The market of cosmetic devices shows active development on the background of high competition

According to the research company P&S Market Research, it is expected that by 2023 the global market for beauty devices will amount to 97 billion US dollars. For comparison, in 2017 global market share of cosmetic devices amounted to 33.2 million U.S. dollars.

The content of the article:

  • Growth factors and risks in the development of the world market of beauty devices
  • Hair removal and phototherapy – the most popular market category
  • America and Europe are the leaders in the manufacture of medical and aesthetic devices
  • Leading manufacturers of beauty machines in 2017-2018

In this article we have collected the main indicators of the market of beauty devices for the 2017-2018 year, trying to highlight promising directions of its development, as well as possible obstacles.

Growth factors and risks in the development of the world market of beauty devices

Among the driving factors that determine the dynamics of the market, are the following: the increase of skin diseases, including cancer, increase in disposable income of consumers, the increase in the population older than 50 years, consumer awareness of cosmetic devices, the prevalence of hormonal disorders.

In addition, the market also positively affected by the growth of environmental pollution. In addition, the number of diseases of the skin increases due to infections caused by viruses, bacteria and fungi. Also, there is a growing trend of the need for environmentally friendly products and personalized in-home devices for beauty.

According to the publication of the European Commission in 2014, the population of people aged 65 years and older was approximately 93,2 million in 2013, and by 2020 their number will increase to 105.3 million. An ageing population stimulates the demand for cosmetic products because aging leads to dry skin, which further leads to the formation of wrinkles. This is due to the attenuation properties of collagen, a protein that provides strength and elasticity of the skin. Some beauty devices help to stimulate collagen production to rejuvenate the skin; thus leading to market growth.

The development of the market of beauty devices is also associated with certain kinds of difficulties. According to analysts of a number of research organizations, the most important are:

• side effects from use of cosmetic devices, for example, the apparatus for the procedure can cause severe burns to the skin due to excessive exposure to radiation, which leads to swelling and the appearance of sagging skin;
• high cost of cosmetic devices available on the market, as well as services related to the use of such devices.

Hair removal and phototherapy – the most popular market category

There are several criteria for market segmentation of cosmetic devices. First of all, cosmetic devices are segmented by the purpose, including devices for hair removal, cleansing, acne treatment, led light therapy, photorejuvenation, vaporizers, devices for hair growth, dermal rollers, excavators and other types of devices.

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The most rapidly developing segment of devices for hair removal. 2017 global market for hair removal has reached 880,2 million US dollars. But by 2023, its market share will reach 25 billion U.S. dollars, which will contribute to a CAGR of 20% over the entire forecast period. This is because of several hormonal disorders, which were diagnosed more often, and with whom doctors associated abnormal growth of hair, consumers have become more interested in innovation, and most importantly, compact devices for removing unwanted hair.

There is a growing demand for devices with the technology of IPL (high intensity light), due to their high efficiency and easy accessibility. However, laser hair removal is not going to give up so easily, offering consumers improved approaches to hair removal.

However, some factors, such as the high cost of permanent procedures can affect the growth of the market. Another factor hindering development of the growing market demand, is unhygienic use devices for hair removal and the increase in the number of cases of Contracting certain infections.

Projected indicators of the market of beauty devices

Not losing ground and market for skin care, which will reach 12.8 billion by 2020 with an average annual growth rate of 10%. Innovations in led therapy and photorejuvenation have a particular prospects. This category of cosmetic device suitable for a wide range of issues to care for the skin, such as wrinkles, dark spots and acne, which leads to high demand for these devices.

The lack of transparency in pricing policies of suppliers and highly competitive nature of the market, putting pressure on manufacturers to establish lower prices for their products, hinders the growth of the international market for skin care. Moreover, more affordable counterparts of light therapy, liposuction and other procedures of skin care, which are fast gaining popularity, can slow the demand for professional devices for skin care. On the market of cosmetic devices is also affected by the widespread use of Botox, dermal fillers and other cosmeceutical.

On the device for the treatment accounted for the largest share on the market for skin care in 2017. These devices include devices for light therapy different types of liposuction devices for electro – and laser surgery, cryotherapy, and microdermabrasion. Laser devices in the next few years will be most in demand, and the growth of their sales will be 11.2%.

Eliminating cellulite is also a wide range of applications on the market for skin care, which may explain the high prevalence (80% -90%) of cellulite in women after puberty all races and ages. Also showing a rapid growth in demand for devices for skin care given category of devices for skin tightening and body contouring. This is due to the increasing prevalence of obesity and the growing number of people undergoing liposuction which in turn requires tightening, which will allow to avoid problems with loose skin.

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If we talk about market segmentation from the point of view of the application device, it is possible to allocate the equipment for beauty salons and Spa, for home use and for other purposes, including medical. Considering the characteristics of modern consumer behaviour, analysts argue that the most intensively developing sector of cosmetic devices for use at home. Average annual growth in this category be 20.2%. The growing demand for these devices throughout the world contributes to their relative availability for acquisition, and the lack of need for certain knowledge and skills application.

America and Europe are the leaders in the manufacture of medical and aesthetic devices

Regional separation of the market of cosmetic devices – 2016

Top shows a diagram of a geographical segmentation of the market of beauty devices as of 2016. It is worth noting that over the past two years, the situation has not changed.

America dominates the global market of cosmetic products thanks to a well developed platform for the development of innovation, growth in the number of patients with hormonal disorders (mainly it refers to the syndrome of polycystic ovaries), population ageing and the state support of research and development. In addition, the presence of large companies contributed to the market growth in this region. It is expected that some regions of Latin America will grow at a faster pace.

Despite the fact that the American market of beauty devices has expanded significantly in 2017 due to the promotion of devices for the treatment of acne, European countries ahead of the North American sector by increasing health care costs, increasing the number of older adults, rising prevalence of skin diseases and technological advances in cosmetic devices.

In addition, the prevalence of androgenetic alopecia (hair loss) is higher in European populations compared to Asians, native Americans and African Americans. Because of this, the market introduction of special devices to restore the hairline was the most popular in Europe.

European producers also receive government support for research. For example, countries such as Germany and France, increasing investments in the health sector.

Despite the efforts of previous leaders, the Asia-Pacific region is the fastest growing market for beauty devices due to the presence of fast developing health technologies, the vast number of patients and high health care costs. Moreover, the growing demand for new treatments in countries such as China and India, making the markets of these countries the fastest growing in the world.

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In addition, the increase in demand for quality healthcare, according to forecasts, will lead to the use of modern equipment, which in turn will increase market growth with a fairly high average annual growth rate of 19.8%. In the Asia-Pacific region China has the largest market share because of the huge economic development and growth of the aging population.

On the other hand, the middle East and Africa represent the most promising regions for the development of the market of beauty devices in the coming years. On the basis of consumer awareness, the use of cosmetics is dominant in all age groups.

Leading manufacturers of beauty machines in 2017-2018

To market beauty devices, as well as for the global beauty industry in General is characterized by a high level of competition – this contributes to the high level of innovation. However, the appearance on the market of new producers entails a reduction in the cost of this category of goods.

Many analysts research institutions, for example, Decision Databases, Business Wire, the following companies which are leading manufacturers in the market.

1. Nu Skin Enterprises Inc
2. PhotoMedex Inc
3. Syneron Medical Ltd
4. Panasonic Corporation
5. Procter & Gamble
6. L’oreal Group
7. TRIA Beauty Inc
8. Koninklijke Philips N. V
9. Carol Cole Company
10. Home Skinovations Ltd

L’oréal Group offers devices for skin care products under the trademark Clarisonic. In particular, the company offers a range of products under this brand: Clarisonic Mia 1, Clarisonic Mia 2 and Clarisonic Mia 3. However, the proposals of devices for hair care from L’oréal is less in comparison with devices for skin care.

From the point of view of diversity of products Philips is a leading player in the market, offering products for hair removal, skin care and hair. This company offers a device for removing hair, hair care and skin care. The most popular are hair dryers, professional flat irons, hair device for hair removal technology with IPL (high intensity light), as well as traditional epilators.

It should be noted that for leaders in the global arena of the industry of beauty production of cosmetic devices is secondary and is often associated with one or a few dominant products. However, in conditions of high competition, manufacturers are constantly working to develop innovations, trying to satisfy consumer demands.

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