LONDON, Sept. 14, 2016 /PRNewswire/ -- The global beauty devices market accounted for $23,403.9 million during 2015, and it is expected to grow with a CAGR of 19.0% during 2016-2022. The hair removal devices segment dominated the market during 2015, with about 21.7% share. Among the various application segments, the salon accounted for the highest share of about 55.6% during the same year. The market for beauty devices is escalating with high growth rate due to growing geriatric population and increasing prevalence of skin diseases as a result of harmful UV radiations. Increase in disposable income in developing countries has also lead to an increased spending on personal care products.
The increasing prevalence of skin diseases is one of the key drivers, fuelling the growth of the global beauty devices market. Acne, psoriasis, and atopic dermatitis are some common skin diseases. Acne is the most common dermatological condition that is caused by clogging of hair follicles by sebum, dirt, and dead skin cells. Acne affects majority of the world population and leads to scaring. According to the American Academy of Dermatology, approximately 85% Americans suffer from acne at some phase in their lives. To treat skin diseases and overcome the harmful effects of ultraviolet radiation, beauty devices are being used, which is fuelling the demand of these devices globally.
The increase in number of aging population acts as a growth driver for the global beauty devices market, as old age is associated with loss of fibrous tissue, and reduced vascular and glandular network in the layers of skin. In elderly population, the appearance and characteristics of the skin gets altered, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. The anti-aging products and devices help in reducing skin aging, thus giving younger look to a person by revitalizing and tightening the skin; hence fuelling the demand of the global beauty devices. In addition, the inclination of customers towards easy to operate at home beauty devices further propels the growth of the market.
The restraints associated with the global beauty devices market include risks associated with usage of these devices, including discomfort, excessive swelling, fragile skin, bruising, and blistering. Such side effects postpone further treatment of the affected area, until complete healing takes place. Also, the intense pulsed light can lead to side effects, such as superficial burns, scarring, edema, and postoperative erythema. The availability of easy-to-use topical beauty products such as hair removal creams, cleansing gels and scrubs is further hampering the growth of the beauty devices market.
Some of the key companies operating in the global beauty devices market include L'Oréal Group, Procter & Gamble Company, Nu Skin Enterprises, Inc., Panasonic Corporation, Home Skinovations, Ltd., PhotoMedex, Inc., Carol Cole Company, Syneron Medical, Ltd., TRIA Beauty, Inc., and Koninklijke Philips N.V.
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