Growing prevalence of skin and hair problems, viz. photo aging of hair and skin, is rising due to extreme exposure to UV radiation and pollution, which results in hair loss, reduced skin elasticity, and sunburns is fueling the market demand for beauty devices. Several other factors due to which skin diseases are caused include environmental pollution, tobacco use, excessive alcohol consumption and ultraviolet radiation. Various skin diseases incidences are also rising owing to infections caused by bacteria, viruses, and fungi. The global market for beauty devices in 2014 recorded revenues worth US$19.4 Bn, which are estimated to raise up to US$54.2 Bn by 2020 end. Over the forecast period 2014-2020, the global beauty devices market will expand at a CAGR of 18.70%.
Key Market Dynamics
One major driver of global market for beauty devices is the aging population as old age is related with loss of fibrous tissues and a reduced glandular and vascular network in the skin layers. Also in elderly population, the characteristics and appearance of the skin gets altered leading to dryness, sagging of the skin, wrinkles, and pigment alteration. Additionally, products and devices for anti-aging helps in giving younger look and reducing skin aging by tightening and revitalizing the skin which further fuels the market demand for beauty devices.
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However, certain side effects related with usage of beauty devices viz. scarring, postoperative erythema, ecchymosis, superficial burns, and edema is hindering the market growth of beauty devices. Also, certain risks related with photo rejuvenation devices including discomfort, bruising, excessive swelling, fragile skin, as well as blistering acts as key restraints for the market growth of the global beauty devices.
The global market for beauty devices is categorized into usage area, and type. On the basis of usage area the global market for beauty devices comprises of spas at home, salons, and others. On the other hand, type comprises of hair growth devices, acne removal devices, rejuvenation devices, skin derma rollers, hair removal devices, cleansing devices, oxygen and steamer devices, light/LED therapy and Photo rejuvenation devices, cellulite reduction devices, and others.
Based on geographical region, the global market for beauty devices is segmented into North America, Europe, Asia, Latin America and Rest of the World (RoW). Among these, North America is expected to remain dominant in the global beauty devices market owing to availability of advanced devices and large no. of aging population. Asia is projected to indicate high growth rates in the coming five years in the global market for beauty devices. India and China are anticipated to grow fast in the Asian market for beauty devices. In addition, the beauty and personal care market in China are also growing due to the rapid economic development in the country.
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Key Market Players
Some of the key players in beauty devices market include Nu Skin Enterprises Inc,PhotoMedex Inc, Syneron Medical Ltd, Panasonic Corporation, Procter & Gamble,L’Oréal Group, TRIA Beauty Inc, Koninklijke Philips N.V., Carol Cole Company, Home Skinovations Ltd, among others. These leading companies have bagged the majority of the global market for beauty devices, entrance of new companies is projected to rise the level of competition in the coming years. Moreover, companies that are leading the market and as well as new entrants are endeavoring harder to proffer quality products for maintaining their industry standards in the global market for beauty devices.