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Home-Use Beauty Devices Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast
beauty devices
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Based on type, the home-use beauty devices market for anti-aging is expected to reach $3.9 billion by 2023, registering a CAGR of 21.7% during the forecast period. As stated by the United Nations (U.N.), in 2017, there are around 962 million people aged 60 or above, comprising 13% of the global population. The population aged 60 or above is growing at a rate of about 3% every year. Thus, various beauty-related problems associated with aging, such as wrinkles, loosening of the skin, increase in facial hair, and drooping eyebrows and eyelids, are contributing to the market growth of this category.
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During the forecast period, the European home-use beauty devices market is expected to outpace the North American home-use beauty devices market, on account of rising geriatric population, increasing prevalence of hair- and skin-related diseases, and introduction of specialized hair regrowth devices in addition to apps that educate consumers on the usage of such devices.
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In order to increase their market share, key players in the home-use beauty devices industry are acquiring other companies operating in the domain. For instance, in May 2018, L'Oréal SA (L'Oréal) announced 100% acquisition of Nanda Co. Ltd., a Korean lifestyle make-up and fashion company. With this acquisition, L'Oréal plans to expand the sales of the 3CE cosmetics brand, internationally. The company expects to complete the transaction in two months, after receiving customary regulatory approvals.
Some of the other key players operating in the home-use beauty devices market are Nu Skin Enterprises Inc., TRIA Beauty Inc., Home Skinovations Ltd., The Procter & Gamble Company, iluminage Beauty Inc., Koninklijke Philips N.V., Spectrum Brands Holdings Inc., YA-MAN LTD., MTG Co. Ltd., and Carol Cole Company.
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Executive Summary
Anti-aging products are on the rise owing to the rise in the aging population, globally. Increasing developments in anti-aging products and their improved efficiency is predicted to drive the market in the coming years. Advancements in technology have resulted in the expansion of more improved and radical anti-aging products…
