Report ID: 10059326 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
The global beauty device market is expected to witness substantial growth during the forecast period, registering a CAGR of ~22% over the period 2022-2030 which can be attributed to the improvement of people's living standards, especially in developing economies. The beauty instrument solves the problems of pigmentation, wrinkles, pigmentation, age spots, freckles, etc., which account for a large proportion of womens skin problems. Increasing incidence of skin diseases, increasing population aging, and harmful effects of ultraviolet radiation are some of the key factors driving the development of the beauty equipment market. Strict government regulations and complications such as contact dermatitis, superficial fungal and bacterial infections associated with excessive use of beauty equipment are expected to inhibit the growth of the beauty equipment market. In addition, the availability of easy-to-use beauty products and the complications and risks associated with beauty equipment are also expected to hinder market growth.
The market segment of beauty equipment is multiplying due to technological innovation. Among them, augmented reality (AR) and artificial intelligence (AI) are two areas where brands and competitors invest time. Top examples in this area include L27;Oreal, whose Lancome subsidiary created Le Teint Particulier to help women use AI to find the perfect foundation for their faces. Other technological developments include Sephora’s virtual artist, which allows users to try out various shades of eye shadow and lipstick through a kiosk or their smartphone.
With the emergence of cheaper beauty equipment, the emergence of multinational brands and higher living standards, the demand in the Asia-Pacific region has increased significantly. In addition, in Europe, as the population ages, demand is also increasing. In October 2019, a report by the United Nations Department of Economic and Social Affairs (DESA) pointed out that there are 703 million people over 65 years old. By 2050, this number is expected to reach 1.5 billion. Latin America and the Caribbean have the highest population growth rates.
The beauty equipment market can be subdivided according to the fields of use and products. Products can be further classified into skin rejuvenation equipment, acne equipment, phototherapy equipment and light/LED therapy, dermal rollers, hair growth equipment, cellulite equipment, steam and oxygen equipment, and hair removal equipment. The use area can be divided into spa, home and salon. The main participants all emphasized that the product can promote hair growth. For example, in January 2015, Capillus, LLC, a Miami medical device manufacturer, launched Capillus272 to promote hair growth in adults with androgenetic alopecia. Major market players include Nu Skin Enterprises Inc., TRIA Beauty Inc., Koninklijke Philips N.V., Carol Cole Company, 27;Oréal Group, Procter & Gamble, Home Skinovations Ltd. and Photomedex Inc.
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Report ID: 10059326 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
