Beauty Devices Market
Global Market Study on Beauty Devices: Technological Advancements and Innovation Driving Market Growth
Beauty Devices Market Segmented By Hair Growth Devices, Acne Removal Devices, Rejuvenation Devices, Skin Derma Rollers, Hair Removal Devices, Cleansing Devices, Oxygen and Steamer Devices, Light/LED Therapy and Photo Rejuvenation Devices, Cellulite Reduction Devices
The beauty devices market report published by Persistence Market Research has predicted the market value to top US$ 80 Bn by the end of 2031. This analysis also expects the market to expand at a CAGR of more than 15% over the forecast period of 2021-2031. The market in Japan is expected to surge at a higher CAGR than the global average, at 19%, over the next ten years.
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Key Insights Covered in Beauty Devices Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on beauty devices and how to navigate
- Recommendation on key winning strategies
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New Trends in the Beauty Devices Space
With the rising trend of looking good, demand for beauty devices is also growing in parallel. Increasing awareness with rising beauty standards has been propelling the market to new heights.
The trend of beauty is reaching new standards as time goes by. Adoption of new beauty trends has led to the launch of new home appliances that are creating a buzz in the beauty devices market.
- Skin Authority, a beauty brand, recently launched a new line of consumer-facing air filtration devices, called Air Beautification Filtration & DefenderPro. This was previously only available for professional use, but now has been made available to regular consumers as well via the company’s DTC website.
The launch of this new lineup is expected to spur competition in the market, as brands such as Hey Dewy and Canopy have also previously launched similar products.
L’Oréal Travel Retail America will be unveiling Valentino Beauty’s flagship counter for the first time after its acquisition back in 2019. This will be made possible by partnering with International Shoppes, and the counter will be unveiled at John F. Kennedy International Airport (JFK) Terminal 1.
Similar ventures are expected to boost the sales of beauty products and devices, and drive market growth over the coming years.
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Growing prevalence of skin and hair problems, viz. photo aging of hair and skin, is rising due to extreme exposure to UV radiation and pollution, which results in hair loss, reduced skin elasticity, and sunburns is fueling the market demand for beauty devices. Several other factors due to which skin diseases are caused include environmental pollution, tobacco use, excessive alcohol consumption and ultraviolet radiation.
Skin diseases incidence is also rising owing to infections caused by bacteria, viruses, and fungi. The global market for beauty devices is expected to reach revenue worth US$ 80 Bn by the end of 2031, while expanding with an impressive CAGR of over 15% globally.
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Key Market Dynamics
One major driver of global market for beauty devices is the aging population as old age is related with loss of fibrous tissues and a reduced glandular and vascular network in the skin layers. Also in elderly population, the characteristics and appearance of the skin gets altered leading to dryness, sagging of the skin, wrinkles, and pigment alteration.
Additionally, products and devices for anti-aging helps in giving younger look and reducing skin aging by tightening and revitalizing the skin which further fuels the market demand for beauty devices.
However, certain side effects related with usage of beauty devices viz. scarring, postoperative erythema, ecchymosis, superficial burns, and edema is hindering the market growth of beauty devices. Also, certain risks related with photo rejuvenation devices including discomfort, bruising, excessive swelling, and fragile skin, as well as blistering acts as key restraints for the market growth of the global beauty devices.
The global market for beauty devices is categorized into usage area, and type. On the basis of usage area the global market for beauty devices comprises of spas at home, salons, and others. On the other hand, type comprises of hair growth devices, acne removal devices, rejuvenation devices, skin derma rollers, hair removal devices, cleansing devices, oxygen and steamer devices, light/LED therapy and Photo rejuvenation devices, cellulite reduction devices, and others.
Based on geographical region, the global market for beauty devices is segmented into North America, Europe, Asia, Latin America and Rest of the World (RoW).
- North America is expected to remain dominant in the global beauty devices market owing to availability of advanced devices and large no. of aging population.
- Asia is projected to indicate high growth rates in the coming five years in the global market for beauty devices. India and China are anticipated to grow fast in the Asian market for beauty devices. In addition, the beauty and personal care market in China are also growing due to the rapid economic development in the country.
- Growing awareness about beauty devices is one of the major factors driving market growth in the North American region.
- The U.K. is expected to hold more than 32% market share in the European market in 2021, and is expected to grow at the fastest CAGR over the forecast period.
Key Market Players
Some of the key players in beauty devices market include Nu Skin Enterprises Inc, PhotoMedex Inc, Syneron Medical Ltd, Panasonic Corporation, Procter & Gamble, L’Oréal Group, TRIA Beauty Inc, Koninklijke Philips N.V., Carol Cole Company, Home Skinovations Ltd, among others.
These leading companies have bagged the majority of the global market for beauty devices, entrance of new companies is projected to rise the level of competition in the coming years. Moreover, companies that are leading the market and as well as new entrants are endeavoring harder to proffer quality products for maintaining their industry standards in the global market for beauty devices.