[b]Global Beauty Device market was worth $27,803 million in 2016[/b]

According to the study, the global beauty devices market is likely to grow from $27.8 billion in 2016 to $94.3 billion by 2023. Increasing prevalence of skin diseases, growing aging population, increasing hormonal disorders and high disposable income are some of the major factors driving the growth of the global beauty devices market. The market is further expected to gain revenue due to increasing hormonal disorders and increasing awareness about beauty devices. Introduction of new beauty devices, increasing utilization of electronic beauty devices and rising inclination of consumers towards easy to use at home beauty devices are some of the major trends observed in the global beauty devices market.

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[b]Insights on market segments[/b]

As per the findings of research, hair removal devices held the largest share in the global beauty devices market in 2016, primarily due to increasing prevalence of PCOS and other hormonal problems among females. The light/LED therapy and photorejuvenation devices (LT&P) market is expected to witness fastest growth during the forecast period. The higher growth for LT&P is attributed to the increasing awareness about advanced features offered by light/LED therapy and photorejuvenation devices for treating wrinkles, blemishes and sagged skin. Among different type of application, salon held the largest share in the global beauty devices market in 2016, due to increasing number of salons. Growing geriatric population, rising prevalence of alopecia, and increasing awareness about beauty treatments is significantly driving the growth of the global beauty devices market in the salons.

[b]North America stands as the largest beauty device market[/b]

Geographically, North America has been the largest market for beauty devices, with the U.S. being the major contributor to the regional market as compared to Canada. The key factor driving the North American beauty device market include increasing aging population and rising prevalence of skin related problems in the region. According to the American Academy of Dermatology, approximately 85% of the population in the U.S. suffers from acne every year. There is a large population of the patients suffering from acne scars in the country.

[b]Increasing hormonal disorders to have high impact on the beauty devices market[/b]

Hormonal disorders are increasing globally due to insufficient sleep, stressful lifestyle, poor diet and lack of exercise. Polycystic ovary syndrome (PCOS) is an endocrine disorder that occurs due to imbalance of hormones in the females, leading to acne and growth of excessive or unwanted hair in females. As reported by NCBI in 2014, PCOS also leads to hirsutism, a condition where hair growth is observed in places which normally occurs for men, such as chin, chest, upper lip, stomach and back. NCBI further reported that hirsutism is a condition of hypoandrogenism and occurs in around 70% women already suffering from PCOS. Androgen alopecia is a hair loss problem observed in both men and women. In case of men it is known as male-pattern baldness. The prevalence of androgenic alopecia and PCOS is increasing globally, thus leading to increased sales of hair growth devices, driving the global beauty devices market.

[b]Key players in the market are collaborating to offer better advanced visualization solutions[/b]

Key players in the beauty devices market are collaborating to offer better advanced beauty devices. In January 2017, L'Oréal signed an agreement with Valeant pharmaceuticals to acquire its the skincare brands including CeraVe, AcneFree and Ambi for a consideration of $1.3 billion in cash. The acquisition is aimed to expand L’Oreal’s Active cosmetics division.

Some of the other key players in the market include L’Oreal SA, Panasonic Corporation, Home Skinovations Ltd and Photomedax Inc., Carol Cole Company, Lumenis Ltd., The Proctor & Gamble Company, Syneron Medical, TRIA Beauty, Inc., and Koninklijke Philips N.V.

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