The market is mainly driven by growing geriatric population, rising prevalence of skin diseases and hair loss, and increasing healthcare expenditure.
Based on type of device, the beauty devices market in the U.S. is categorized into hair removal, cleansing, acne, light/LED therapy and photorejuvenation, oxygen and steamer, hair growth, dermal rollers, cellulite reduction, and other devices. The market for hair removal devices is predicted to reach $7.9 billion by 2023, registering a CAGR of 18.8% during the forecast period. Hair removal devices are used to remove and reduce unwanted hair painlessly, without damaging the surrounding skin. In some devices, laser is also used which produces enough heat to destroy hair, thus providing long-lasting results lead to increased demand for these devices.
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The market for at-home beauty devices is growing progressively, due to increasing availability of home solutions and more scientifically sound technologies, that offer greater security and efficiency. The young population is seeking preventive measures to keep the signs of aging at bay, while the aged population is seeking these measures to maintain a youthful appearance. In addition, the increasing consumer awareness, and introduction of new products, such as NuSkin Galvanic Spa, and TRIA Age-Defying Laser device, is also increasing the inclination of consumers towards at-home beauty devices.
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In order to increase their market share, key players in the beauty devices industry of the U.S. are acquiring other companies operating in the domain. For instance, in May 2018, L’Oréal SA (L’Oréal) announced 100% acquisition of Nanda Co. Ltd., a Korean lifestyle make-up and fashion company. With this acquisition, L’Oréal plans to expand the sales of its 3CE cosmetics brand, internationally. The company expects to complete the transaction in two months, after receiving customary regulatory approvals.
Some of the other key players operating in the beauty devices market in the U.S. are Nu Skin Enterprises Inc., Panasonic Corporation, Lumenis Ltd., Home Skinovations Ltd., The Procter & Gamble Company, Syneron Medical Ltd., iluminage Beauty Inc., Koninklijke Philips N.V., and Carol Cole Company.
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