The global beauty devices market was valued at USD 42.2 billion in 2020 and is expected to reach USD 121.2 billion by 2027. 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. The beauty devices market is poised to grow at a CAGR of 18.4% during the forecast period (2021-2027).
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 include 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.
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Salon and spas are the largest end-user category for beauty devices globally due to the increasing awareness among consumers and also increasing disposable income. The fastest growth in demand for beauty devices is witnessed for at home devices. 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.
North America accounted for the major share in the beauty devices market in 2018 as the players in the region are continuously developing technologically advanced products with high quality. Moreover, the purchasing power of the North American people is significantly higher as compared to other regions across the globe; therefore market players manufacture premium products for the demographic.
The Asia-Pacific beauty devices market 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 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.
Key players in the beauty devices market are investing in the development of at home and handheld devices, which is strengthening their position in the market. Also, the local players in Asia-Pacific are investing on the development of compact, cost-effective, and technologically advanced beauty devices for at home use.
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 are some of the key players operating in the beauty devices industry.
Source: VynZ Research