Market Potential and Pitfalls
The rising familiarity of skin and hair problems which is resulting in photo aging of the hair and skin is increasing owing to the high subjection of UV radiation and pollution across the globe. This further leads to hair loss, skin elasticity, and sunburns, which triggers the demand for beauty devices. The market’s course is chiefly directed by the increased awareness regarding beauty services and devices, growing hormonal diseases among the global population, augmenting geriatric population, continuous technological advancements, and surging incidences of hair and skin problems. This has led the existing companies to focus more on innovative technologies and unique approaches. Such factors are highly supporting the market growth across the globe. With technology developing in every aspect of life resulting in a higher adoption of such technologically advanced products, beauty devices have attracted a considerable consumer base globally.
With improved standard of living and rapid urbanization led by the improving economic conditions, the desire to look and feel beautiful and young has triggered, thereby influencing the market growth. Factors such as increased incidences of skin diseases like melisma, acne, and other disorders related to the exposure of teh skin to UV rays and pollution are contributing to the market growth globally. Moreover, with media becoming an important pillar, has allowed the manufacturers to expand their product range and minimize recall value by providing products suited to the consumer’s body, budget, complexion, skin type, and the environment. The rising need for brand differentiation in a growing competitive environment has fostered the market growth.
On the contrary, side effects from the beauty devices coupled with the presence of reasonable substitutes are some of the top barriers considered to vitiate the market growth in the coming years. Moreover, disadvantages such as excessive swelling, discomfort, sensitive skin, blistering, bruising, and related side effects associated with the wrong handling or mishandling of such devices can pose a negative impact on the market growth in the long run.
Global Beauty Devices Market: Segmental Analysis
The Global Beauty Devices Market has been segmented on the basis of application, technology, type, and end-user.
By mode of type, the global beauty devices market has been segmented into acne removal devices, hair growth devices, skin derma rollers & hair removal devices, rejuvenation devices, oxygen, cleansing devices, steamer devices, light/LED therapy & photo rejuvenation devices, cellulite reduction devices, and others. Among these, light/LED therapy & photo rejuvenation devices are likely to gain prominence during the appraisal period due to the advanced features provided by these devices for treating blemishes, wrinkles, and sagged skin.
By mode of application, the global beauty devices market has been segmented into ultrasonic infuser and instrumental cosmetics.
By mode of technology, the global beauty devices market has been segmented into wearable devices, transcutaneous electrical nerve stimulation (TENS) technology, lasers invigorate, and others.
By mode end-users, the global beauty devices market has been segmented into personalized and professionals. Among these, the professional’s segment is likely to gain significant prominence as they have experience and knowledge regarding such devices.
Geographically, the beauty devices market span across regions namely, Europe, Asia Pacific, America, and the Middle East & Africa.
Considering the global scenario, the beauty devices market is dominated by the American region due to a well-developed technological base, growing geriatric population, increased patients suffering from PCOS, and rising support from the government for R&D activities in this region.
The European region is considered to occupy the second spot in the global market and is likely to retain its growth. The growth is credited to the increased government support for R&D activities coupled with the high availability of funds for research. For instance, economies like France and Germany are constantly increasing investments in the healthcare sector which is likely to influence the market growth.
The Asia Pacific region is estimated to expand at the fastest rate due to the presence of rapidly developing healthcare technology, surging expenditure on healthcare, and presence of huge patient population in this region. With the surging demand for beauty devices and new treatment methods especially in economies like China and India are likely to foster the market growth in this region. China is predicted to command the largest market share due to growing aging population and immense economic development.