According to Precedence Research, the global beauty devices market size accounted at US$ 29.8 billion in 2020 and is expected to hit US$ 64.5 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2030.
The rising concerns among the youth population regarding their aesthetics and appearances is the primary factor propelling the growth of the beauty devices market across the globe. The rising awareness regarding the availability of various devices and treatments for skin among the global population coupled with rising disposable income is benefiting the beauty devices market growth. The improved standards of living and higher adoption rate of technological advancements in the medical devices industry has positively contributed towards the growth of the market.
Beauty devices are extensively used for the treatment of acnes, pigmentation, blemishes, age spots, wrinkles, and freckles. These constitutes a large portion of the skin related issues among the global women population. The global beauty devices market is driven by certain factors such as rising prevalence of skin diseases, rising number of road accidents that causes scars, growing geriatric population, and skin issues caused by sun rays due to extended exposure to sunlight. These factors are estimated to boost the market demand in the forthcoming years.
The growth in the number of spas and salons across the globe is a significant factor that drives the demand for the beauty devices. The millennials are extensively spending on the beauty products owing to their desire to look presentable at all times. Furthermore, the aggressive marketing through videos and ads on social media platforms by the key market players is playing a crucial role in spreading the awareness regarding the availability of various treatments for different skin problems. The youth is severely influenced by the social media and the rising penetration of internet allows the consumers to search about various treatments and beauty devices related to skin care. Therefore, the rising adoption of smartphones and increased penetration of internet is positively contributing towards the growth of the global beauty devices market.
Based on type, the hair removal devices segment dominated the global beauty devices market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the extensive use of hair removal devices across the globe. Hair removal is the most common issues among the young population especially among the women. Therefore, increased use of hair removal devices has fostered the segment growth in the past years.
On the other hand, the rejuvenation devices segment is estimated to be the most opportunistic segment during the forecast period. This is attributable to the rising adoption of the photo-rejuvenation therapy among the consumers. This therapy is effective in the treatment of hyperpigmentation and skin redness. It stimulates the production of collagen and provides a radiant skin. Therefore, rising awareness regarding rejuvenation devices is expected to foster the growth of this segment.
Based on application, the salon segment accounted largest revenue share in 2020 and is projected to witness steady during the forecast period. The rising penetration of salon in the developed and developing regions has fueled the growth of this segment. The growing needs for removal of among the women is significantly boosting the growth of the salon segment in the beauty devices market.
On the other hand, the home segment is expected to be the fastest-growing segment during the forecast period. With the rising awareness and availability of beauty devices for the consumers as a home appliance is a new and trending topic in the market. The market players are offering beauty devices for at-home use that will spur competition in the global beauty devices market across the globe.
Based on region, North America hit the largest revenue share in 2020 and is projected to sustain its dominance during the forecast period. North America has higher adoption rate of technologically advanced and innovative solutions and devices. The increased consumer awareness regarding the availability of various beauty devices and skin treatments has propelled the growth of the market in the region in the past. Further, rising geriatric population in U.S. is a major factor that boosts the demand for the beauty devices. New product launches and various developmental strategies adopted by the regional market players are significantly driving the growth of the beauty devices in the market.
On the other hand, the Asia Pacific is estimated to be the fastest growing region during the forecast period. This is due to the rising disposable income of the consumers, higher youth population in the region, rising awareness regarding the beauty devices, rising number of spas and salons, and improved living standards. The Asia Pacific provides a lucrative growth opportunities to the market players owing to the presence of huge population, rising urban population, and rising awareness regarding personal hygiene among the consumers. Therefore, this region is expected to grow at a rapid rate during the forecast period.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In July 2020, Laser MD Medspa was acquired by the Potoma Equity Partners as a part of its growth strategy.
In August 2020, Shiseido Cosmetics announced to enter into a partnership deal with YA-MAN Limited to manufacture and distribute anti-aging beauty devices across Japan.
The various developmental strategies like acquisitions, partnerships, and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global beauty devices market include:
Scope of the Beauty Devices Market Report
|Market Size||USD 64.5 Billion by 2030|
|Growth Rate||CAGR of 7% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Application, Region|
|Companies Mentioned||Panasonic Corporation, YA-MAN Ltd., MTG Co. Ltd., TRIA Beauty, Inc., L’Oreal S A, Lumenis Ltd., Home Skinovations Ltd., Nu Skin Enterprises, Carol Cole Company Inc.|
Segments Covered in the Report
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