Beauty Devices Market Overview and Analysis:
The Beauty Devices Market is currently valued at USD 65.98 billion in the year 2022 registering a CAGR of 21.7% over the forecast period, 2023-2030.
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Beauty devices are instruments that are used to treat skin conditions such as acne, pigmentation, and hair removal, among others. Beauty devices are extensively used for the treatment of acne, pigmentation, blemishes, age spots, wrinkles, and freckles. These constitute a large portion of the skin-related issues among the global women population.
The global market for beauty devices is gaining momentum, driven by a growing number of individuals seeking solutions for skin conditions such as acne or psoriasis. These devices offer effective ways to manage such concerns, contributing to the market's expansion. Moreover, a significant segment of consumers seeks beauty devices as a means to achieve smooth and hair-free skin. The convenience and effectiveness of these devices in hair removal have spurred their adoption.
Beauty Devices Market Latest trends:
Beauty devices have emerged as innovative tools to enhance skin appearance and address various cosmetic concerns. Their regulatory status is often determined by their intended application and potential impact on the body's structure and function, leading to varying levels of oversight by regulatory bodies like the Food and Drug Administration (FDA). These devices find utility in both cosmetic and personal health applications, offering individuals a range of benefits. Furthermore, beauty brands are now leveraging the latest advancements in artificial intelligence and machine learning (AI/ML), augmented reality and virtual reality (AR/VR), data and analytics, cloud computing, and the Internet of Things (IoT). AI is incorporated in various aspects of the skincare industry.
Segmentation: Beauty Devices Market By Type (Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices, Rejuvenation Devices, Oxygen, and steamer Devices, and Others) Application (Spa, Salon, Home, and Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.
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Drivers:
The Growth in the Number of Spas and Salons Across the Globe
Spa and salons provide various beauty services that are basically provided by beauty devices. As a result, the demand for beauty devices has increased severalfold, thereby propelling the growth of the studied market. According to the International SPA Association Foundation study, the US Spa industry is continuing to experience rapid growth. Similarly, the recent report published by the Global Wellness Institute reported that in 2019, the estimated number of spas had grown to 165,700 globally, earning USD 111 billion in revenues. This represents a 7.4% annual revenue growth rate from 2007 to 2019 (and was followed by a pandemic-related downturn in 2020). Thus, such instances are propelling the growth of the beauty devices market.
Rising Disposable Incomes and Increasing Inclination of Millennials and GenZ Towards Various Beauty Services
The youth is severely influenced by social media and the rising penetration of internet allows the consumers to search for various treatments and beauty devices related to skin care. Also, according to the UK Census 2022, the median household disposable income in the UK was EUR 32,300 in the financial year ending (FYE) 2022, a decrease of 0.6% from FYE 2021, based on estimates from the Office for National Statistics (ONS) Household Finances Survey. Thus, due to the increase in disposable income people are more inclined towards the various beauty services, thereby propelling the growth of the studied market.
Videos and Ads on Social Media Platforms
Furthermore, aggressive marketing through videos and ads on social media platforms by the key market players is playing a crucial role in spreading awareness regarding the availability of various treatments for different skin problems. The most common skin conditions include acne, contact dermatitis, benign tumors, cancers, atopic dermatitis (also called eczema), and psoriasis. These skin problems are reportedly increasing among today’s young generation and since the young population is quite aware due to increasing ad on various social media platforms to cure these skin problems, the demand for beauty devices is increasing significantly thereby propelling the growth of the studied market.
Restraints :
High Cost of Beauty Devices
Beauty devices are highly costly, the average cost of beauty devices ranges somewhere around INR 2,00,000 to INR 5,00,000 as a result the cost of beauty treatment increases, thereby making it difficult for the middle-class people to access these services, thereby slowing down the growth of the studied market.
COVID-19 Impact on Beauty Devices Market
The COVID-19 pandemic impacted the growth of the studied market and also affected the growth. Since the beauty services were considered unessential, the spas salons, and various beauty clinics were shut down due to the COVID-19 norms, as a result, the growth of the studied market was impacted significantly. In the current scenario, due to the decrease in COVID-19 cases, the and resumption of all beauty services across the globe, the market is expected to gain significant traction thereby driving the growth of the studied market over the forecast period.
Segmental Analysis:
Acne Devices are Expected to Witness Significant Growth Over the Forecast Period
Acne medical LED devices are targeted treatment of acne, blemishes, and spots. Clinically proven to kill acne naturally and reduce the risk of future breakouts. Acne vulgaris is the medical name for common acne the presence of blackheads, whiteheads, and other types of pimples on the skin. The most common spots for breakouts are the face, chest, shoulders, and back. The data published by UK NHS in January 2023, reported that 23.8% of the UK population suffers from acne problems on an annual basis, thus such instances demand increasing acne treatment devices, thereby driving the growth of the studied market.
Salons are Expected to Witness High Growth Over the Forecast Period
A beauty salon or beauty parlor is an establishment that provides cosmetic treatments for people. Other variations of this type of business include hair salons, spas, day spas, and medical spas. The various services provided by these spas are expected to fuel the growth of the studied segment over the forecast period.
North America Region is Expected to Witness significant growth Over the Forecast Period
North America has a higher adoption rate of technologically advanced and innovative solutions and devices. The increased consumer awareness regarding the availability of various beauty devices and skin treatments has propelled the growth of the market in the region in the past. Further, the rising geriatric population in the U.S. is a major factor that boosts the demand for beauty devices. New product launches and various developmental strategies adopted by the regional market players are significantly driving the growth of beauty devices in the market.
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Beauty Devices Market Competitive Landscape:
The beauty devices market is highly competitive due to the presence of many market players working globally and regionally. Some of the key market players working in this domain are:
- Panasonic Corporation
- YA-MAN Ltd.
- MTG Co. Ltd.
- TRIA Beauty, Inc.
- L’Oreal S A
- Lumenis Ltd.
- Home Skinovations Ltd.
- Nu Skin Enterprises
- Carol Cole Company Inc.
- Koninklijke Philips N.V.
- LightStim
- Conair Corporation
Recent Developments:
1. In July 2020, Laser MD Medspa was acquired by Potomac Equity Partners as a part of its growth strategy.
2. In August 2020, Shiseido Cosmetics announced that entered into a partnership deal with YA-MAN Limited to manufacture and distribute anti-aging beauty devices across Japan.
Frequently Asked Questions (FAQ) :
Q1. What was the Beauty Devices Market size in 2022?
As per Data Library Research the Beauty Devices Market is currently valued at USD 65.98 billion in the year 2022.
Q2. At what CAGR is the Beauty Devices Market projected to grow within the forecast period?
Beauty Devices Market is registering a CAGR of 21.7% over the forecast period.
Q3. What are the Growth Drivers of the Beauty Devices Market?
The Growth in the Number of Spas and Salons Across the Globe, Rising Disposable Incomes and Increasing Inclination of Millennials and GenZ Towards Various Beauty Services and Videos and Ads on Social Media Platforms are the Growth Drivers of the Beauty Devices Market.
Q4. Who are the key players in Beauty Devices Market?
Some key players operating in the market include
- Panasonic Corporation
- YA-MAN Ltd.
- MTG Co. Ltd.
- TRIA Beauty, Inc.
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
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Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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