The global beauty devices market was valued at $19,716.9 million in 2014, and it is expected to grow with a CAGR of 18.9% during the period 2015 – 2020. As per P&S Market Research, the global market is increasing, due to growing geriatric population and increasing prevalence of skin diseases. In addition, the increase in disposable income leads to rise in spends on personal care, thus encouraging the growth of the global beauty devices market.
Based on type of devices, the Light/LED Therapy and Photorejuvenation devices market segment is expected to witness fastest growth during the forecast period. Among the Beauty devices by application segment, salon had the largest market size in the global market during 2014; however the At Home segment is expected to witness fastest growth, with 20.9% CAGR during the period 2015 – 2020.
Growing prevalence of skin and hair problems, such as photoaging of skin and hair, is increasing due to excessive exposure to pollution and UV radiation, resulting in sunburns, reduced skin elasticity, and hair loss is boosting the demand of beauty devices. Skin diseases are also caused by various other factors such as excessive alcohol consumption, environmental pollution, ultraviolet radiation, and tobacco use. Incidence of skin diseases is also increasing due to infections caused by viruses, bacteria, and fungi.
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, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. In addition, anti-aging products and devices help in reducing skin aging, giving a person a younger look by revitalizing and tightening the skin; this fuels the demand for beauty devices.
However, side effects associated with usage of beauty devices such as superficial burns, scarring, edema, postoperative erythema, and ecchymosis hampers the market growth. In addition, risks associated with photorejuvenation devices include discomfort, excessive swelling, fragile skin, bruising, and blistering acts as major restraints for the growth of the global beauty devices market. The Asian market is expected to witness fastest growth, with a CAGR of 20.8% during the period 2015 – 2020.
The key companies operating in the global 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.
News Courtesy: P&S Market Research