The Global Beauty Devices Market is expected to grow at a CAGR of 7.8 % during the forecast period 2017-2023.Beauty devices are the products and services which help in improving appearance of a person. These devices have various benefits as they are convenient to use and portable.
The beauty devices help in cleansing the skin and are also treat the aging-related problems such as wrinkles, acne, scars, spots and hair loss. The beauty products include hair removal devices, hair growth devices, hair styling devices, light/led, cellulite reduction devices, acne removal devices photo rejuvenation therapy devices and others.
Beauty devices are attracting high attention of market, since the innovative technology is developing in almost every aspect of life. These beauty devices are accepted by the consumers. However, the presence of substitute with lower price and side-effects from beauty devices may hamper the upside move of the market over the review period.
Beauty Devices Market – Key Players
Some of key the players in the market are
- L’Oreal S.A.
- Nu Skin Enterprises
- Panasonic Corporation
- Syneron Medical Ltd
- Home Skinovations Ltd
- TRIA Beauty Inc.
- Procter & Gamble Co.
- PhotoMedex Inc.
- Tria Beauty Inc.
Beauty Devices Market – Drivers and Restraints
With the rising population, beauty devices and services, high disposable income, increasing prevalence of hair and skin problems and increasing hormonal disorders, and extensive technological advancement, the Global Beauty Devices Market is sure to expand. Aging population another major factor leading to the growth of this market. Old age is directly proportional to reduced vascular and glandular network in the skin layers, loss of fibrous tissues, sagging of skin, wrinkles, dryness, and pigmentation of the skin. Anti-aging devices and products tighten and revitalize the skin and make one look younger. Adoption of such technologies by the consumers is elevating the market growth. Also, the increasing hair and skin problems caused due to excess pollution and UV radiations are sure to boost up the market growth in years to come.
Meanwhile, side effects such as postoperative erythema, edema scarring, ecchymosis, and superficial burns are hindering the growth of beauty devices market. Moreover, risks related to photo rejuvenation devices comprises excessive swelling, blistering acts bruising, discomfort and fragile skin are the major restraints of the market globally.
Beauty Devices Market – Segmentation
The Global Market for Beauty Devices can be segmented on the basis of application, type, geography and end users. Based on the type of device, the market can be segmented into dermal rollers, hair removal, cellulite reduction, light/led therapy, oxygen and steamer, cleansing, hair growth, acne, photorejuvenation and others. Photorejuvenation devices along with light and LED therapy is expected to grow at the fastest rate during the forecast period 2017-2023.
The market can be segmented as per the usage such as spa, salon, at-home and others. Among these, salons are noted to hold the highest market value.
On the basis of end user, the market can be segmented into personalized and professional.
The market can be segmented on the basis of geography into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa, where Asia-Pacific is recorded to be the fastest growing market in beauty devices.
Beauty Devices Market – Regional Analysis
Regionally, the market for beauty devices can be segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Asia-Pacific is expected to show the fastest growth during the forecast period.
America dominates the global market due to increasing patients with PCOS, advanced technology, increasing support from the government for R&D and rise in the aging population. Moreover, the concentration of major companies has fueled the growth in this region.
Owing to the availability of funds and government support for R&D, Europe stands in the second position and is expected to grow over the forecasted period. Asia-Pacific is the fastest growing region in this market due to the presence of advanced healthcare technology, high healthcare cost, and huge patient population. China is leading the largest market share because of rising aging population and stupendous economic growth.
Meanwhile, regions like Africa and Middle East is expected to experience a luxurious growth in years to come.