The global beauty devices market is expected to witness substantial growth over the forecast period, which can be attributed to the enhanced standard of living of people, particularly in developing economies.
Beauty devices solve the issues of blemishes, wrinkles, pigmentation, age spots, and freckles, which constitute a large proportion of skin issues for women. The growing occurrence of skin diseases, the increase in the aging population, and the harmful effects of ultraviolet radiation are some of the key factors driving the beauty devices market. Stringent government regulations and complications such as the occurrence of contact dermatitis and superficial fungal & bacterial infections pertaining to excessive use of beauty devices are expected to inhibit the growth of the beauty devices market. Furthermore, the availability of easy-to-use beauty products along with the complications and risks associated with the beauty devices are also expected to hamper the market growth.
The beauty devices segment is increasingly being proliferated by technological innovations. Of these, augmented reality (AR) and artificial intelligence (AI) are two aspects that brands and competitors have invested their time on. Major examples in this area include L'Oreal, whose subsidiary Lancome has come up with Le Teint Particulier, which assists women in finding the perfect foundation shade for their face using AI. Other technological developments include Sephora's Virtual Artist, which allows users to try various shades of eyeshadow and lipstick through kiosks or their smartphones.
The demand in the Asia Pacific region has significantly increased with the advent of less expensive beauty devices, the availability of multinational brands, and an increased standard of living. Furthermore, in Europe, the demand is increasing with the rise in the aging population.
As of October 2019, a United Nations Department of Economic and Social Affairs (UNDESA) report claims that there are 703 million people aged over 65 years, and this number is expected to reach 1.5 billion by 2050, with the highest growth rate of this population witnessed in the economies of Eastern and Southeastern Asia, as well as Latin America and the Caribbean.
The beauty devices market can be segmented on the basis of product and usage areas. Products can be further categorized as rejuvenation devices, acne devices, light/LED therapy & photo rejuvenation devices, skin derma rollers, hair growth devices, cellulite reduction devices, oxygen & steamer devices, and hair removal devices. Usage areas can be segregated into spa, at-home, and salon.
Leading players have emphasized products for enhancing hair growth. For instance, in January 2015, Capillus, LLC, a medical device manufacturer in Miami, launched Capillus272 for promoting hair re-growth in adults suffering from androgenic alopecia. Key market players include Nu Skin Enterprises Inc., TRIA Beauty Inc., Koninklijke Philips N.V., Carol Cole Company, L’Oreal group, Procter & Gamble, Home Skinovations Ltd., and Photomedex Inc.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.