What is the beauty device market growth?
Beauty Devices Market Overview
Beauty Devices Market is expected to reach USD 50.40 Billion by 2028 growing at a CAGR of 12.5% during the forecast period 2021-2028.
Beauty Devices Market Dynamics
Increasing awareness of beauty devices and services, an aging population, an increase in hormonal disorders, a high disposable income, and an increase in the prevalence of skin and hair problems are all driving factors in the beauty devices market. According to the latest trends in the beauty device market, established companies are concentrating their efforts on novel approaches and technologically advanced devices. This has increased competition among existing market participants, and new entrants will inevitably result in price reductions. Beauty devices have garnered considerable market attention, as technology advances in almost every aspect of life, resulting in increased consumer adoption of these technologically advanced products. Consumers also are accepting modern beauty devices, which is driving the market over the review period.
However, the availability of reasonable substitutes and the adverse effects of beauty devices may limit the market's upward movement during the review period.
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Segmental Analysis
The global market for beauty devices is segmented by type, application, and end user.
The market is classified according to type into hair care, skin care, oral care, and others. Additionally, hair care is segmented into devices for hair removal, hair growth, and hair styling, while skin care is segmented into devices for light/led and photo rejuvenation therapy, cellulite reduction, and acne removal
The market is classified into commercial and non-commercial purposes. Additionally, commercial purposes are classified as salons/spas, hospitals/clinics, and others.
The market is classified into professional and personalized segments based on the end user.
Beauty Devices Market Regional Overview
The Americas dominate the global beauty device market as a result of advanced technology, an increasing patient population with PCOS, an aging population, and increased government support for research and development. Additionally, increased research and development activities, as well as the concentration of major companies, have fueled the market's growth in this region. Certain regions of Latin America are also expected to see accelerated growth.
Europe is the world's second largest market for beauty devices, owing to government support for research and development and the availability of funding for research. This is expected to continue to be the primary driver of the European market throughout the forecast period. For example, Germany and France are increasing their investment in the healthcare sector.
Asia Pacific is the fastest growing market for acquired beauty devices, owing to rapidly evolving healthcare technology, a large patient population, and high healthcare expenditures. Additionally, growing demand for novel treatment methods in countries such as India and China is likely to propel the global market to its fastest growth rate.
On the other hand, the Middle East and Africa are anticipating a prosperous future. Consumer awareness indicates that beauty device use is prevalent across all age groups.
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Beauty Devices Market Competitive Dynamics
Some of key the players in the market are L'Oreal S.A., Nu Skin Enterprises, Panasonic Corporation, Syneron Medical Ltd, Home Skinovations Ltd, TRIA Beauty Inc, Procter & Gamble Co, PhotoMedex Inc, Tria Beauty Inc.
