Persistence Market Research has published a new report on the Global Market Study on Beauty Devices: Asia to Witness Highest Growth by 2020. As per the report, the global beauty devices market is expected to progress rapidly from US$19.4 bn in 2014 to US$54.2 bn by 2020 at an 18.70% CAGR.
Growing prevalence of skin and hair problems, viz. photo aging of hair and skin, is rising due to extreme exposure to UV radiation and pollution, which results in hair loss, reduced skin elasticity, and sunburns is fueling the market demand for beauty devices. Several other factors due to which skin diseases are caused include environmental pollution, tobacco use, excessive alcohol consumption and ultraviolet radiation.
Skin diseases incidence is also rising owing to infections caused by bacteria, viruses, and fungi. The global market for beauty devices is expected to reach revenue worth US$ 80 Bn by the end of 2031, while expanding with an impressive CAGR of over 15% globally.
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FACTS AT A GLANCE
Companies:Nu Skin Enterprises Inc, PhotoMedex Inc, Syneron Medical Ltd, Panasonic Corporation, Procter & Gamble, L’Oréal Group, TRIA Beauty Inc, Koninklijke Philips N.V., Carol Cole Company, Home Skinovations Ltd, among others.
Coverage: All major geographies and key segments
Segments: Type(Hair Removal Devices ,Cleansing Devices,Acne Devices ,Rejuvenation Devices,Light/LED Therapy and Photorejuvenation Devices,Oxygen and Steamer Devices,Hair Growth Devices,Skin Derma Rollers,Cellulite Reduction Devices); End Users(Salon,Spa,At Home)
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
Growing prevalence of skin and hair problems, viz. photo aging of hair and skin, is rising due to extreme exposure to UV radiation and pollution, which results in hair loss, reduced skin elasticity, and sunburns is fueling the market demand for beauty devices. Several other factors due to which skin diseases are caused include environmental pollution, tobacco use, excessive alcohol consumption and ultraviolet radiation.
Various skin diseases incidences are also rising owing to infections caused by bacteria, viruses, and fungi. The global market for beauty devices in 2021 is expected to be nearly US$ 32 Bn, which is estimated to rise up to US$ 80 Bn by 2031 end. Over the forecast period 2021-2031, the global beauty devices market will expand at a CAGR of 15.4%.
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Key Market Dynamics
One major driver of global market for beauty devices is the aging population as old age is related with loss of fibrous tissues and a reduced glandular and vascular network in the skin layers. Also in elderly population, the characteristics and appearance of the skin gets altered leading to dryness, sagging of the skin, wrinkles, and pigment alteration.
Additionally, products and devices for anti-aging helps in giving younger look and reducing skin aging by tightening and revitalizing the skin which further fuels the market demand for beauty devices.
However, certain side effects related with usage of beauty devices viz. scarring, postoperative erythema, ecchymosis, superficial burns, and edema is hindering the market growth of beauty devices. Also, certain risks related with photo rejuvenation devices including discomfort, bruising, excessive swelling, and fragile skin, as well as blistering acts as key restraints for the market growth of the global beauty devices.
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