Hair Removal Devices Segment to Account for Largest Share in Global Beauty Devices Market During 2022-2028
The beauty devices market is expected to reach from US$ 43,284.18 million in 2022 to US$ 93,210.39 million by 2028; it is expected to grow at a CAGR of 13.7% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Rising Ageing Population Boosts Overall Market Growth
The beauty industry has a high focus, majorly on the retired, working, or in need of care, the elderly population. As per the United Nations report, by 2050, one in every six people will be over 65 (16%), up from one in 11 in 2019 (9%). Such a rise in the aging population is projected to foster the global beauty devices market growth. Beauty and personal care companies can provide products, services, and in-store experiences to cater to appearing good. Also, skincare, color cosmetics, and hair care products promote benefits for mature skin and hair with adapted colors, textures, and advertising as a key factor to increase engagement and usage among the elderly population. Such aforementioned factors fuel the growth of overall beauty devices market growth during the forecast period 2022-2028.
Global Beauty Devices Market, by Region, 2022 (%)
Beauty Devices Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Device Type (Hair Removal Devices, Cleansing Devices, Hair Growth Devices, Rejuvenation Devices, Light/LED Therapy and Photorejuvenation Devices, Acne Devices, Skin Dermal Rollers, and Others), Usage Areas (Salon, Spa, and Home), and Distribution Channel (Retail and E-commerce), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Beauty Devices Market Trends, Size and Forecast (2021-2031)
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North America dominates the beauty devices market accounting considerable share in 2022. The rising geriatric population in the US accelerates the demand for the adoption of beauty devices. As per the PRB 2023 report, the number of Americans aged 65 and older will rise from 16% to 23%. With the rising geriatric population, the awareness of anti-aging products intended for the body, and skin devices, the beauty devices market in the US as people are more likely to take care of their skin. Additionally, in the US, both medical and non-medical lasers are regulated by the Food and Drug Administration (FDA). Also, various laws, regulations, and standards are favorable and applicable to beauty devices in favor of the manufacturers, ensuring certain methodologies to manage and mitigate biological hazards. Aesthetic laser medical devices with multifaceted medical applications is one such example favorable with medical device regulations for a beauty device product. Such aforementioned factors enhance the overall market growth of beauty devices in the North America regional market during the forecast period 2022-2028.
NuFACE; L'OREAL GROUP; Procter & Gamble; Koninklijke Philips N.V.; Panasonic Corporation; TRIA BEAUTY; FOREO; YA-MAN LTD; ZIIP; Silk’n; Nu Skin Enterprises, Inc.; MTG Co., Ltd are among the leading companies operating in the global beauty devices market.
Various organic and inorganic strategies are adopted by several companies operating in the global beauty devices market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios.
A few of the significant developments by key players operating in the global beauty devices market are listed below:
- In May 2020, MTG Co Ltd signed a distribution agreement with Ryatico, a leading Russian pharmaceutical company, to commence its business in Russia.
- In October 2019, Nu Skin launched the new ageLOC Nutriol Scalp & Hair System. The product is clinically proven to increase hair volume, softness, thickness, and shine, along with improving scalp health and strengthening hair roots.
- In March 2019, Nu Skin launched ageLOC LumiSpa Accent and ageLOC LumiSpa IdealEyes. These are clinically proven targeted treatments to improve the appearance of skin around the eyes.
- In September 2018, Philips launched a new Satinelle Advanced Epilator that delivers a longer-lasting hair removal experience. With this innovation, the company is offering an effective, at-home hair removal solution for women worldwide.
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