020, growing at a CAGR of 18.7% in the forecasted period. North America is the largest market for beauty devices. The key growth drivers for the global beauty devices market are aging population that is eagerly looking for cosmetic changes, increasing disposable income that has led to generous spending on personal care, growing incidences of skin diseases due to dangerous ultraviolent radiation and pollution, and powerful branding ideas and product positioning by beauty devices’ companies.
The popular segments of the global beauty devices market is the hair removal devices segment. The phenomenal growth of this segment is being fueled by more and more people looking at removing body hair. The hair removal devices remove reduce or remove the unwanted hair without any damage to the surrounding skin and painlessly too. Due to these two big advantages of hair removal devices this segment was valued at US$3,706.1 million in 2014 and is expected to reach US$10,977.5 million by 2020. The growth in this segment will be measured at CAGR of 19.8% in the forecasted period.
Geographically, Asia is experiencing growth at a fast pace as multinational companies continue to this region, good investments, and a huge population base. In terms of usage area, the at-home devices segment will witness a significant growth in the coming five years. In addition to this, light or LED therapy and photorejuvenation devices will account for fastest growing type of beauty devices.
Some of the big players changing the face of the global beauty devices market are L’Oréal Group, Ltd., Nu Skin Enterprises, Inc., Home Skinovations, TRIA Beauty, Inc., Syneron Medical, Ltd., Panasonic Corporation, PhotoMedex, Inc., Koninklijke Philips N.V., Carol Cole Company and Procter & Gamble. The future of the global beauty devices market will largely depend on the growth strategies, financial outlooks, and research and development of these companies.
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