Globally, the beauty devices market is witnessing tremendous growth owing to increasing aging population. Additionally, increasing prevalence of skin diseases and rising personal care spending, and harmful effects of ultra violet radiation are also fueling the growth of the market. While, risks and complications associated with beauty devices and availability of easy-to-use beauty products restraint the growth of the global beauty devices market. The global market of beauty devices was valued at $23,409.9 million in 2016, and it is anticipated to grow with a CAGR of 20% during the period 2016 - 2022.
The global market of beauty devices is segmented on the basis of the usage area of beauty devices, type of beauty devices, and geography. Based on usage area of beauty devices, the market includes spas, salons, at home, and others. Type include hair removal devices, cleansing devices, hair growth devices, acne removal devices, rejuvenation devices, light/LED therapy, oxygen and steamer devices, and Photo rejuvenation devices, cellulite reduction devices, skin derma rollers, and others. On the basis of geography, the market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW).
On the basis of geography, the global market of beauty devices is segmented into North America, Asia Pacific, Europe and Rest of the world. North America dominates the global market for beauty devices owing to a large number of aging population and availability of advanced devices. Asia is anticipated to show high growth rate in the coming years in the global market of beauty devices. China and India are anticipated to be the rapidly growing beauty devices markets in the Asian region. Additionally,, the beauty and personal care market in China is also rising due to the rapid economic development in the country. Few of the key driving forces for beauty devices market in growing countries are large pool of patients, rise in disposable income, and growing awareness of potential application of beauty devices for the treatment of hair problems and skin.
Beauty devices are most commonly used in salons, at-homes is the rapidly growing usage area, hair removal devices are the very popular type of beauty devices, hair removal devices are used to reduce and remove unwanted hair painlessly without any harmful to the surrounding skin. The global market of hair removal devices is expected to rise to $ 10,977.5 million in 2022 at a CAGR of 19.8% during the forecast period. In terms of growth, Asia is the rapidly growing region whereas Light/LED therapy and photo rejuvenation devices makes for the rapid growing type of beauty devices.
Key strategic initiatives taken by the major players are partnership, collaboration, product launch, acquisition and merger. Few of the major companies operating in the beauty devices market includes Nu Skin Enterprises Inc., L’Or?al Group, Panasonic Corporation, Home Skinovations Ltd., PhotoMedex Inc., Procter & Gamble Company, Carol Cole Company, Syneron Medical Ltd., TRIA Beauty Inc., and Koninklijke Philips N.V.