Beauty Devices Market will grow at 19.34% CAGR by 2023 Key Players like Home Skinovations Ltd, Philips, Panasonic, Carol Cole Company Inc, Lumenis Ltd, iluminage Beauty Inc
The Beauty Devices Market was worth USD 19.81 billion in 2014 and is expected to reach approximately USD 97.27 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 19.34% during the forecast period. The advent of new and innovative beauty products is a significant pattern encountered in this market, which is changing the situation of the beauty devices industry. Beauty device manufacturing companies are growing new and inventive products, in light of the expanding business interest for cutting edge hair care and skin care solutions. Launching innovative beauty products in the recent years has empowered clinicians, dermatologists, and aestheticians to treat skin issues, enhance skin surface, and diminish different indications of aging. Rising frequency of skin infections, increasing discretionary income, developing aged populace, expanding consciousness among consumers and awareness about beauty devices, and developing commonness of hormonal disorders are the different elements driving the development of this industry.
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Type of Device Outlook and Trend Analysis
Based on type of device, the quickest development amid the figure time frame is anticipated from light/LED treatment and photorejuvenation devices, at a significant CAGR. The expanding awareness about cutting edge features provided by light/LED treatment and photorejuvenation devices for treating blemishes, wrinkles, and sagged skin is prompting their expanded adoption, and crediting to their quick development in the market.
Usage Outlook and Trend Analysis
On the basis of usage, salons recorded the most elevated usage of these devices in 2017, esteemed at 54.7% in the market. Expanding aged populace, rising predominance of alopecia, and developing awareness about magnificence medications is prompting the high usage of beauty devices in salons.
Regional Outlook and Trend Analysis
Asia-Pacific (APAC) is anticipated to be the quickest developing beauty devices market amid the gauge time frame. The accessibility of multinational brands and advent of more affordable beauty products in APAC has a tendency to attract consumers to make use of these devices for different grooming purposes. The simple accessibility of beauty products fabricated by different multinational brands on online channels additionally drives the market development.
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Competitive Insights
The leading players in the market are Home Skinovations Ltd, Philips, Panasonic, Carol Cole Company Inc, Lumenis Ltd, iluminage Beauty Inc, Procter & Gamble and Syneron Medical. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Beauty Devices Market is segmented based on regions-
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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