Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global beauty device market is projected to flourish at a CAGR of 6.0% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 48.8 billion is anticipated for the market in 2031. As of 2023, the demand for beauty devices is expected to close at US$ 30.8 billion.
Consumers are increasingly opting for non-invasive beauty treatments, driving the demand for beauty devices that offer effective solutions without the need for surgical procedures. Continuous innovations in beauty device technology, such as the development of advanced skin-imaging devices, laser hair removal devices, and radiofrequency-based skincare devices, are attracting consumers seeking more efficient and convenient beauty solutions.
Growing awareness about the importance of skincare and concerns related to skin health, including aging, acne, and pigmentation issues, are driving consumers to invest in beauty devices as part of their skincare routines. The convenience and cost-effectiveness of home-use beauty devices are driving their adoption among consumers, who seek professional-quality treatments in the comfort of their homes.
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The proliferation of online retail channels has facilitated easier access to a wide range of beauty devices, enabling consumers to research, compare, and purchase products conveniently from their homes. Beauty devices have proven efficacy in treating a range of common skin conditions such as photoaging, acne, hyperpigmentation, deep wrinkles, psoriasis, atopic dermatitis, and melasma.
The beauty devices market is anticipated to experience significant growth due to the increasing aging population. Older adults, who often experience reduced vascularity and fibrous tissues in their skin layers, are particularly inclined towards utilizing beauty devices to address various skincare concerns.
Key Takeaways from the Market Study
- As of 2022, the beauty devices market was valued at US$ 29.1 billion
- The skincare devices segment is expected to dominate the global market during the forecast period.
- Online distribution channels remain prominent throughout the forecast period.
- Based on consumer group women segment to generate high revenue in the market.
Beauty Devices Market: Key Trends and Opportunistic Frontiers
- Innovation in beauty device technology, such as the integration of artificial intelligence, augmented reality, and IoT capabilities, is driving the development of more advanced and effective devices.
- Increasing demand for personalized skincare solutions is leading to the development of beauty devices that offer customizable settings and treatments tailored to individual skin types, concerns, and preferences.
- Growing trend towards portable and compact beauty devices that allow for on-the-go skincare routines, catering to the needs of busy consumers who prioritize convenience and mobility.
- The rise of smart beauty devices equipped with connectivity features and companion mobile apps is enabling consumers to track their skincare progress, receive personalized recommendations, and access professional skincare advice remotely.
Beauty Devices Market – Regional Analysis
- North America's beauty device industry is expected to experience rapid growth in the coming years. This is driven by increased spending on personal care and the availability of cutting-edge cosmetic devices and advanced skin treatments, which are driving up market revenue in the region.
- The Asia Pacific region is poised to take the lead in the industry between 2023 and 2031. Factors such as the growing prevalence of skin and hair-related issues, along with an aging population, are driving market growth in this area. The increasing disposable income, rising consumer awareness about beauty products, and growing preference for at-home aesthetic solutions are expected to contribute positively to market expansion during the forecast period.
Competitive Landscape
Market players are using robust marketing and branding strategies to raise brand awareness, educate consumers about the benefits of beauty devices, and differentiate products from competitors in a crowded market. Also collaborating with skincare professionals, dermatologists, and beauty influencers to endorse products, provide expert testimonials, and enhance credibility among consumers.
Key Players Profiled
- Conair LLC
- Dr. Dennis Gross Skincare LLC
- FOREO
- Koninklijke Philips N.V.
- L’Oreal Group
- Lutronic Inc.
- Nu Skin Enterprises Inc.
- NuFACE
- Sciton, Inc.
- Tria Beauty Inc.
Key Developments in the Market
- In November 2023, Nu Skin Enterprises, Inc. unveiled its latest manufacturing facility in Shanghai, China. The company has dedicated around US$ 55 million to develop this state-of-the-art facility over recent years.
- This strategic investment aims to bolster Nu Skin's production capabilities and enhance supply chain efficiency not only in China but also across its broader Asian markets.
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Beauty Devices Market – Key Segments
Product Type
- Skin Care Devices
- Light Therapy Devices
- Microcurrent Devices
- Microneedling Devices
- Microdermabrasion devices
- Dermaplaning Devices
- Cleansing Devices
- Facial Steamers
- Others
- Hair Removal Devices
- Others (Scalp Massage Devices, Oral Care Devices, Eye Massage Devices, etc.)
Category
- Hair Care
- Facial Care
- Body Care
- Others (Eye Care, Tooth Care, Nail Care, etc.)
Price Range
- Low
- Medium
- High/Premium
Consumer Group
- Men
- Women
- Unisex
End User
- Individual/Residential
- Commercial
- Spas & Massaging Centers
- Beauty Parlors & Salons
- Others (Dermatological Centers, Beauty Institutes, etc.)
Distribution Channel
- Online
- Company Websites
- E-commerce Websites
- Offline
- Specialty Stores
- Mega Retail Stores
- Others (Individual Stores, Departmental Stores, etc.)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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