The global beauty devices market size was US$ 42.1 billion in 2020. The global beauty devices market is forecast to reach US$ 246.4 billion by 2030 by growing at a compound annual growth rate (CAGR) of 20.4% during the forecast period from 2021-2030.
Factors Influencing
The market for beauty devices is forecast to grow at a significant pace due to trending home therapy devices.
Moreover, the growing prevalence of skin diseases and hormonal imbalance problems would gradually propel the growth of the global beauty devices market.
Hair loss has been another common concern, directly or indirectly linked to skin conditions. Thus, the growth of these cases would ultimately surge the demand for effective treatment. Thereby, it would fuel the growth of the global beauty devices market.
The growing geriatric population is contributing to the market growth. American Hair Loss Association estimates that Androgenetic Alopecia, or common male pattern baldness (MPB), has valued around 95% of hair loss in men. Additionally, growing prevalence of PCOS, medication side effect issues, and other illnesses would create significant opportunities for the market players in the global beauty devices market.
The high cost of devices may hamper the growth of the global beauty devices market.
Emerging industry players, mostly in the economies of Asia-Pacific, would create various growth opportunities in the future.
Geographic Analysis
Regionally, North America is forecast to dominate by becoming the largest beauty devices market. The major contribution of the region would be because of the increasing aging population and growing awareness regarding home and clinical treatment methods. Moreover, the increasing prevalence of skin conditions and hormonal problems leading to acne, hair loss, psoriasis, and rosacea, would gradually accelerate the demand for beauty devices globally. The American Academy of Dermatology estimates that acne affects around 50 million Americans yearly.
Moreover, the beauty devices industry is expected to witness promising growth in the developing economies of Asia-Pacific, such as China and India. The growing cases of skin-related diseases would create various opportunities for the expansion of the market and market players.
COVID-19 Impact Analysis
The COVID-19 pandemic declined the demand for beauty devices drastically. It is due to the shift in preferences. Moreover, people stopped visiting dermatologists and other healthcare bodies as it demands human contact. In addition, the terror of infection halted many activities, forcing healthcare bodies to stop other operations and focus on curbing the spread of the virus. Apart from that, the unavailability of raw materials created various challenges for the market players. Demand for beauty devices also decreased, which affected the revenue growth. The market is forecast to recover during the forecast period as the COVID-19 cases decrease.
Competitors in the Market
Market segmentation
By type
By usage
By Region
