In terms of revenue, the Global Beauty Devices Market is expected to reach USD 144.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.8% from 2022 to 2028.
In recent years, beauty devices are majorly used by undergraduate college students. The beauty devices are classified as pocket based and fixed on their source of origin. The commercial beauty devices are made up of mechanical parts which might also shows great effects on the area where these are applied. Increasing awareness about the beauty devices & growing skin diseases fuels the market growth.
- The hair care devices sub-segment of the type segment is anticipated to dominate the Beauty Devices Market. Hair care devices are gaining huge popularity in recent years. The growing young female population and party lifestyle has generated huge potential for this segment to flourish in coming years.
- The female sub-segment of the gender type segment is accounted for the largest market share in 2021 for the Beauty Devices Market. Increasing use of beauty devices among female population and variety of products offered by key market players for female population makes this segment flourish during the forecast period.
- North America is the largest regional segment. This surge is attributed to the rising demand for beauty devices in developing economies such as the India and China. Increasing population and changing lifestyle in this region has generated huge potential for market to flourish in this region.
Skin is considered to be the most crucial body part when it comes to appearance. Younger generation especially the female population are quite aware of the skin tone, facial beauty and others. Major beauty device manufacturers take advantage of this and try promoting their products through advertisements. Also, growing awareness among the female population for skin beauty further drives the market demand. Increasing disposable income and higher purchasing power among the middle class income population is further driving the market demand.
North America is expected to dominate the Global Beauty Devices Market in 2021 and is likely to continue the same trend during the forecast period. Globalization has led to an increase in purchasing power in countries such as China, India, South Korea, and Malaysia over the past few years. Rapid urbanization, strong economic growth, and rising use of beauty devices are some of the major factors contributing to the growth of the Beauty Devices Market in the region. The highly competitive environment is expected to generate opportunities for the future market growth. Moreover, favourable trends associated with cosmetics and medical sectors will drive the market sales within this region.