The beauty devices market is expected to reach from US$ 43,284.18 million in 2022 to US$ 93,210.39 million by 2028; it is expected to grow at a CAGR of 13.7% from 2022 to 2028.
Increasing work hours and changing lifestyles have contributed to rising levels of stress, resulting in several issues with outward appearance, especially on the skin and hair. Also, the increasing level of pollution shows detrimental effects on an individual’s physical appearance. These issues can be controlled with the use of a Radio-Frequency (RF) roller and blue light devices for acne. Customers have continued to show a keen interest in experiencing beauty and wellness services to rejuvenate their bodies. Thus, grooming products and services from global brands at home have gained popularity across the globe.
Premium beauty brands are offering additional services, such as skin diagnosis, at their outlets to attract customers. In addition, the beauty industry is rapidly developing as cosmetic products are largely purchased by women aged 25–34. Further, the increasing acceptance of beauty devices and products among both men and women also boosts the beauty devices market growth during forecast period.
Asia Pacific is the fastest-growing region in the beauty devices market. China, Japan, and India are among the key contributors to the market in this region. Rising investments from international players in China and India, growing government support, increasing disposable incomes and expanding middle-class population, rising number of beauty devices research institutes, and growing advancements in healthcare infrastructure are among the key factors fueling the beauty devices market in Asia Pacific.
Strategic Insights
Lucrative Regions for Beauty Devices Market
Market Insights
Increasing Prevalence of Skin Issues Fuels Beauty Devices Market Growth
Age-related skin issues such as pigmentation, wrinkles, creases, and acne, as well as burn scars due to accidents, are extremely common globally. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US, affecting ~50 million Americans annually. Further, approximately 85% of people between the ages of 12 and 24 experience the onset of minor acne.
Moreover, according to National Eczema Association, 1 in 10 people develop atopic dermatitis during their lifetime, affecting up to 25% of children and 2–3% of adults. Age-related skin issues such as pigmentation, wrinkles, creases, and acne, as well as burn scars caused during accidents are common among masses. According to the American Academy of Dermatology Association, acne is the most common skin condition in the US, affecting ~50 million Americans annually. Additionally, ~85% of people from the age group of 12–24 experience minor acne problems. Further, 1 in 10 people develops atopic dermatitis during their lifetime, and the condition affects up to 25% children and 2–3% of adults. Moreover, ~28% women with age less than 25 admit that they regularly worry about their signs of aging, and this number increases to 42% and 54% among those belonging to the age groups 25–34 and 35–44, respectively.
People aged 30–65 years show signs of aging such as a lack of skin elasticity, wrinkles, and dark spots. According to the Central Intelligence Agency, ~39.9% of the entire German population was aged from 25 to 54 years, and approximately 15.0% of the population was aged from 55 to 65 years in 2018. This factor is anticipated to drive the demand for aesthetic medicine in the country in the coming years. Moreover, according to World Health Organization (WHO), from 2015 to 2030, the number of people in the world aged 60 years or over is projected to grow by 56%, i.e., from 901 million to 1.4 billion. The surge in the geriatric population is playing a pivotal role in the growth of the beauty devices market as aging causes loss of fibrous tissue and reduced vascular and glandular networks in the layers of the skin.
Device Type-Based Insights
Based on device type segment, the beauty devices market is segmented into hair removal devices, cleansing devices, hair growth devices, rejuvenation devices, light/LED therapy and photorejuvenation devices, acne devices, skin dermal rollers, and others. The hair removal devices segment held the largest share of the market in 2022; however, the light/LED therapy and photorejuvenation devices segment is anticipated to register the highest CAGR during 2022–2028. The growing physical consciousness among millennials is increasing the need for alternative methods such as regular hair trimming and body hair shaving. The growth of hair removal devices is also highly influenced by the rising application of intense pulsed light (IPL) devices. The demand for these devices has grown due to their precision in removing hair.
Beauty Devices Market, by Device Type – 2022 and 2028
Usage Area-Based Insights
Based on usage area, the beauty devices market is segmented into salon, home, and spa. The salon segment accounted for the largest market share in 2022; however, the home segment is expected to register the highest CAGR during the forecast period.
Distribution Channel-Based Insights
Based on distribution channel, the beauty devices market is bifurcated into retail and e-commerce. The retail segment held a larger share of the market in 2022; however, the e-commerce segment is estimated to register a higher CAGR during the forecast period. Internet retailing is one of the fastest-growing platforms to expand consumer reach for niche products. The demand for beauty devices through e-commerce is growing significantly. Owing to the rising use of smartphones, consumers are well-educated through social media and digital marketing about beauty treatments, which has increased sales of beauty devices through online platforms.
A few of the major companies operating in the beauty devices market are adopting the product innovations strategy to meet the evolving customer demands across the world, which further permits them to maintain their brand name in the global market.
Beauty Devices Market: Competitive Landscape and Key Developments
A few of the key players operating in the beauty devices market include NuFACE; L'OREAL GROUP; Procter & Gamble; Koninklijke Philips N.V.; Panasonic Corporation; TRIA BEAUTY; FOREO; YA-MAN LTD; ZIIP; Silk’n; Nu Skin Enterprises, Inc.; and MTG Co., Ltd. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities.