Key Market Insights
“New Artificial intelligence Powered Devices Supports the Growth of the Market”
The beauty devices market is expected to grow at a CAGR of 18.8% during the forecast period from 2019 to 2027, starting from US$ 36.74 Bn in 2018.
Consumers are nowadays are becoming more inclined towards using personalized beauty cosmetic range and connected beauty products are new trends in the cosmetics and wellness industries. As a result, top manufacturers aim to provide consumers with personalized and AI-based devices. For instance, in January 2020, L’Oreal announced to launch a personalized makeup device. Perso is an artificial intelligence-powered device that is capable to deliver on-the-spot skincare, lipstick, and foundation. The device will be available in markets by the year 2021. Moreover, factors such as negligible risk associated with such beauty products and easy operation increase the demand for beauty devices globally.
The reports by Philips suggest that there is a growth in the usage of at-home based IPL hair removal and other beauty devices such as Philips Lumea. The reports by the company also suggest, increasing the penetration of such devices from 3% in 2015 to around 7% in the year 2018. Moreover, increasing rates of skin and hair related problems coupled with a rising aging population globally supports the growth of the market.
Market Synopsis
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Product Analysis
“Introduction of innovative laser technology in hair removal devices supports the growth of the market”
The hair removal devices dominated the overall beauty devices market in the year 2018 and expected to hold its dominance during the forecast period. The hair removal devices market is expected to reach around US$ 3.5 billion by the year 2026. Thereby, increases the demand for the segment. Moreover, the development of innovative laser hair removal devices globally supports the growth of the market. For instance, in January 2020, Lumenis Ltd., leader of energy-based devices for aesthetics and surgery launched a new platform. The new Lightsheer Quattro offers clinically prove hair removal retreatment by using laser technology. The platform offers treatment to all kinds of skin. Thereby, increases the demand for hair removal devices globally.
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Regional Analysis
“North America dominated the beauty devices market”
North America dominated the beauty devices market in 2018 and expected to continue its dominance during the forecast period. Consumers in the North American region are more inclined towards implementing and using new technologies. Furthermore, increasing the disposable income of consumers in the region supports the growth of the market. The increasing aging population and trends for at-home treatment devices drive the growth of the beauty devices market in the region. Moreover, surge in the prevalence of skin conditions in the region such as acne, scar, etc. The American Academy of Dermatology Association suggests that Acne is the most common skin problem in the U.S, about 50 million Americans suffer from acne-related issues. Thereby, increases the demand for beauty devices in the region.
“Asia Pacific is projected to grow at a considerable rate during the forecast period”
The Asia Pacific is expected to grow at a noticeable rate during the forecast period due to the increase in the aging population. The World Population Aging Report 2017 suggests that the population aged 60 years and above is expected to increase from 550 million in 2017 to 1.3 billion by the year 2050. Moreover, rising disposable income and urbanization also increases the demand for beauty devices market in the region.
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List of Companies Covered:
- Koninklijke Philips N.V.
- Jebsen Consumer Products Co.. Ltd
- CANDELA CORPORATION.
- Nu Skin Enterprises Inc.
- Procter & Gamble.
- L’Oréal Paris
- Panasonic Corporation
- MTG CO., LTD
- NuFACE
- Home Skinovations Ltd.
- TRIA BEAUTY
- Lumenis
- Hitachi Power Device, Ltd.
Key Industry Developments:
- In March 2018, L’Oreal acquired ModiFace, a company based in Canada. The acquisition aims to innovative beauty augmented reality (AR) and Artificial intelligence (AI). Modiface is a developer of innovative technologies of 3D virtual makeup and skin diagnosis services.
- In September 2018, Syneron Candela acquired Ellipse, a Danish medical device company. Ellipse manufacturers laser and IPL (intense pulsed light) based platforms. Through this acquisition, Syneron Candela aims to strengthen its foothold in multi-application devices. Thereby, enables to provide customers with innovative and comprehensive product portfolio.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Product (2017–2027; US$ Bn)
• Hair Removal Devices
o Epilators
o Trimmers
• Acne Devices
• Skin Derma Rollers
• Hair Growth Devices
• Cellulite Reduction Devices
• Oxygen & Streamer Devices
• Light/LED Therapy & Photorejuvenation Devices
• Cleansing Devices
• Others
|
|
Application (2017–2027; US$ Bn)
• Commercial
• Domestic
• Others
|
|
Technology (2017–2027; US$ Bn)
• Transcutaneous Electrical Nerve Stimulation (TENS) Technology
• Lasers Invigorate
• Wearable Devices
• Others
|
|
End-User (2017–2027; US$ Bn)
• Beauty Centers & Spas
• Home-use
• Dermatology Centers
• Others (Cosmetic Centers, Clinics, etc.)
|
|
Geography (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of Asia Pacific)
• Rest of the World (Latin America, Middle East & Africa)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall beauty devices market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the beauty devices market and valuable opportunities for emerging players?
- What is driving beauty devices market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the beauty devices market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
