According to a new market report published by BlueWeave Consulting, the global Beauty Device Market was valued at USD 31.26 billion in 2017 and is projected to expand at a CAGR of 19.14% from 2018 to 2024, by value, reaching around USD 106.31 billion by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to global beauty device market in 2017.
Growing hormonal disorders leading to abnormal hair loss and hair growth is driving the global beauty device market
Due to increasing exposure to pollution skin diseases, skin diseases are common in modern society and it is ever increasing. This is causing papules, hives, warts etc. Other factors contributing to skin diseases are excessive alcohol consumption and consumption of tobacco. Acne, hyperpigmentation, depigmentation, psoriasis, freckles, deep wrinkles, atopic dermatitis and melisma are some of the common skin problems.
Increase in the level of disposable income across the globe has led to a high spending on personal and beauty care products and devices. Rise in GDP per capita income and high disposable income has led to increasing spending power of the Asian population to purchase various beauty devices, which further drives the growth of the global market.
The key driver for the global beauty device market is rise in appearance consciousness consumers worldwide. Major aspect of people’s life is engrossed by social media. This in turn has attracted people towards beauty devices to enhance their appearance. For example the technological advancements in beauty devices with presence of laser treatments for skin lightening and tightening in short span of time will generate higher market revenue over the forecast period.
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Global Beauty Device Market: Scope of the Report
The global market for beauty device is segmented by type of devices, application, and geography. The type is further segmented into hair removal devices, cleansing devices, acne devices, light/led therapy and photo rejuvenation devices, oxygen and steamer devices, hair growth devices, skin dermal rollers, cellulite reduction devices and others. The application is further segment into salon, spa, at home and others.
Geographically, the global beauty device market is bifurcated into North America, Asia Pacific, Europe, and Rest of the World. North America beauty device market was the most prominent market because beauty device industry is one the major revenue contributor within the manufacturing industries. Thus, the demands for beauty device products, like hair removal devices, cleansing devices, acne devices, light/LED therapy, etc will generate higher revenue returns over the forecast period.
Global Beauty Device Market: Competitive Dynamics
Major industry players in global beauty device market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the beauty device market. For instance, In January 2017, L’Oréal signed an agreement with Valeant Pharmaceuticals to acquire; it’s the skincare brands including CeraVe, AcneFree, and Ambi for a consideration of USD 1.3 billion in cash. The acquisition is aimed to expand L’Oreal’s Active cosmetics division.
Market Segmentation: Global Beauty Device Market
- Hair Removal Devices
- Cleansing Devices
- Acne Devices
- Light/LED Therapy
- Photo Rejuvenation Devices
- Steamer Devices
- Hair Growth Devices
- Skin Dermal Rollers
- Cellulite Reduction Devices
- North America
- Asia Pacific
- Rest of the World
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