Industry Overview
The global beauty devices market was valued at USD 39.1 billion in 2018 and is anticipated to grow at a CAGR of 18.4% during the forecast period. Several devices such as cellulite reduction devices, hair removal devices, acne devices, cleansing devices, light/led therapy and photo rejuvenation devices, hair growth devices, oxygen and steamer devices, skin dermal rollers, contributes to the beauty devices market size. The significant growth in the beauty devices industry is imputed to the rise in prevalence of skin disorders, increasing rate of hormonal imbalance cases, an increase in the geriatric population, and growing awareness for beauty devices.
Insight by Type
Among the various type of beauty devices, hair removal devices are the largest contributor to the revenue generated in the global beauty devices market. The largest share of hair removal devices owes to the rising number of hormonal imbalance cases, specifically the worldwide prevalence of polycystic ovary syndrome (PCOS), the most common hormonal disorder among women leading to facial hair growth. The availability of a range of hair removal devices, such as trimmers, clippers, epilators, and shavers provide the consumers with wide options for selection and are indicative of the largest share of the device.
The innovation in light/led therapy and photo rejuvenation devices holds a promising growth in demand during the forecast period. The light/led therapy and photo rejuvenation devices address a wide range of skincare issues, such as wrinkles, dark spots, and acne leading to the high growth in demand for these devices in the future.
Insight by End-User
Salon and spa is the major shareholder among end-users for the beauty devices market. The category’s large size is due to the increase in a number of salons and spas on a global level. Also, the increase in disposable income among emerging economies, and awareness of beauty treatments are expected to contribute to its large size. The at-home category of beauty devices is expected to witness the fastest growth in demand during the forecast period, as the large availability of products with easy to use interface is gaining popularity among customers supporting home facility.
Industry Dynamics
Growth Drivers
The market for beauty devices observes a growing trend for at-home LED therapy devices used to prevent acne and enhance collagen production thereby targeting age-related skin problems. The increasing prevalence of skin conditions, in addition to the increasing rate of hormonal imbalance cases, are the primary factors driving the growth of the global beauty devices industry. The rise in cases of skin conditions is also attributed to the rise in the number of the aging population.
Hair loss condition is one of the common skin condition that is associated with the aging population and hormonal imbalance. According to the American Hair Loss Association, Androgenetic Alopecia or common male pattern baldness (MPB) accounts for more than 95% of hair loss in men. Additionally, common causes for female baldness include aging, hormonal imbalance leading to PCOS, medication, and other illnesses. There has been a growing awareness of beauty devices in both the developed and developing economies that will drive the growth of the overall global beauty devices during the analysis period.
Challenges
The devices available in the market are costly, which restrain the growth of the global beauty devices market. With the increasing research and development activities and development of technologically advanced and handheld devices, the cost for these devices is also increasing. The cost of these devices has been the key challenge before the market players, as these players have to ensure the maximum profit without having any negative impact on the affordability of these devices.
Industry Ecosystem
The market observes the entry of local industry players, especially in developing economies of Asia-Pacific, creating the threat of new entrants in the global beauty devices market. The new players are leveraging market growth through launching innovative and advanced devices at low cost, which leads to material injury to existing market players.
Geographic Overview
Geographically, North America is the largest beauty devices market, globally. This contribution is due to the demographic drift towards increasing aging population, and awareness of the available treatment options. The North American market is also driven by the surge in the prevalence of skin conditions, such as acne, psoriasis, and rosacea. According to the American Academy of Dermatology, acne is the most common skin condition, affecting up to 50 million Americans annually.
Moreover, the beauty devices industry is expected to be driven by emerging economies of Asia-Pacific, such as China, India, and Korea. This exhibits a large revenue generation opportunity in these countries due to the increase in consumer base and the growing number of salons and spas across the region.
Competitive Insight
Market players in the beauty devices industry are enhancing their market share through collaborations, focusing on the development of products with advanced features. The key players operating in the beauty devices industry include a large share of contribution from companies that include Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc.
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