NEW YORK, May 30, 2019 (GLOBE NEWSWIRE) -- The global beauty devices market was valued at USD 39.1 billion in 2018 and is expected to reach USD 107.2 billion by 2024. The factors contributing to the growth of the market include the rise in the prevalence of skin disorders, increasing rate of hormonal imbalance cases, an increase in the geriatric population, and growing awareness for beauty devices. The launch of at-home LED therapy devices is the latest trend observed in the market. The beauty devices market is poised to grow at a CAGR of 18.4% during the forecast period (2019-2024).
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Increasing awareness and rise in cases of skin condition to fuel the growth of the beauty devices market
The increasing prevalence of skin conditions, in addition to the increasing rate of hormonal imbalance cases, are the primary factors driving the growth of the global beauty devices industry. The rise in cases of skin conditions is also attributed to the rise in number of ageing population.
Hair loss condition is one the common skin condition that is associated to ageing population and hormonal imbalance. According to the American Hair Loss Association, Androgenetic Alopecia or common male pattern baldness (MPB) accounts for more than 95% of hair loss in men. Additionally, common causes for female baldness includes ageing, hormonal imbalance leading to PCOS, medication and other illnesses. There has been growing awareness towards beauty devices in both the developed and developing economies that will drive the growth of the overall global beauty devices during the analysis period.
Explore key industry insights in 43 tables and 31 figures from the 141 pages of report, “Industry Insights by Type (Cellulite Reduction Devices, Hair Removal Devices, Acne Devices, Cleansing Devices, Light/Led Therapy and Photo Rejuvenation Devices, Hair Growth Devices, Oxygen and Steamer Devices, Skin Dermal Rollers and Others), by End-User (Beauty Clinics, Spas and Salons, at Home, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Netherlands, Japan, China, India, Australia, New Zealand, Singapore, Vietnam, Malaysia, Thailand, South Korea, Brazil, Saudi Arabia, U.A.E., South Africa)”
Hair removal to account for the largest share in the global beauty devices market
The market for beauty devices is led by hair removal products and its market growth is driven by the increasing prevalence of hormonal imbalance cases, especially in women population. The number of polycystic ovary syndrome (PCOS), has witnessed an increase in growth on a global level, which is a common cause of facial hair growth among women suffering from PCOS. Availability of a large number of variance for the hair removal devices also contributes to its large share in the global beauty devices market.
Salons and spas are the largest end user category for beauty devices globally due to the increasing awareness among consumers and also increasing disposable income. The fastest growth in demand for beauty devices is witnessed for at home devices. The industry players are focused on the development of products that serves its consumers at the convenience of their home, without compromising the product’s efficacy.
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North America to remain the largest market for beauty devices
North America accounted for the major share in the beauty devices market in 2018 as the players in the region are continuously developing technologically advanced products with high quality. Moreover, the purchasing power of the North American people is significantly higher as compared to other regions across the globe; therefore market players manufacture premium products for the demographic.
The Asia-Pacific beauty devices market is driven by the rising number of local players in the regional market, the large consumer base, and the increase in number of salon and spas. The demand for beauty devices in countries such as China, India, and Korea is high, due to the large consumer base. This also provides an opportunity for market players to expand their global presence and invest in these countries to increase their overall market share.
Development of at home and handheld devices is the key trend witnessed in the industry
Key players in the beauty devices market are investing in the development of at home and handheld devices, which is strengthening their position in the market. Also, the local players in Asia-Pacific are investing on the development of compact, cost-effective, and technologically advanced beauty devices for at home use.
Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc are some of the key players operating in the beauty devices industry.
More from VynZ Research
Europe Beauty Devices Market Analysis and Forecast to 2024
The European beauty devices market is expected to grow at a CAGR of 17.6% during the forecast period with its market size predicted to reach USD 22.9 billion by 2024. Aging population, high disposable income, and the adoption of premium devices in the region is fuelling the growth of the beauty devices market.
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Asia-Pacific Beauty Devices Market Analysis and Forecast to 2024
The Asia-Pacific beauty devices market is expected to grow at a CAGR of 21.1% during the forecast period with its market size predicted to reach USD 36.9 billion by 2024. The Asia-Pacific beauty devices market is primarily driven by the factors such as increasing geriatric population, increasing prevalence of skin diseases, increasing awareness for the personal and beauty care, increasing prevalence of hormonal disorders.
Explore more at: https://www.vynzresearch.com/healthcare/asia-pacific-beauty-devices-market
U.S. Beauty Devices Market Analysis and Forecast to 2024
The U.S. beauty devices market size is set to reach USD 31.1 billion by 2024, observing a CAGR of 17.0% during forecast period. The U.S. per capita is among the highest in the world, which illustrates high affordability of premium devices in the country. The industry players invest huge capital on research and development to manufacture devices with premium quality, as the U.S. is a lucrative destination for high end premium products. Aging population also leads to the considerable growth in the demand for beauty care devices in the country. For instance, as per the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than age 65 by 2030 in the U.S. This will expand the size of the older population so that 1 in every 5 residents will be of retirement age.
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