The growing elderly population is a major driver of the worldwide beauty devices industry. The loss of fibrous tissue is connected with ageing. The skin layer begins to shrink vascular and glandular networks, resulting in wrinkles, pigmentation, and skin drooping. The growing awareness of personal hygiene is moving the global beauty devices industry forward. A rise in the urban population, along with increased penetration of personal care products in emerging markets, is likely to drive market expansion. Also, the fast acceptance of such goods among customers due to their efficacy and advantages is expected to boost the global beauty devices market growth. The side effects of cosmetic devices, such as excessive swelling, surface burn, and blistering, are likely to limit their use. These factors are projected to impede the growth of the global beauty devices market over the forecast period. Lack of understanding about the benefits of beauty devices in poor nations or rural regions is projected to stifle market expansion over the forecast period.
According to Coherent Market Insights, Global Beauty Devices Market was valued at US$ 120.00 Bn in 2021 in terms of revenue, exhibiting a CAGR of 5.80 % during the forecast period (2022 to 2030).
Prominent Players in the Beauty Devices Industry:
1. L’Oreal Group
L'Oréal S.A., through its subsidiaries, manufactures and sells cosmetic products for women and men worldwide. L'Oréal S.A. was founded in 1909 and is headquartered in Clichy, France. In 2021, L'Oréal was the leading personal care brand in the world, with a brand value that amounted to 38.3 billion U.S. dollars. In January 2020, L’Oréal introduced Perso, a smart device that makes beauty personal. The smart skincare system is capable of providing personalized skincare solutions via a four-step process.
2. Nu Skin Enterprise, Inc.
Nu Skin Enterprises, Inc., together with its subsidiaries, develops and distributes various beauty and wellness products worldwide. The company sells its products under the Nu Skin, Pharmanex, and ageLOC brands. Nu Skin Enterprises, Inc. was founded in 1984 and is headquartered in Provo, Utah. In October 2019, Nu Skin launched new ageLOCNutriol Scalp & Hair System. The product is clinically proven to increase hair volume, softness, thickness, and shine along with scalp health and stronger hair down to the roots.
3. Panasonic Corporation
Panasonic is a conglomerate that has diversified from its consumer electronics roots. The company was founded in 1918, headquartered in Osaka, Japan.
4. Home Skinovations, Ltd.
Home Skinovations is a global leader in home aesthetic devices. The company was founded in 2006, headquartered in Israel.
5. PhotoMedex, Inc.
PhotoMedex is a leader in the dermatology market, committed to the Science of Skin Health in disease management and skin rejuvenation. The company was founded in 1980, headquartered in New York.
6. Procter & Gamble Company
The Procter & Gamble Company provides branded consumer packaged goods worldwide. The Procter & Gamble Company was founded in 1837 and is headquartered in Cincinnati, Ohio. On March 2022, P&G announced new Specialty Beauty division. Encompassing Farmacy, Tula Skincare, Ouai and First Aid Beauty, the division will be helmed by Chris Heiert.
7. Koninklijke Philips N.V.
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment Businesses, Connected Care Businesses, and Personal Health Businesses segments. It has strategic partnership agreements with TriHealth, Prisma Health, and the University Health System of San Antonio to help the health system standardize patient monitoring, drive interoperability, and lay the foundation for enterprise-wide platform; and Oulu University Hospital to deliver advanced image-guided therapy solutions. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
8. TRIA Beauty, Inc.
TRIA Beauty develops and markets light-based therapeutic beauty systems for the consumer market. The company was founded in 2003, headquartered in California.
9. AmorePacific Group
AMOREPACIFIC Group, through its subsidiaries, manufactures, markets, and trades in cosmetics, personal care goods, and related products in Korea, Asia, North America, and internationally. AMOREPACIFIC Group was founded in 1945 and is headquartered in Seoul, South Korea.
*Definition- Beauty gadgets are used to address skin issues including acne and wrinkles. Moreover, they are utilised to remove scars left by an injury. They are also used to treat hair-related issues such as hair loss and greying.
