As per the United Nations, by 2050, the population of people aged 60 years or above will reach 324 million in India, 437 million in China, 58 million in Brazil, and 107 million in the U.S. With age, people suffer from reduced vascular and glandular network in the skin layers and loss of fibrous tissue, which can result in a number of skin problems, such as dryness, wrinkles, skin sagging, and pigmentary alteration.
This is why these people are rapidly looking at ways to minimize the physical symptoms of these issues and also rectify them to whatever extent possible. Thus, owing to the rising geriatric population, the global beauty devices market, which generated $47.4 billion in 2019, would grow at a CAGR of 19.7% between 2020 and 2030 (forecast period).
Hair Removal Devices To Hold Largest Share till 2030
The hair removal classification is expected to continue dominating the beauty devices market till 2030, on account of people becoming more conscious about their appearance and being able to spend more on aesthetic treatments, due to economic growth. In addition, the incidence of hormonal problems is surging, as is the number of spas and salons offering hair removal services, around the world.
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North America was the largest beauty devices market in 2019, owing to the high consciousness about aesthetics and strong purchasing power of the people here, which leads to a high uptake of beauty devices. Another reason behind the increasing demand for such consumer products in the region is the integration of augmented reality (AR) and artificial intelligence (AI) in such devices. In the years to come, the fastest market growth would be witnessed in Asia-Pacific (APAC), due do the swiftly surging geriatric population and disposable income of the residents. Additionally, due to the rising exposure to the Western lifestyle, people are becoming conscious about their appearance and aware about the ways to enhance and maintain it.
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Partnerships are Strongest Strategic Measure in Market
Partnerships have been one of the strongest strategic measures in the beauty devices market lately, as they are being leveraged by the companies operating in the industry to:
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The major global beauty devices market players are Panasonic Corporation, TRIA Beauty Inc., Lumenis Ltd., Carol Cole Company Inc., Home Skinovations Ltd., Nu Skin Enterprises Inc., L’Oréal SA, MTG Co. Ltd., Candela Corporation, LightStim, Koninklijke Philips N.V., YA-MAN LTD., Spectrum Brands Holdings Inc., Amorepacific Corporation, and Conair Corporation.
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Home-Use Beauty Devices Market
Global home-use beauty devices market is expected to reach $16.7 billion by 2023, according to P&S Intelligence. During the forecast period, the European home-use beauty devices market is expected to outpace the North American home-use beauty devices market, on account of rising geriatric population, increasing prevalence of hair- and skin-related diseases, and introduction of specialized hair regrowth devices in addition to apps that educate consumers on the usage of such devices.
U.S. Beauty Devices Market
Based on type of device, the beauty devices market in the U.S. is categorized into hair removal, cleansing, acne, light/LED therapy and photorejuvenation, oxygen and steamer, hair growth, dermal rollers, cellulite reduction, and other devices. The market for hair removal devices is predicted to reach $7.9 billion by 2023, registering a CAGR of 18.8% during the forecast period.
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