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Global Beauty Devices Market Valued at Over $39 Billion in 2018
The global beauty devices market is expected to reach USD 107.2 billion by 2024. The factors, according to the report, contributing to the growth of the market include the rise in skin disorders, increasing rate of hormonal imbalance cases, an aging population, and growing awareness for beauty devices.
May 30, 2019
2 min to read
According to a release from Vynzresearch.com, The global beauty devices market was valued at USD 39.1 billion in 2018 and is expected to reach USD 107.2 billion by 2024.
The release goes onto say:
The U.S. beauty devices market is driven by the factors such as technological advancements, adoption of at-home LED therapy devices and acne treatment devices. Additionally, the increasing prevalence of skin conditions, the increasing rate of hormonal imbalance cases and aging population also support the growth of the market in the country.
The U.S. per capita is among the highest in the world, which illustrates high affordability of premium devices in the country. Aging population also leads to the considerable growth in the demand for beauty care devices in the country. For instance, as per the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than age 65 by 2030 in the U.S. This will expand the size of the older population so that 1 in every 5 residents will be of retirement age.
Among different types of devices, hair removal devices hold the largest share in the U.S. beauty devices market due to the availability of a wide range of hair removal devices, such as trimmers, clippers, epilators, and shavers. The demand for light/led therapy and photo rejuvenation devices is also anticipated to increase significantly in the coming years due to the technological advancements and miniaturization of these devices.
Spas and salons are the largest end users of beauty devices in the U.S. and its demand of these devices is anticipated to remain the largest in the coming years also, as these has been an increase in the number of spas and salons in the country. The fastest growing demand for these devices is witnessed among at home users in the U.S., primarily due to the development of hand-held devices and aging population
Different industry players are investing to develop their current portfolio and penetrate to the at home consumer base. Also, different players are collaborating and partnering with each other to utilize the technology and resources of each other to provide better products to larger consumer bases. This is one of the key trends witnessed in the U.S. beauty devices industry.
Originally posted on Modern Salon
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