Global Beauty Devices Market Industry Insights Forecast to 2024, Coverage Cellulite Reduction Devices, Hair Removal Devices, Acne Devices, Cleansing Devices, Light/Led Therapy and Photo Rejuvenation Devices, Hair Growth Devices, Oxygen and Steamer Devices
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Among the various type of beauty devices, hair removal devices are the largest contributor to the revenue generated in the global beauty devices market. The largest share of hair removal devices owes to the rising number of hormonal imbalance cases, specifically the worldwide prevalence of polycystic ovary syndrome (PCOS), the most common hormonal disorder among women leading to facial hair growth.
Salon and spa is the major shareholder among end-users for beauty devices market. The category’s large size is due to the increase in number of salon and spa on a global level. Also, the increase in disposable income among emerging economies, and awareness of beauty treatments are expected to contribute to its large size.
The market for beauty devices observes a growing trend for at-home LED therapy devices used to prevent acne and enhance collagen production thereby targeting age-related skin problems.
According to the American Hair Loss Association, Androgenetic Alopecia or common male pattern baldness (MPB) accounts for more than 95% of hair loss in men. Additionally, common causes for female baldness include ageing, hormonal imbalance leading to PCOS, medication and other illnesses. There has been a growing awareness of beauty devices in both the developed and developing economies that will drive the growth of the overall global beauty devices during the analysis period.
The new players are leveraging market growth through launching innovative and advanced devices at low cost, which leads to material injury to existing market players.
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Geographically, North America is the largest beauty devices market, globally. This contribution is due to the demographic drift towards increasing ageing population, and awareness to the available treatment options. The North American market is also driven by the surge in the prevalence of skin conditions, such as acne, psoriasis, and rosacea. According to the American Academy of Dermatology, acne is the most common skin condition, affecting up to 50 million Americans annually.
Moreover, the beauty devices industry is expected to be driven by emerging economies of Asia-Pacific, such as China, India, and Korea. This exhibits large revenue generation opportunity in these countries due to the increase in consumer base and the growing number of salons and spas across the region.
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The key players operating in the beauty devices industry include a large share of contribution from companies that include Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc.
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