Beauty devices enhance users' physical appearance by resolving issues related to skin and hair. Market Research Future (MRFR) has published a report about the global beauty devices market that estimates an enormous boost for this market with 7.8% CAGR (Compound Annual Growth Rate) between 2022 and 2027.
The key driving factors for the global beauty devices market growth include high disposable income, immense technological advancement, increasing awareness about beauty devices and services, increasing hormonal disorders, increasing prevalence of skin and hair problems, and rising geriatric population. Given the latest trends in this market, new players are entering the market, and existing players are focusing more on introducing technologically advanced devices. This spells more competition in the near future that can slow down the market growth due to cut-throat competition regarding low prices.
The key players in the global Beauty Devices Market include Home Skinovations Ltd (Israel), L'Oreal S.A. (France), Nu Skin Enterprises (USA), Panasonic Corporation (Japan), PhotoMedex Inc (USA), Procter & Gamble Co (USA), Syneron Medical Ltd (USA), and Tria Beauty Inc. (USA).
The global beauty devices market has been segmented on the basis of application, end user, type and lastly, region. The application-based segmentation of this market covers the commercial purpose and others. Furthermore, commercial purpose segmented into hospitals/clinics, salon/spas, and others. Based on end users, the market has been segmented into professional and personalized.
By type, the global beauty devices market has been segmented into hair care, oral care, skin care, and others. Hair care has been further segmented into hair growth devices, hair removal devices, hair styling devices, and others. Skincare Devices has been segmented into acne removal devices, cellulite reduction devices, light-emitting diode (LED) and photo rejuvenation therapy devices, and others.
The regional segmentation of the global beauty devices market segments the market into regional markets known as The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). The Americas preponderate the global beauty devices market. Due majority of developed economies and vast technological advancements of this region being in North America; it is a greater market than South America. The key factors driving the market in this region are increasing government support for research & development, increasing patient with polycystic ovary syndrome (PCOS), rising aging population, and well-developed technology (R&D). Furthermore, increased R&D activities and the concentration of major companies are also aiding the market growth. During the forecast period, the Latin American market is expected to rise at a faster pace. In North America, the cream of the market comprises of the United States of America (USA) and Canada.
Europe is the second largest regional market. In this region, the market is growing due to various factors like increasing aging population, increasing prevalence of skin and hair related problems, and growing awareness about beauty devices. Due to reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. During the forecast period, France and Germany can emerge as bigger markets as an investment in health care is rising in both of these countries.
The other important country-specific beauty devices markets in Europe are Italy, Spain, and the United Kingdom (UK), followed by the rest of Europe.
According to the report, Asia Pacific has been anticipated to emerge as the fastest growing market during the forecast period. In this region, factors leading to the market growth include increasing demand for new treatment methods, increasing demand for quality devices in healthcare, and use of advanced equipment. With China commanding the lion's share in the Asia Pacific market, the other important country-specific markets in this region are Australia, India, Japan, and South Korea, followed by the rest of Asia Pacific region. The MEA region is the smallest market due to the presence of alternative low-priced beauty devices. The most important country-specific markets in this region are Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE), followed by the rest of MEA region.
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