Global beauty devices market is estimated to witness 2.2X increase in its revenue by 2028, creating a very high market opportunity for industry players. Companies will register positive growth throughout the forecast period with top six industry players to account for 76% of global revenue share in 2018.
High profit margins and scope of product innovation has led to market being hypercompetitive. As a result, various companies are adopting inorganic growth strategy to scale their sales revenue. Industry partnership and acquisitions is at center of inorganic growth strategy.
Besides mergers and acquisitions, product pricing is another differentiating factor for players. Few beauty device companies are developing low cost devices aimed at tapping potentially huge tier -II cities millennial in developing regions. A well planned distribution channel along with pricing strategy could help companies to further expand their business footprint worldwide. E-Commerce is expected to play a key role in minimizing overall distribution cost.
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Few Key Excerpts from the Global Beauty Devices Market Report:
North America to Generate Highest Beauty Device Sales Revenue in 2019:
In 2018, North America region accounted for 39% of global beauty device market share. The region is dominated by U.S. , accounting for 92.7% of regional share. High consumer awareness, availability of wide range of beauty devices, presence of key centers along with sher size of middle aged population, higher healthcare and beauty care spending has created favorable business environment in the region. Also, there has been significant rise in skincare issues in the region. As per the recently conducted study, nearly 85% of young population are prone to acne in America.
Western Europe Beauty Device Market to be Dominated by Germany and UK:
Germany, UK and France are prominent destination for beauty device market players. In 2018, Germany accounted for over 26% of total regional sales. Sales is high in Berlin and Frankfurt. This is attributed to large number of middle aged population, cosmopolitan city landscape and good distribution networks. There are already well established players operational in Western Europe. Industry is highly consolidated with top six players accounting for 81% of total regional revenue share. The net consumer spending has increased by 2.15% in 2017 than that in 2016. This is expected to boost homecare beauty device market in the region.
At-home Beauty Devices Market to Gain Prominence:
At-home beauty device tools is registering impressive 22.6% growth — higher than the industry average. Demand for such tools has increased with rise in digitization and lower product prices. Philips, Beurer, and Home Skinnovations has expanded their product portfolio and holds considerable market share.
Leading Players are Focusing on Digitization and Product Innovation in Beauty Device Segment
Companies are focusing on product innovation in order to stay agile and build brand reputation. AS of 2018, midsize players are coming up with innovative products in order generate higher ROI. Leading players are facing pricing level differentiation from midsize companies. As a result, leading companies are actively leveraging various advanced features including IoT modules. Such initiative is expected to boost overall growth in already saturated beauty device market.
Mergers and Acquisition to be the Key Marketing Strategy
In the last few years, there has been various mergers & acquisitions that took place in the global beauty devices market. For instance, in 2017, L’Oréal acquired Valeant pharmaceuticals for US$ 1.3 billion in cash. The deal is intended to help L’Oreal expand its business presence with control over key brands — AcneFree, Ambi and CeraVe. Several such initiative is expected to take place in coming years as the industry is getting hyper-competitive with new players entering the white space.
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Some key global Beauty Devices Market Players are The Proctor & Gamble Company, Home SKinovations Ltd, L’Oreal SA, Lumenis Ltd., Panasonic Corporation, Photomedax Inc., Carol Cole Company, TRIA Beauty, Inc., Syneron Medical, and Koninklijke Philips N.V.
Research Scope and Brief Research Methodology:
Beauty Devices Market, Product Type:
- Hair Growth Devices
- Oxygen and Steamer Devices
- LED Therapy Devices
- Cleansing Devices
- Hair Removal Devices
- Acne Devices
- Skin Dermal Rollers
- Cellulite Reduction Devices
- Other Beauty Devices
Beauty Devices Market, By End-use:
- At-Home Usage
- Dermatology Centers
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