Beauty Devices Market Worldwide Industry Analysis by Key Player Like Panasonic, Lumenis, iluminage Beauty, Philips, Carol Cole Company
Global beauty devices market is expected to reach $97.0 billion by 2023.The market is mainly driven by the rising incidence of skin diseases, surging disposable income, escalating geriatric population, increasing appearance consciousness and awareness about beauty devices, and growing prevalence of hormonal disorders, according to P&S Market Research.
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In terms of usage, the beauty devices market has been categorized into salon, spa, at-home, and others. During the forecast period, the market is expected to witness the highest growth in the at-home category, with a CAGR of 20.2%. The easy availability of these beauty devices across the globe and less expertise required for their use leads to their increased adoption is attributing to its growing popularity globally.
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According to the European Commission publication in 2014, the population of people aged 65 years and above was approximately 93.2 million in 2013, and the number is estimated to reach 105.3 million by 2020. The aging population is driving the demand of beauty devices, as aging leads to skin dryness, which further leads to the formation of wrinkles. This happens due to the weakening of collagen, the protein that provides strength and elasticity to the skin. Certain beauty devices help in building collagen to reveal a younger looking skin; thereby leading to the growth of the market.
Some of the other key players operating in the beauty devices market are Panasonic Corporation, Lumenis Ltd, Home Skinovations Ltd, the Procter & Gamble Company, Syneron Medical Ltd, iluminage Beauty Inc., Koninklijke Philips N.V., and Carol Cole Company.
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