The global beauty devices market was valued at $23,403.9 million in 2015, and it is expected to grow with a CAGR of 19.0% during the period 2016 – 2022. The market is growing, due to the growth of the geriatric population and increasing prevalence of skin diseases, such as acne and psoriasis. In addition, the increase in disposable income is leading to increase in spending on personal care, thus boosting the growth of the global beauty devices market.
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The aging population acts as a major driver for the global beauty devices market, as old age is associated with loss of fibrous tissue and a reduced vascular and glandular network in the layers of skin. In the elderly population, the appearance and characteristics of the skin gets altered, thus leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. The anti-aging products and devices help in reducing skin aging, giving a person a younger look by revitalizing and tightening the skin; hence, fuelling the demand for beauty devices globally.
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Some of the key companies operating in the beauty devices market include L’Oréal Group, Nu Skin Enterprises Inc., Panasonic Corporation, Home Skinovations Ltd., PhotoMedex Inc., Carol Cole Company, Procter & Gamble Company, Syneron Medical Ltd., TRIA Beauty Inc., and Koninklijke Philips N.V.
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