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The Rise of the Beauty Devices Market Owing to Technology Advancement
Beauty Devices have become an important part of the daily skincare regime owing to their multi-functionality and convenience. As more millennials are willing to spend on personal care treatments, the Beauty Devices market is well positioned for growth.
Global beauty devices market was valued at US$ 125.7 Billion in 2022 in terms of revenue, exhibiting a CAGR of 5.4% during the forecast period (2023 to 2030).
Beauty Devices offer non-invasive solutions for skin rejuvenation and body sculpting. They target specific skin concerns like acne, wrinkles, pigmentation, sagging skin and provide anti-aging effects through various technological modalities. Devices range from basic skin cleansers, LED light therapy masks to radiofrequency devices, focused ultrasound and cryolipolysis machines. Their portability and at-home use empower consumers with instant yet effective treatments.
Key Takeaways
Key players operating in the Beauty Devices market are L'Oréal, Procter & Gamble, Philips, Panasonic, Nu Skin Enterprises.
Growing Beauty Devices Market Demand for non-invasive cosmetic procedures and awareness about skincare therapies are driving market growth. Consumers increasingly opt for Beauty Devices to achieve salon-quality results from the comfort of their homes.
Technological advances in the field of cosmetic science have led to breakthrough innovations. Emergence of hybrid devices, augmented reality and artificial intelligence integrated solutions are enhancing treatment outcomes and user experience.
Market Trends
Combination therapy devices that offer multiple anti-aging solutions in a single unit are gaining traction. Manufacturers are focusing on multipurpose gadgets with advanced functionalities.
Customization capability allowing users to personalize treatment protocols based on skin type and concerns is another upcoming trend in beauty devices.
Market Opportunities
The untapped segments of men's skincare and body sculpting present promising opportunities. Male consumers are becoming aware of personal grooming and anti-aging products.
Rising disposable incomes in emerging nations are conducive for industry expansion. Further R&D towards affordable and customizable home-use devices can aid market penetration into new regions.
Impact of COVID-19 on Beauty Devices Market Growth
The COVID-19 pandemic has severely impacted the growth of the Beauty Devices market. During the lockdown phase, all non-essential businesses like beauty salons, spas were shut which led to decline in sales of Beauty Devices in 2020. Major retailers and e-commerce platforms also witnessed low demand for these products due to reduced disposable income and priority shift towards essential goods.
However, with lifting of lockdowns and vaccination drives, the market is witnessing steady recovery. The demand is steadily rising as people are spending more on self-care and personal grooming while following social distancing norms. Furthermore, growing popularity of online beauty consultations and rise of home beauty therapy trends are contributing to market growth. Major players are focusing on development of multipurpose and affordable products as well as enhancing their online presence to benefit from the evolving consumer preference for convenient shopping.
Moving ahead, adoption of advanced technologies, launch of innovative product ranges and increased investment in digital marketing strategies by manufacturers are expected to drive the market post pandemic. Rising health consciousness and growing preference for beauty routines without visiting parlors will further aid market expansion.
Geographical Regions with highest Beauty Devices market value
North America dominates the regional market and holds the maximum value share currently, owing to higher spending power and growing adoption of new beauty innovations. Asia Pacific is projected as the fastest growing regional market in the forecast period. This rapid growth can be attributed to increasing disposable incomes, rising beauty consciousness among women as well as men and surge in number of domestic beauty product manufacturers in countries like China, India and Japan.
Fastest growing region for Beauty Devices Market
Asia Pacific region is expected to witness fastest growth for Beauty Devices market in coming years. Factors such as rapid urbanization, growing middle class population, increasing focus on personal grooming and appearances are fueling the market growth in Asia Pacific region. Moreover, rising number of domestic and global players launching affordable beauty device ranges specifically targeted for Asian skin and hair types will further boost the regional market over the forecast period.
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About Author:
Ravina Pandya Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
