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Beauty Devices Market – Size, Share, Growth, Demand, Trends Analysis and Forecast 2018-2024
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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 large number of variances for the hair removal devices also contributes to its large share in the global beauty devices market. The major end user to the global beauty devices market are salon and spa, whereas, the rising number of at-home beauty devices are expected to witness a promising growth during the forecast period. The industry players are focused in the development of products that serves its consumers at the convenience of their home, without compromising the product’s efficacy.
The beauty devices market is poised to grow at CAGR of 18.3% during the forecast period (2018-2024). Asia-Pacific beauty devices industry is expected to witness a significant growth at a high CAGR of 19.8% during the forecast period. The growth 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 discerning consumer base. This also provides opportunity for market players to expand their global presence and invest in these countries to increase their overall market share.
Additionally, most of the local players in the region are investing on the development of compact, cost-effective, and technologically advanced beauty devices that will stimulate the growth of the Asia-Pacific beauty devices market in the coming future.
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The key players of the beauty devices industry include Panasonic Corporation, L’Oreal SA, Photomedax Inc., The Proctor & Gamble Company, Koninklijke Philips N.V. The market players for beauty devices are investing in the development of innovative and cost-effective products to target large pool of consumers. For instance, in February, 2018, The Proctor & Gamble Company brand Gilellette Venus expanded its product portfolio with the launch of three new hair removal products, namely Venus Platinum Extra Smooth, Venus Face Perfection, and Venus Bikini Precision at prices $12.99, $34.99, and $19.99 respectively.
The companies are also collaborating with other industry players to attain large market share in future. Some of the other players include Home Skinovations Ltd, Carol Cole Company, Lumenis Ltd., Syneron Medical, and TRIA Beauty, Inc.
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