Asian Beauty Devices Market is Expected to Witness Fastest Growth, With a CAGR of 20.8% During the Period 2015 - 2020: P&S Market Research
NEW YORK, March 23, 2016 /PRNewswire/ --
The global beauty devices market accounted for $19,716.9 million during 2014, and it is expected to grow with a CAGR of 18.9% during 2015-2020. The Hair removal devices market segment dominated the market during 2014 with about 21.4% share; whereas, among application segment, salon accounted for the highest share of about 55.6% in market during the same year. Beauty devices market is escalating with high growth rate due to growing geriatric population and increasing prevalence of skin diseases as a result of harmful UV radiations. Also, increase in disposable income in developing lead to increased spending on personal care products.
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Prevalence of Skin diseases is increasing due to pollution and as a result of exposure to harmful UV radiation. 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. In order to treat skin diseases and overcome the harmful effects of ultraviolet radiation, beauty devices are used, which is fuelling the growth of the global Beauty devices market.
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The increasing aging population is propelling the growth of the global beauty devices market, as the Old age is associated with loss of fibrous tissue, and reduced vascular and glandular network in the layers of skin. In the elderly population, the appearance and characteristics of the skin gets altered, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. In addition, anti-aging products and devices help in reducing skin aging, thus giving younger look to a person by revitalizing and tightening the skin, thus fuelling the demand of the global beauty devices market.
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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