NEW YORK, Aug. 12, 2020 /PRNewswire/ -- As per the United Nations, by 2050, the population of people aged 60 years or above will reach 324 million in India, 437 million in China, 58 million in Brazil, and 107 million in the U.S. With age, people suffer from reduced vascular and glandular network in the skin layers and loss of fibrous tissue, which can result in a number of skin problems, such as dryness, wrinkles, skin sagging, and pigmentary alteration.
This is why these people are rapidly looking at ways to minimize the physical symptoms of these issues and also rectify them to whatever extent possible. Thus, owing to the rising geriatric population, the global beauty devices market revenue, which generated $47.4 billion in 2019, would grow at a CAGR of 19.7% between 2020 and 2030, according to the research study published by P&S Intelligence.
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During the forecast period, the at-home category would witness the highest CAGR, of 20.4%, in the beauty devices market, as the devices designed for individual customers are easy to use, don't require the user to be technically or medically inclined, and offer quick treatment. In addition, these devices can be easily bought from superstores, pharmacies, and online shopping channels, thus resulting in easy accessibility and high adoption.
North America was the largest beauty devices market in 2019, owing to the high consciousness about aesthetics and strong purchasing power of the people here, which leads to a high uptake of beauty devices. Another reason behind the increasing demand for such consumer products in the region is the integration of augmented reality (AR) and artificial intelligence (AI) in such devices.
Browse detailed report overview on Beauty Devices Market Research Report: By Type (Hair Removal, Cleansing, Acne Treatment, LED Therapy and Photorejuvenation, Oxygen/Facial Steaming, Hair Growth, Dermarolling, Cellulite Reduction), Usage (Salon, Spa, At-Home) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/beauty-devices-market
Partnerships have been one of the strongest strategic measures in the beauty devices market lately, as they are being leveraged by the companies operating in the industry to:
- Offer new products via an increasing number of channels
- Expand their presence across countries and regions
- Market their products in innovative ways
- Widen and enhance their product portfolio
- Target a larger number of customers than before
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The major global beauty devices market players are Panasonic Corporation, TRIA Beauty Inc., Lumenis Ltd., Carol Cole Company Inc., Home Skinovations Ltd., Nu Skin Enterprises Inc., L'Oréal SA, MTG Co. Ltd., Candela Corporation, LightStim, Koninklijke Philips N.V., YA-MAN LTD., Spectrum Brands Holdings Inc., Amorepacific Corporation, and Conair Corporation.
Home-Use Beauty Devices Market
Global home-use beauty devices market is expected to reach $16.7 billion by 2023. During the forecast period, the European home-use beauty devices market is expected to outpace the North American home-use beauty devices market, on account of rising geriatric population, increasing prevalence of hair- and skin-related diseases, and introduction of specialized hair regrowth devices in addition to apps that educate consumers on the usage of such devices.
U.S. Beauty Devices Market
The U.S. beauty devices market is expected to reach $32.5 billion by 2023. The market is mainly driven by growing geriatric population, rising prevalence of skin diseases and hair loss, and increasing healthcare expenditure.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness
SOURCE P&S Intelligence