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Beauty Devices Market Growth, Latest Trends, Share Analysis, Report 2033
Beauty Devices Market Growth
According to The Business Research Company's, The beauty device market size has grown rapidly in recent years. It will grow from $44.84 billion in 2023 to $51.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to personalization, sustainability, health and wellness focus, virtual consultations, and integration with wearables.
The beauty device market size is expected to see rapid growth in the next few years. It will grow to $92.55 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing disposable income, rising aging population, celebrity endorsements, consumer education, and retail expansion. Major trends in the forecast period include at-home treatments, tech integration, multi-functionality, technological innovations, and product launches.
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Market Drivers and Trends:
The increasing number of cosmetic procedures is expected to propel the growth of the beauty device market going forward. Cosmetic procedures refer to medical or aesthetic treatments performed to enhance or alter a person's appearance for non-medical reasons. Cosmetic procedures are increasing due to several factors, including technological advances in cosmetic surgery that have made them safer and less invasive, with a faster recovery time, and lowered the cost of procedures. Beauty devices play a crucial role in cosmetic procedures by offering advanced technologies and tools to enhance various aspects of aesthetic treatments. These devices are designed to provide effective and innovative solutions to address cosmetic concerns and improve the overall appearance of individuals. For instance, in March 2023, according to the British Association of Aesthetic Plastic Surgeons, a UK-based surgical organization, in 2022, 31,057 cosmetic procedures were performed, a 102% increase from the year before. Therefore, the increasing number of cosmetic procedures is driving the growth of the beauty device market.
Major companies operating in the beauty devices market are innovating new technological products, such as SmartAppGuided, to increase their profitability in the market. The SmartAppGuided app offers directions and instructions for different beauty and pet care devices. For instance, in December 2023, Geske, a Germany-based beauty technology company, launched SmartAppGuided. It is intended to function with various beauty gadgets, including face rollers, hydration refreshers, and brushes, to offer customers customized beauty treatments and technology. The app is part of GESKE's line of holistic skincare products, including over 150 SmartAppGuided skincare products and over 250 high-tech beauty devices.
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Major Key Players of the Market:
Johnson & Johnson, Hitachi Ltd., The Procter & Gamble Company, MTG Co. Ltd., Unilever plc, Panasonic Corporation, L'Oréal S.A., Koninklijke Philips N.V., Shiseido, Amorepacific Corporation, Nu Skin Enterprises Inc., Conair Corporation, Revlon, FOREO, Oriflame, YA-MAN Ltd., Silk'n, Carol Cole Company, Cynosure, LLC, Beurer, Beurer, Sciton Inc., Syneron Medical Ltd., Homedics, Clarisonic, Tria Beauty, TRIA Beauty, NuFACE, Quasar Bio-Tech Inc., Trophy Skin
Beauty Devices Market 2024 Key Insights:
• The beauty devices is expected to grow to $92.55 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%.
• Role Of Beauty Devices In Driving Growth Amidst Rising Demand For Cosmetic Procedures
• Embracing Innovation With Smartappguided Technology
• North America was the largest region in the beauty devices market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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