Beauty Devices Market To Be Worth More Than $79 Billion by 2022: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Beauty Device Market
(Type of Device: 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, Others; Application: Salon, Spa, At Home, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012 - 2022”, forecasts that the global market for beauty devices is expected to grow at a CAGR of around 19% from 2016 to 2022 and reach the market value over $79 billion by 2022. Beauty devices in the study refer to those products and services that help in improving one’s appearance. These devices are beneficial as they are easy to use, portable, and convenient. Skin is a complex organ of body which regulates and controls the body temperature and act as a shield to defend body from ultraviolet rays, viruses, and bacteria among others.The rising geriatric population, growing occurrences of skin disorders due to adverse impact of UV radiation, and high disposable income bringing about expanded spending on individual care items are some of the major factors driving the development of beauty devices market. On the other hand risks associated with the use of beauty devices, availability of user friendly beauty products, and high cost of beauty devices are at some extent hindering growth of this market. Introduction of innovative products, growing use of electronic beauty devices, and consumer inclination towards easy to use at home beauty devices are some of the key opportunities for market players operating in beauty devices market.
Increasing Utilization of Electronic Beauty Devices is Expected To Provide New Growth Opportunities
Beauty device manufacturing companies are trying to come forth with innovative products by using new technology. For instance, electronic beauty devices have been introduced, which are better in comparison to manual beauty devices. The market of electronic beauty devices is increasing due to higher convenience, automation, and lesser time consumption. New beauty devices for facial, hand and nail treatments, body treatments, hair treatments, hair removal, and others are available in electronic variants. Hence, adoption for these electronic beauty devices is expected to boost the market growth.
Hair Removal Devices Segment is Expected to Retain Its Dominance By 2022
Hair removal devices are used for painless removal of unwanted hair without damaging the skin surface. Laser hair removal devices emit pulses of infrared radiation, which passes through normal skin and get absorbed by hair follicles. The hair removal device segment was the largest segment in the global beauty devices market in 2015 and is expected to maintain its dominance throughout the forecast period.
Salons are Largest End User Of Beauty Devices Market
The beauty devices are largely used in salons, spa and at home for personal use. The beauty devices market in Asia-Pacific is largely driven by its use in salons and this segment is expected to grow at a CAGR of around 21% during the period from 2016 to 2022. Salons are places that offer personal beauty services, with the help of professionals. Many salons provide variety of services for both men and women. Increase in per capita income, and growing consciousness for perfect physical appearance are some factors expected to contribute to the market growth in near future.
North America Held 50% Share in Terms of Revenue
In 2015, North America held 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 treatment is 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 the Northern 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.
Among the player operating in the global beauty devices market, some profiled in the report include Nu Skin Enterprises, Inc., L'Oréal Group, Home Skinovations, Ltd., Panasonic Corporation, Koninklijke Philips N.V., PhotoMedex, Inc., Procter & Gamble Company, Syneron Medical, Ltd., Carol Cole Company, Tria Beauty, Inc., and among others