Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Beauty Device Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012 – 2022”, estimates that the global market for beauty devices is expected to reach the market value of over $79 billion by 2022 and it is expected to grow at a CAGR of around 19% during 2016 – 2022. Owing to the rising geriatric populace, expanding incidences of skin disorders and high disposable income are the main considerations driving the development of beauty devices market, globally. Introduction of innovative products, increasing utilization of electronic beauty devices and rising inclination of consumers towards easy to use at home beauty devices are some of the major opportunities for this market growth.
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Increasing Geriatric Population to Have High Impact on Beauty Devices Market
Globally, aging population plays a major role in the growth of beauty devices market. Old age is associated with loss of fibrous tissue, and reduced vascular and glandular network in the layers of skin. In the elderly population, the appearance and characteristics of skin gets altered, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. In addition, anti-aging products and devices help in reducing skin aging, thus giving a younger look to a person by revitalizing and tightening the skin. The developing countries such as India and China are expected to have a larger geriatric population base compared to developed countries such as the U.S., which creates potential growth opportunities for beauty device manufacturers in Asia–Pacific region.
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Insights on Market Segments
Global beauty devices market is segmented into type of device, and application. Based on different device types, the market is segmented into hair removal device, cleansing device, acne device, light/led therapy and photorejuvenation (LT&P) devices, oxygen & steamer devices, hair growth devices, skin dermal rollers, cellulite reduction devices and others. On the other hand, application segment comprises salon, spa, and at home. The hair removal devices segment dominated the global beauty devices market, and it is expected to retain its dominance by 2022, with around 23% share, globally. Also, the salon application segment was the largest end user of beauty devices globally, and is expected to retain its dominance by 2022.
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North America Held Highest Market Share in 2015, In Terms of Revenue
In 2015, North America held around 50% share in terms of revenue with respect to global home beauty devices market. Various facial therapies and body treatments offered at salons and spas can be done at home, with the help of beauty devices. The demand for at home devices is increasing due to their ergonomic designs and portability. Home-based treatments are less costly, convenient, and can be availed within the privacy of one’s home. The North American home beauty devices market is growing due to an upsurge in aging population and availability of advanced devices in the region. According to the United Nations publication, ‘World Population Ageing 2015’, in North America, the population of people aged 60 years and above was approximately 74.6 million in 2015, and the number is estimated to reach approximately 104.8 million by 2030. In addition, the increased awareness about potential applications of beauty devices in the treatment of skin and hair diseases is expected to contribute to the growth of beauty device market in North America.
Among the players operating in the global beauty devices market, some profiled in the report include Panasonic Corporation, PhotoMedex, Inc., Nu Skin Enterprises, Inc., Home Skinovations, Ltd., Carol Cole Company, L’Oréal Group, Procter & Gamble Company, Koninklijke Philips N.V., Tria Beauty, Inc., Syneron Medical, Ltd., and others.
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