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U.S. Beauty Devices Market with Global Key Companies Profile, Demand and Cost Structure
The market is mainly driven by growing geriatric population, rising prevalence of skin diseases and hair loss, and increasing healthcare expenditure.Based on type of device, the beauty devices market in the U.S. is categorized into hair removal, cleansing, acne, light/LED therapy and photorejuvenation, oxygen and steamer, hair growth, dermal rollers, cellulite reduction, and other devices. The market for hair removal devices is predicted to reach $7.9 billion by 2023, registering a CAGR of 18.8% during the forecast period. Hair removal devices are used to remove and reduce unwanted hair painlessly, without damaging the surrounding skin. In some devices, laser is also used which produces enough heat to destroy hair, thus providing long-lasting results lead to increased demand for these devices.
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The easy availability of various beauty products and devices for hair removal, acne reduction, and skin rejuvenation is making the U.S. population more inclined to opt for portable, easy-to-use, and convenient at-home beauty devices.
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In order to increase their market share, key players in the beauty devices industry of the U.S. 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 its 3CE cosmetics brand, internationally. The company expects to complete the transaction in two months, after receiving customary regulatory approvals.
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