Global Beauty Devices Market Report, published by Variant Market Research, forecast that the global market is expected to reach $113 Billion by 2024 from $29 Billion in 2016, growing at a CAGR of 18.3% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 20.6% and 19.4%, respectively, during the forecast period.
"Beauty Devices Market (By Device Type: Cellulite Reduction Devices, Skin Dermal Rollers, Hair Removal Devices, Cleansing Devices, Hair Growth Devices, Rejuvenation Devices, Light/LED Therapy & Photorejuvenation Devices, Acne Devices, Oxygen & Steamer Devices, & Others; By Usage Area: Salon, Spa, At Home & Others; By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The factors surging the growth of the global beauty devices market include increasing disposable income, rising geriatric population, growing awareness through various advertisements & promotions, increasing prevalence of skin related diseases, and increasing appearance consciousness among consumers. Though, high cost of beauty devices and possibility of side effects would hamper the adoption. Furthermore, increasing popularity of eco-friendly, personalized, and at-home beauty devices could provide several scopes for future growth in the coming years.
Device type, usage area, and geography are the major segments considered in the global beauty devices market. Device type is segmented into cellulite reduction devices, skin dermal rollers, hair removal devices, cleansing devices, hair growth devices, rejuvenation devices, light/LED therapy & photorejuvenation devices, acne devices, oxygen & steamer devices, and others. Among which, hair removal devices and cleaning devices accounted for the major segment share in 2016. Usage area is further categorized into salon, spa, at home, and others. Salon held the largest market share in 2016, while at home is expected to attain fastest CAGR during the forecast period, 2016 – 2024.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Asia-Pacific held the majority of market share with 52.1% and 22.3%, respectively in 2016. In terms of growth Asia-Pacific is anticipated to grow with the fastest CAGR 20.6%, owing to, high population base, growing disposable income, and market expansion by major companies.
The key players operating in this market include Panasonic Corporation, Koninklijke Philips N.V., Syneron Medical Ltd., Nu Skin Enterprises, Home SKinovations Ltd., Carol Cole Company., Procter & Gamble, L’Oreal S.A., Lumenis Ltd., and TRIA Beauty, Inc., among others.