According to Precedence Research, the global beauty device market size is expected to exceed US $ 64.5 billion by 2030 and will increase its growth at a CAGR of 7.0% from 2021 to 2030.
/ EIN News / – Ottawa, November 08, 2021 (GLOBE NEWSWIRE) – The beauty device market size was reached at US $ 29.8 billion in 2020, according to a new report study. Beauty devices are widely used around the world to treat a number of skin problems such as acne, pigmentation, blemishes, age spots, wrinkles, and freckles. The increasing demand of the young population for the beauty devices is significantly driving the growth of the market. Growing concerns among young men and women regarding their appearance and aesthetics are propelling the demand for beauty devices. Moreover, the increase in the geriatric population is a major factor which increases the growth of the market.
According to the United Nations, the world’s population aged 65 and over is expected to reach 1.5 billion by 2020. The desire to look young among the aging female population is driving the demand for anti-aging devices. Moreover, the growing awareness of beauty devices and different skin treatments through social media platforms is exponentially contributing to the growth of the global market.
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The crucial factors responsible for the growth of the market are:
- Increase in consumer spending on beauty and cosmetics
- Increased cases of road accidents causing scarring
- Launch of new products for home use of beauty devices
- Growing Geriatric Population Around the World
- Increased prevalence of hirsutism in women
- Growing importance of social media marketing
- Huge youth population in developing countries
- Growing penetration of spas and salons
Scope of Beauty Devices Market Report
|Cover of the report||Details|
|Market size in 2020||US $ 29.8 billion|
|Growth rate from 2021 to 2030||7% CAGR|
|Year of reference||2021|
|Covered segments||Application, Type, Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America dominated the global beauty device market in 2020 and is expected to maintain its position throughout the forecast period. North America is characterized by increasing disposable income, increasing geriatric population, increased awareness of beauty devices, increased adoption of advanced technologies, and increased demand for personal care products. Increased consumer preferences for personal care are driving demand for beauty devices in the region. Besides, the presence of various regional players and various development strategies adopted by them positively impact the market growth.
Asia-Pacific is estimated to be the most opportunistic market during the forecast period. This is due to the huge population, rapid urbanization, increasing disposable income, growing awareness of the availability of beauty devices and improving living standards. The increasing prevalence of skin problems due to the increasing pollution is driving the market growth in the region. In addition, the increasing penetration of social media and the aggressive marketing of the players through the social media platforms are fueling the growth of the beauty device market in the Asia-Pacific region.
Highlights of the report
- On the basis of type, the hair removal device segment was the largest segment in 2020. This is attributed to the heavy use of hair removal devices. Spas and salons play an important role in the consumption of hair removal devices because of their regular need to serve consumers. In addition, the increase in cases of hirsutism in women is boosting demand. Hirsutism is a condition in which women develop male hair patterns on the chest, back, and face. According to the National Center for Biotechnology Information, approximately 10% of women in the United States suffer from hirsutism.
- Based on the application, the home segment is expected to be the most opportunistic segment due to the growing desire of manufacturers to provide beauty devices to consumers for home use. Increased consumer spending on beauty and cosmetic products is expected to fuel growth in this segment.
Conductors – The increasing prevalence of skin problems such as acne, pigmentation, and photoaging due to prolonged sun exposure and pollution is driving the beauty device market. In addition, the growing awareness of the availability of various beauty devices among consumers, especially in developing markets, is positively impacting the growth of the market.
Constraints – There are several side effects associated with beauty devices such as edema, scars and burns are the major factors which can negatively impact the growth of the beauty devices market and may hinder the market growth over the course of of the forecast period.
Opportunities – New product developments and new product launches by market players will provide new avenues for growth in the market. In addition, market players are focused on providing new home beauty devices to consumers through their direct-to-consumer distribution channels.
Challenges – The low penetration of the developing and underdeveloped market, coupled with the lack of consumer awareness, is a major challenge for market players in order to develop in the near future.
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Segments covered in the report
- Acne devices
- Hair removal devices
- Hair growth devices
- Cleaning devices
- Rejuvenation devices
- Oxygen and steam apparatus
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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