USD 52.23 billion
Report ID: SQMIG30L2058 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 150 | Figures: 82
Beauty Tech Market size was valued at USD 52.23 billion in 2021 and is poised to grow from USD 62.12 billion in 2022 to USD 189.15 billion by 2030, growing at a CAGR of 19% in the forecast period (2023-2030).
Beauty gadgets are primarily used to improve the appearance of the skin. Depending on their intended use and whether they affect the structure or function of the body, they may or may not be controlled by the Food and Drug Administration (FDA). Consumers often employ beauty tech devices for cosmetic or personal health reasons. The increase in the number of people using these devices to treat their acne or psoriasis drives market growth. Most people also purchase beautification devices to remove excess hair from their bodies. Furthermore, there has been an increase in the number of people acquiring aesthetic products that aid in the reduction of age symptoms such as wrinkles and sagging skin.
US Beauty Tech Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 52.23 billion
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The global Beauty Tech market is segmented based on type, application, portability, mode of operation, distribution channel and region. Based on type, the market is segmented into Acne Devices, Hair Removal Devices, Hair Growth Devices, Cleansing Devices, Oxygen and Steamer Devices, Rejuvenation Devices, Others. Based on application, the market is segmented into Salon, Spa, Home, Others. Based on portability, the market is segmented into Pocket-Sized/Handheld Device, Fixed. Based on mode of operation, the market is segmented into Electric and Battery, Operated and Manual. Based on distribution channel, the Beauty Tech Market is segmented into Direct Sales, Retail, Online. Based on region, the Beauty Tech market is categorized into North America, Europe, Asia-Pacific, and MEA.
Beauty Tech Market Analysis by product type
The Hair Removal Devices segment is predicted to have the largest market share. The factors include an increase in the number of cases of hormonal imbalance, the global prevalence of polycystic ovary syndrome (PCOS), and hormonal disorders in women that result in facial hair growth.
Beauty Tech Market Analysis by application
Based on the Application, the market is segmented into Salon, Spa, Home, and Others. The salon & spa segment are anticipated to register highest CAGR over the forecast period. The factors can be attributed to the increasing awareness of beauty treatments, upsurge in disposable income, and rise in the number of salon & spa.
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North America is anticipated to dominate the Global Market in 2021 and is expected to maintain this dominance throughout the forecast period owing to the availability of advanced devices and the large number of an aging population. Also, growing awareness of Beauty Tech is one of the major factors driving the growth of the Market in this region. Furthermore, Asia-Pacific is expected to grow at a significant rate, owing to increase in the geriatric population. Over the last few years, globalization has increased purchasing power in nations such as China, India, South Korea, and Malaysia. Rapid urbanization, robust economic growth, and rising use of Beauty Tech are some of the primary drivers driving growth in the region's Beauty Tech Market. The intense competition is expected to create opportunities for future market growth. Moreover, advantageous trends related with cosmetics and medical industries would enhance the market sales within this region.
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Beauty Tech Market Driver
Rise in the Geriatric Population
Rising consumer awareness about Beauty Tech
Beauty Tech Market Restraint
Lack of regulation within the beauty industry is hampering Beauty Tech market growth
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The Global Beauty Tech market research report will provide valuable insight into the global market, with an emphasis on some of the major players such as L'Oréal SA, Panasonic Corporation, Home Skinovations Ltd, Photomedax Inc., Carol Cole Company, Lumenis Ltd., The Proctor & Gamble Company, Syneron Medical, TRIA Beauty, Inc., and Koninklijke Philips N.V.
Beauty Tech Market Top Players Company Profiles
Beauty Tech Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the beauty tech industry is changing and growing rapidly. People now want things that are customized for them rather than what firms have to offer. Aside from the improved appearance, buying personalized products also makes the buyer feel more satisfied. Beauty firms are working hard to meet people's exclusive needs, from robotic cosmetics in the form of printers to delivering bespoke foundation colours.
|Market size value in 2021||USD 52.23 billion|
|Market size value in 2030||USD 189.15 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Beauty Tech Market Recent Development
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Beauty Tech Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Beauty Tech Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Beauty Tech Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Beauty Tech Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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