Beauty Devices Market Highlights:
The global beauty devices market is expected to exhibit a strong 7.8% CAGR over the forecast period from 2017 to 2023, according to the latest research report published by Market Research Future (MRFR). The global beauty devices market is mainly driven by the growing awareness among consumers about the various types of beauty devices available on the market and the increasing efforts from manufacturers of beauty devices to market these devices to emerging demographics in developing economies.
Beauty devices are devices used to alter or fix the appearance of the skin, hair, and other cosmetic elements. The global Beauty Devices Market sector has been a major beneficiary of the growing rate of urbanization around the world, as the growing urban population has driven up the demand for sophisticated, premium beauty devices. The growing disposable income of consumers in urban regions around the world is also a major driver for the global beauty devices market, as this has driven significant research and development in the field of beauty devices, leading to the emergence of more equipped, smarter beauty devices. The increasing competition in the consumer goods sector in developing economies around the world is likely to be a major driver for the global beauty devices market over the forecast period, as this is likely to drive significant innovation in the production as well as marketing of beauty devices.
The growing ecommerce sector in emerging regions and the growing efforts by ecommerce players to expand into the cosmetics sector in developed countries are likely to be a major driver for the global beauty devices market over the forecast period. The increasing competition is likely to lead to further drops in prices of beauty devices in the coming years, leading to an overall growth of the market, especially in emerging regions, where price rather than quality is often the determinant factor in purchasing decisions.
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Leading players in the global beauty devices market include Tria Beauty Inc., PhotoMedex Inc., Procter & Gamble Co., TRIA Beauty Inc., Home Skinovations Ltd., Syneron Medical Ltd., Panasonic Corporation, Nu Skin Enterprises, and L’Oreal S.A.
In June 2019, Amazon unveiled the Amazon Professional Beauty Store, a section of Amazon’s ecommerce portal dedicated entirely to marketing beauty devices and cosmetic products. Developments in the ecommerce sector are likely to have a lasting impact on the beauty devices market over the forecast period, as ecommerce retailers have significant power over the buying choices of their consumers, and affiliating with one can give a manufacturer of beauty devices a major boost.
The global beauty devices market is segmented on the basis of type, application, end user, and region.
- On the basis of type, the global beauty devices market is segmented into hair care, skin care, oral care, and others. Furthermore, the hair care segment is further sub-segmented into hair removal devices, hair growth devices, hair styling devices, and others, while the skin care segment is further subdivided into light/LED and photo rejuvenation therapy devices, cellulite reduction devices, acne removal devices, and others.
- On the basis of application, the global beauty devices market is segmented into commercial purpose and others. The commercial segment is further subdivided into into salon/spas, hospitals/clinics, and others.
- On the basis of end user, the global beauty devices market is segmented into professional and personalized.
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The Americas segment is likely to dominate the global beauty devices market over the forecast period due to the widespread awareness about various beauty products, including the latest advancements in the field, and the growing presence of beauty product manufacturers and retailers. Europe is likely to follow the Americas over the forecast period. The high disposable income of consumers in developed countries such as the U.S., Canada, the UK, Germany, and France is likely to be a major driver for the beauty devices market in the developed world over the forecast period.
Asia Pacific and the Middle East and Africa are both likely to exhibit progressive growth figures over the forecast period, driven by the growing disposable income of urban consumers in developing economies such as China, India, the UAE, Saudi Arabia, Kuwait, Qatar, Indonesia, Malaysia, Singapore, Japan, and South Korea. Marketing efforts aimed at increasing the awareness about the wide range of beauty devices and beauty treatments available in the market are likely to bear fruit in this region thanks to the lack of awareness in these regions in comparison to developed regions such as North America and Western Europe.
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