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Home-Use Beauty Devices Market Outlook 2024: Global Trends, Growth Drivers, and Market Forecast
Home-Use Beauty Devices Market Outlook
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According to The Business Research Company's, The home-use beauty devices market size has grown exponentially in recent years. It will grow from $16.11 billion in 2023 to $20.78 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The growth in the historic period can be attributed to an aging population, marketing and media influence, improvements in safety and efficacy, increased availability and accessibility, and focus on personal wellness and self-care.
The home-use beauty devices market size is expected to see exponential growth in the next few years. It will grow to $57.73 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%. The growth in the forecast period can be attributed to rising disposable incomes in emerging markets, male grooming market expansion, eco-conscious consumer behavior, and growth in e-commerce. Major trends in the forecast period include increased online sales and digital marketing, personalization and customization, eco-friendly and sustainable products, expansion in emerging markets, and increasing adoption of smart devices.
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Market Drivers and Trends:
The increasing prevalence of skin problems is expected to propel the growth of the home-use beauty device market going forward. Skin problems refer to various conditions affecting the skin's appearance, texture, or function, often causing discomfort or health issues. The rise in environmental pollution, lifestyle changes, genetic predispositions, dietary habits, and stress levels are leading to a rise in the prevalence of skin problems. Home-use beauty devices can be beneficial in managing certain skin problems when used as part of a comprehensive skincare routine. For instance, in September 2022, according to the UK Health Security Agency (UKHSA), a UK-based national executive agency, the percentage of Methicillin-resistant Staphylococcus aureus (MRSA) cases caused by skin and soft tissue infections increased to 33.7% in 2022 from 2021. Moreover, MRSA cases increased by 25.7% in the financial year from April 2020 to March 2021. Therefore, the increasing prevalence of skin problems is driving the growth of the home-use beauty device market.
Major companies operating in the home-use beauty device market are focused on developing devices that use advanced technology, such as intense pulsed light (IPL) technology, to allow for painless, efficient, silky-smooth hair removal and gain a competitive edge in the market. IPL (intense pulsed light) technology employs broad-spectrum light to target various skin concerns, including hair removal and skin rejuvenation. For instance, in November 2023, Foreo AB., a Sweden-based company that offers cosmetics and beauty products, launched the Peach 2, a device that offers advanced intense pulsed light (IPL) technology with an ergonomic design, delivering precise and effective hair removal for smooth, radiant skin, while its SmartSensor ensures safe and personalized treatments tailored to individual skin tones.
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Major Key Players of the Market:
The Procter & Gamble Company, Panasonic Corporation, Xiaomi Corporation, L'Oréal S.A., YA-MAN Co LTD., Koninklijke Philips N.V., Spectrum Brands Holdings Inc., Amorepacific Corporation, Conair Corporation, MTG Co. Ltd., Dr. Dennis Gross Skincare LLC, Cyden Limited, NuFACE LLC, FOREO AB, Photomedex Inc., Silkn beauty Ltd., TRIA Beauty Inc., Lifetrons Switzerland AG, Beauty Bioscience Inc., Project E Beauty, Luke Lady, Shenzhen Mismon Technology Co. Ltd., LightStim, Shenzhen Rhafine Technology Co. Ltd., Pollogen Ltd.
Home-Use Beauty Devices Market 2024 Key Insights:
• The home-use beauty devices market size is expected to see exponential growth in the next few years. It will grow to $57.73 billion in 2028 at a compound annual growth rate (CAGR) of 29.1%.
• Growing Skin Problems Driving Growth Of Home-Use Beauty Device Market
• Advanced Technology Devices For Efficient Hair Removal
• North America was the largest region in the home-use beauty devices market in 2023
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