June 20, 2022 04:53 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 20, 2022 (GLOBE NEWSWIRE) -- The increasing concerns among the young population regarding their aesthetics & appearances, increasing awareness regarding the availability of various skin treatments & devices and rising technological advancements in the medical devices industry are propelling the growth of the Beauty Devices Market in coming years.
The Global Market revenue stood at a value USD 51.3 Billion in the year 2021.
The Global Beauty Devices Market size is forecasted to reach USD 144.2 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period; states Vantage Market Research, in a report, titled “Beauty Devices Market Size, Share & Trends Analysis Report by Type (Hair Care Devices, Facial Devices, Skin Care Devices, Oral Care Devices), by Application (Hair, Facial, Skin, Oral), by Portability (Pocket-Sized/Handheld Device, Fixed), by Mode of Operation (Electric and Battery, Operated and Manual), by Gender (Female, Male), by End User (Commercial/Professional, Domestic/Personalized/Homecare), by Distribution Channel (Direct Sales, Retail, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Rise in the Geriatric Population
A surge in the geriatric population across the globe, an increasing prevalence of skin-related issues, and rising lifestyle quotient are expected to drive the Beauty Devices Market over the predicted years. The prevalence of skin diseases, such as photo-aging, is increasing across the globe due to excessive exposure to pollution and ultraviolet (UV) radiation, thus resulting in sunburns, reduced skin elasticity, and hair loss. Skin diseases are also caused by excessive alcohol consumption, environmental pollution, and tobacco consumption. Acne, hyperpigmentation, depigmentation, psoriasis, freckles, deep wrinkles, atopic dermatitis, and melisma are some of the most-common skin problems. In order to cure them, beauty devices are increasingly being adopted. For example, people suffering from freckles can be cured using beauty devices. Thus, the rising cases of skin problems are driving the growth of the market.
Increasing Awareness about Beauty Devices
The increasing awareness of the safety profile and advantages of energy-based aesthetic devices, especially laser-based devices, is a pivotal factor driving the Beauty Devices Market. Laser skin tightening is a Food and Drug Administration (FDA)-approved method for the reduction of fine lines, wrinkles, and skin laxity. Major advantages of energy-based aesthetic devices are minimal skin invasion, quick recovery, fewer side-effects, and less discomfort as compared to conventional, surgical beauty treatments. Moreover, these devices are cost-effective, painless, and offer quick results. All these factors help in increasing the demand for energy-based aesthetic devices, which in turn, increases the growth of the Beauty Devices Market across the globe. In the last few years, facial care products have accounted for nearly 70.0 percent of total revenue in the skin care market. Manufacturing companies have recognised the importance of these products among customers and have shifted their focus toward facial beauty products.
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Segmentation of the Global Beauty Devices Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Beauty Devices Market Highlights:
North America Holds Largest Market Share
North America accounted for a substantial growth in the Beauty Devices Market in 2021, owing to the availability of advanced devices and the large number of an aging population. Also, growing awareness of beauty devices is one of the major factors driving the growth of the Beauty Devices Market in this region.
Asia Pacific is projected to indicate high growth rates for the Beauty Devices Market during forecast years. India and China are anticipated to grow fast in the Asian market for beauty devices. In addition, the beauty and personal care market in China is also growing due to the rapid economic development in the country.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on "Beauty Devices Market Size, Share & Trends Analysis Report by Type (Hair Care Devices, Facial Devices, Skin Care Devices, Oral Care Devices), by Application (Hair, Facial, Skin, Oral), by Portability (Pocket-Sized/Handheld Device, Fixed), by Mode of Operation (Electric and Battery, Operated and Manual), by Gender (Female, Male), by End User (Commercial/Professional, Domestic/Personalized/Homecare), by Distribution Channel (Direct Sales, Retail, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Beauty Devices Market:
January 2021: Nu Skin Enterprises Inc. launched the age LOC Boost device, which uses microcurrent waveforms with the variable pulse technology to create visibly brighter, plumper, and bouncier skin.
July 2020: Koninklijke Philips N.V., has introduced a new line of DIY female grooming products based on the newest technology, which may be used to improve facial beauty and hair care. The items are powered by clever microprocessor technology that adapts in real time to provide personalised care.
March 2020: Amore pacific Corporation’s brand Sulwhasoo accelerated its expansion in the North American market by launching Sephora stores in the major cities of the U.S., as well as sephora.com.
May 18, 2020: Foreo (Sweden), a beauty technology company, introduced its first IPL (intense pulse light) device – Peach to South Korean market, partnering with SK Hyundai Duty-Free dept. The peach device offers at-home hair removal, which eliminates the need for personal visits to salons for costly IPL services. Foreo further said that it is expecting the Peach to be the hottest device for summer 2020, particularly relevant during the era of COVID-19.
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