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Beauty Tech Market size was valued at USD 52.23 billion in 2019 and is poised to grow from USD 62.12 billion in 2023 to USD 189.15 billion by 2031, growing at a CAGR of 19% in the forecast period (2024-2031).

The Beauty Tech market research report will provide valuable insight into the 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. 'L'Oreal', 'Estee Lauder', 'Coty Inc.', 'Shiseido', 'Johnson & Johnson', 'Procter & Gamble', 'Unilever', 'Avon Products', 'Revlon', 'AmorePacific', 'Colgate-Palmolive', 'Kao Corporation', 'Henkel AG & Co. KGaA', 'Beiersdorf AG', 'The Body Shop International Limited', 'Ulta Beauty', 'Sephora', 'Glossier Inc.', 'Cotarde', 'Foreo', 'In July 2022, PROVEN, the expert in personalized skincare, announced its international expansion into the European Union and the United Kingdom.', 'In November 2021, Perfect Corp. the leading artificial intelligence (AI) and augmented reality (AR) beauty and fashion tech solutions provider, partnered with No7, to launch its first-ever virtual try-on foundation matching diagnostic solution, powered by Perfect Corp.’s AI Foundation Shade Finder Technology.', 'In January 2021, Nu Skin Enterprises Inc. introduced the ageLOC Boost device, which combines microcurrent waveforms with variable pulse technology to produce significantly brighter, plumper, and more bouncy skin.', 'In July 2020, Potomac Equity Partners announced the acquisition of Laser MD Medspa which is a brand that specializes in hair removal services. This acquisition is expected to boost Laser MD Medspa growth opportunities and brand recognition.'

A rise in the elderly population, an increase in the prevalence of skin-related disorders, and a rising lifestyle quotient are likely to boost the Beauty Tech Market over the forecast years. Skin problems, such as photo-aging, are becoming more common around the world as a result of excessive exposure to pollutants and ultraviolet (UV) radiation, leading in sunburns, diminished skin elasticity, and hair loss. Excessive alcohol use, pollution, and tobacco use are also causes of skin problems. Some of the most common skin disorders are acne, hyperpigmentation, depigmentation, psoriasis, freckles, deep wrinkles, atopic dermatitis, and melisma. Beauty Tech are increasingly being used to treat them. People with freckles, for example, can be treated with beautification equipment. As a result, the number of skin cancer cases is increasing. As a result, increased incidences of skin problems are propelling the Beauty tech industry forward.

The hair removal device sector dominates the overall beauty tech industry. The development and marketing of different revolutionary laser hair removal equipment aids market growth.

North America is anticipated to dominate the 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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Global Beauty Tech Market

Product ID: SQMIG30L2058

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