NEW YORK, Sept. 10, 2020 /PRNewswire/ -- With the increase in the population of the elderly, the global home-use beauty devices market is projected to observe a 20.4% CAGR between 2020 and 2030, to reach $45,956.3 million by 2030, from $6,457.4 million in 2019, according to the research study published by P&S Intelligence. The United Nations says that the number of people in the age group of 65 and above will grow to 1.5 billion by 2050, from 703 million in 2019.
With age, the glandular and vascular network and fibrous tissue in the layers of the skin reduce, which leads to dryness, wrinkles, skin sagging, and pigmentary alteration. This is one of the major reasons for the growth of the home-use beauty devices market, as, to treat such age-related issues, by tightening and revitalizing the skin, people use numerous anti-aging devices.
The coronavirus pandemic is negatively affecting the home-use beauty devices market, as the lockdown measures taken in numerous countries, in order to prevent the infection's spread, have hit manufacturing and commercial activities hard. Apart from the diminished supply of such devices, even their demand is falling, as people are not shopping for non-essential stuff. Once the situation improves, after the final quarter of 2020, the demand for beauty devices would rise again.
In 2019, the laser/light category dominated the home-use beauty devices market, based on technology, on account of the usefulness of laser- and light-based devices in reducing skin soreness and inflammation, without harming the healthy areas of the skin. In addition, the energy emitted by these devices, via the optical amplification technology, improves the overall skin condition.
Browse report with detailed COVID-19 impact analysis on Home-Use Beauty Device Market Research Report: By Technology (Laser/Light, Vibrational, Radiofrequency Energy, Nano-Iconic, Microneedling, Electroporation), Indication (Hair Removal, Cleansing, Acne Treatment, Skin Rejuvenation/Anti-Aging, Oxygen/Facial Steaming, Hair Growth, Dermarolling, Cellulite Reduction) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/home-use-beauty-devices-market
Currently, North America is the highest revenue contributor to the industry, due to the high appearance consciousness and disposable income, rising awareness about the potential home-use beauty device applications for skin and hair diseases, and rising prevalence of skin conditions such as acne. All of these factors have led to a high spending on beauty devices, thus resulting in the dominance of North America on the market. In future, the highest CAGR in the home-use beauty devices market would be witnessed in Asia-Pacific (APAC). This would be because of the increasing skin disease incidence, disposable income and urban population growth, geriatric population boom, and increase in the awareness about appearance and beauty devices.
In order to reach new customers in new geographies, companies in the home-use beauty devices market are engaging in partnerships, as such moves give them the flexibility to:
Offering their products via the stores of their partners
Augment their reach by associating with popular sports clubs
Increase their presence in Europe and Asia
Establish departmental stores in new countries
Enhance their product portfolio, with each other's expertise
The major players in the global home-use beauty devices market are Nu Skin Enterprises Inc., Panasonic Corporation, Home Skinovations Ltd., TRIA Beauty Inc., L'Oréal SA, Carol Cole Company Inc., YA-MAN Ltd., Candela Corporation, Koninklijke Philips N.V., MTG Co. Ltd., Spectrum Brands Holdings Inc., LightStim, Amorepacific Corporation, Conair Corporation, Dr. Dennis Gross Skincare LLC, Project E Beauty, FOREO AB, Beauty Bioscience Inc., The Procter & Gamble Company, and Cyden Limited.
Global Beauty Devices Market
In the coming years, the growth of the beauty devices market would be the fastest in Asia-Pacific, as a result of the rising disposable income and increasing prevalence of dermatological issues in the region. In addition to this, the awareness about the array of beauty devices available is rising, as is the population of the elderly and incidence of hormonal disorders.
During the forecast period, the market is expected to witness the highest growth in the at-home beauty devices category, at a CAGR of 19.3%. Various facial therapies and body treatments offered at salons and spas can be done at home, with the help of these devices. The demand for at-home devices is also increasing, due to their ergonomic designs and portability.
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.