Beauty Device Market

Market Overview

The Total Addressable Market (TAM) for Beauty Device was valued at USD 59.09 billion in 2022. It is projected to reach USD 157.91 billion by 2031, growing at a CAGR of 11.54% during the forecast period (2023–2031).

The face, hair, hands, and feet can all benefit from using a beauty device. These tools are convenient and effective in treating various cosmetic issues, such as acne and scarring. Most of these tools are either electrically or battery-operated, so they are easily used. Beauty devices, such as cleansing tools, dermal rollers, acne removal tools, and so on, are in high demand because they promise quick and easy results for a low price, helping consumers combat various health issues. These factors have contributed to a significant increase in the demand for both professional and at-home dermal rollers in the cosmetics market.

Market Dynamics

What are the Primary Factors driving the Market for Beauty Devices?

Growing Occurrence of Skin Diseases

The use of beauty tools can help you look younger. Anti-aging benefits include a looser appearance of skin. One of the most common results of beauty devices is a revitalization of the skin. In addition, rising rates of hormonal disorder act as a major force propelling the market forward. Hormone imbalances are common due to modern living and other contributing factors. Acne and other skin problems flare up severely when exposed to it. Hair loss, damaged hair, split ends, uneven skin tone, redness, blackheads, and acne are other cosmetic issues. Due to these factors, attractive people can trick the market into thinking they provide superior services. The sum of these factors boosts commercial output and earnings.

What are the Main Factors that will slow down the Market for Beauty Devices?

High Price of Beauty Devices

Competition from low-priced imitations is slowing the cosmetics and personal care devices' expansion. There are both cheap and pricey options available. High-priced beauty tools have cutting-edge features. However, alternatives at lower prices tend to be of lower quality. These factors could slow the expansion of the market. Growth in the beauty device market is predicted to be hampered by strict government regulations and complications, such as contact dermatitis and superficial fungal and bacterial infections linked to overuse.

What are the Future Opportunities for Beauty Devices?

Launch of a New Product

There are many recent innovations available in the realm of beauty devices. Extremely high demand may result from the introduction of LE therapy during the outlook period. Moreover, the market for beauty devices is projected to grow during the stated forecast period, as is the amount of money spent on R&D in this sector. We can look to these forces to propel the market forward and open up new expansion opportunities. L'Oreal is a major player in this sector. Its subsidiary Lancome has developed Le Teint Particulier to help women find the perfect foundation color for their skin tone through AI.

Regional Analysis

The global beauty device market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market 

North America is the most significant shareholder in the global beauty device market and is expected to grow during the forecast period. It is because the region is home to some of the most well-known names in the beauty device industry and has a high per capita income. Consumers in the region strongly desire anti-aging products, so the region's active market players are constantly releasing new beauty devices. Beyond this, issues like fast aging are being exacerbated by factors like a shift to a less healthy lifestyle and a higher intake of unhealthy foods. More people are willing to spend money on beauty devices to fight the problem. Furthermore, a sizable portion of the local population is heavily influenced by marketing campaigns for beauty gadgets and online social media.

Europe is expected to grow during the forecast period.  Due to its consumers' high purchasing power and willingness to spend on beauty devices and products, Europe is one of the world's leading beauty device markets. The expanding incidence of acne in Europe is also a significant factor driving the market expansion. Over eighty-five percent of people in developed regions like Europe experience acne problems each year, as reported by The British Skin Foundation; this is expected to increase demand for beauty devices in Europe. However, Brexit has hampered the U.K. beauty device market in the last two years due to the many changes it has brought about in trade policies and international tax rates.

With the introduction of more affordable beauty devices, the widespread availability of international brands, and a rising middle class, demand has skyrocketed in the Asia Pacific region. Dermatologists, clinicians, and aestheticians now have more tools to treat skin diseases, improve skin texture, and slow the appearance of multiple signs of aging thanks to the constant stream of new and innovative beauty products hitting the market. Due to its large population, growing urban residents, and increasing consumer awareness of the importance of maintaining a clean and healthy personal hygiene routine, the Asia-Pacific region offers promising expansion prospects for market participants. So, this area is predicted to expand rapidly over the coming years.

The Middle East and African markets offer a wide range of promising prospects. One of Africa's most lucrative industries, beauty devices help the continent's workforce grow and thrive. High demand from major markets like Nigeria and South Africa has made Ethiopia, Kenya, and Tanzania, the region's top honey producers. Some other significant products include beeswax and propolis, which have numerous applications in the cosmetics, footwear, furniture, and candlemaking industries. Beauty Device also has great potential when it comes to bringing economic growth to Africa and helping to reduce poverty in the region.

Segmental Analysis

The global beauty device market is segmented by type and end-user

By Type Analysis

Based on type, the global beauty device market is bifurcated into haircare, skincare, hair removal, and others.

The hair removal segment is the highest contributor to the market and is expected to grow during the forecast period. Increasing hormonal imbalance, the global distribution of polycystic ovary syndrome (PCOS), and the correlation between PCOS and female facial hair growth are all contributing elements. The commonness of skin cancer, baldness, and other signs of aging today can be directly attributed to the widespread use of tanning beds and other outdoor tanning methods. Many cosmetic treatments entice consumers to try them out for issues like sun damage, sagging skin, and thinning hair. Among the young population, female hair removal ranks among the most frequently encountered problems. Because of this, the market for hair removal devices has expanded in recent years.

By End-User Analysis

Based on end-user, the global beauty device market is bifurcated into the household, beauty salons, and others.

The beauty salon segment is the highest contributor to the market and is expected to grow during the forecast period. Increased salon availability in developed and developing countries has expanded the market. The salon subsector of the beauty device market is expanding rapidly due to the rising demand for removal among women. The increasing availability of beauty devices for consumers as home appliances has made this topic both novel and trendy. Hormone irregularities result from alterations in one's lifestyle or external factors. Market expansion is expected to be fueled by the fact that it causes severe acne and other skin problems.

Recent Developments

•  November 2022- Fortech, a Prominent Romanian Digital Engineering Firm, Is Acquired by GlobalLogic
• August 2022- Panasonic and JAXA are collaborating on the development of ultra-light EMC shielding material.