The World Psoriasis Day Consortium estimates that nearly 125 million people across the world are currently affected by psoriasis. Furthermore, the National Eczema Association states that approximately 9.6 million children under the age of 18 years and 16.5 million adults in the U.S. are living with atopic dermatitis. Moreover, an article on the National Center for Biotechnology Information (NCBI) states that melasma is found in 15%–50% of the pregnant women worldwide. Thus, the surging incidence of skin ailments, such as psoriasis, melasma, atopic dermatitis, and acne, is creating a huge requirement for beauty devices.
Access Report Summary - Beauty Devices Market Segmentation Analysis
In addition, the increasing public awareness regarding the safety profile and benefits of energy-based aesthetic devices, primarily laser ones, will accelerate the beauty devices market at a healthy CAGR of 20.6% during 2021–2030. According to P&S Intelligence, the market was valued at $50,814.4 million in 2020, and it is projected to generate $311,039.3 million revenue by 2030. As compared to surgical treatments, energy-based aesthetic devices are minimally invasive, have fewer side-effects, and offer quicker recovery and less discomfort.
Currently, beauty device manufacturers are engaging in partnerships and facility expansions to offer their products to a greater number of customers. For instance, in August 2020, Shiseido Cosmetics partnered with YA-MAN Ltd. to develop and produce anti-aging devices in Japan. Other companies following these steps are Panasonic Corporation, Conair Corporation, Candela Corporation, L'Oréal SA, Lumenis Ltd., Spectrum Brands Holdings Inc., Carol Cole Company Inc., Nu Skin Enterprises Inc., LightStim, Home Skinovations Ltd., and MTG Co. Ltd.
Geographically, North America led the beauty devices market in the preceding years due to the high disposable income of people in the U.S. and Canada. Additionally, the rising incidence of skin diseases and surging appearance consciousness among customers will augment the usage of these devices in the region. For instance, the American Academy of Dermatology (AAD) estimates that approximately 50 million, 7.5 million, and 16 million Americans are affected by acne, psoriasis, and rosacea, respectively, every year.
Whereas, the Asia-Pacific (APAC) region is expected to utilize these devices at the highest rate in the forthcoming years. This can be ascribed to the mounting public awareness on them and rising geriatric population in the region. The United Nations Population Fund (UNFPA) forecasts that the population of people aged 60 years and more in APAC will reach around 1.3 billion by 2050. Moreover, the increasing availability of affordable beauty products and devices by leading brands is encouraging their adoption.
Therefore, the rising incidence of skin ailments and growing customer awareness on beauty devices are accelerating their usage, especially those that use different forms of energy.
