The global home-use beauty devices market revenue stood at $9,571.6 million in 2020, and it is expected to rise to $89,535.1 million by 2030. According to the estimates of the market research firm, P&S Intelligence, the market will advance at a CAGR of 25.1% from 2020 to 2030 (forecast period). The growing public awareness about beauty devices, rising incidence of skin diseases, mushrooming population of geriatric people, and increasing appearance consciousness of people are the major factors fueling the expansion of the market across the globe.
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According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Since ageing causes the loss of fibrous tissues and a massive reduction in the glandular and vascular network, geriatric people are highly vulnerable to skin sagging, pigmentary changes, dryness, and wrinkles and therefore, their surging population is positively impacting the worldwide demand for home-use beauty devices, as these devices help in tightening and revitalizing the skin.
Depending on technology, the home-use beauty devices market is classified into vibration, nano-iconic, electroporation, microneedling, laser/light, and radiofrequency (RF) energy. Out of these, the laser/light category is predicted to exhibit the highest growth rate in the market throughout the forecast period. Wavelengths of high-energy light are emitted by these devices, which target a particular skin disorder or condition and generate heat energy in order to destroy the diseased cells. This subsequently leads to improved skin condition.
Geographically, North America contributed the highest revenue to the home-use beauty devices market in the past, primarily because of the high appearance consciousness and disposable income of people. In the forthcoming years, the market will register the fastest growth in Asia-Pacific. The increasing prevalence of skin diseases, rising appearance consciousness of people, and surging occurrence rate of hormonal disorders are the major factors fueling the expansion of the regional market. Furthermore, countries, such as India, China, Indonesia, Thailand, and Vietnam with their soaring millennial population are providing lucrative growth opportunities to the players operating in the market.
Hence, the market will grow substantially in the coming years, mainly because of the ballooning population of geriatric people, rising appearance consciousness of people, and growing incidence of skin diseases across the world.
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