In 2014, the agency reported that the beauty device market had a global value of $19.7bn. It’s now projecting the market to develop at a compound annual growth rate of 18.9%.
P&S points to three key drivers: “The global market is increasing, due to growing geriatric population and increasing prevalence of skin diseases. In addition, the increase in disposable income leads to a rise in spending on personal care, thus encouraging the growth of the global beauty devices market,” according to the agency’s media release.
When segmented by device type, the P&S report data shows that, “the Light/LED Therapy and Photorejuvenation devices market segment is expected to witness fastest growth during the forecast period.”
These tools are used to modify skin texture, fine wrinkles, scars, discoloration, and acne. So it’s a bit counterintuitive that “the restraints associated with the global beauty device market include the risks associated with photorejuvenation devices [that] include discomfort, excessive swelling, fragile skin, bruising, and blistering. These side effects postpone further treatment of the affected area, until complete healing takes place,” as the report description explains.
“Furthermore, availability of easy-to-use beauty proucts is hampering the growth of the market,” according to P&S.
But that’s not all that’s limiting the device market. Women’s Marketing Inc. told Cosmetics Design this summer about another market obstacle: price point.
The P&S report looks separately at devise by type: hair removal,cleansing, acne, light/LED herapy and photorejuvenation, oxygen and steaming, hair growth, dermal rollers, cellulite reduction devices, and others.
“Typically women who are comfortable with technology are initially more open to trying these products, but we are seeing women in all age demographics beginning to adopt there products into their daily routine,” Andrea Van dam, CEO of Women’s Marketing Inc., told Cosmetics Design.
“Women are eager to re-create spa treatments at home and electronic beauty devices provide that experience,” she added.
The device market isn’t crowded but has its share of big names. P&S believes that “the key companies operating in the global beauty devices market include L'Oréal Group, Nu Skin Enterprises, Inc., Panasonic Corporation, Home Skinovations, Ltd., PhotoMedex, Inc.,Carol Cole Company, Procter & Gamble Company, Syneron Medical, Ltd., TRIA Beauty, Inc., and Koninklijke Philips N.V.”
One brand not mentioned in the report description, light-therapy device maker La Lumiere, was making news last year with two devices in development (one for acne and one for aging).
That company now looks to be revamping their business. The illumask.com site, which featured the company’s anti-acne light therapy mask, now opens to an announcement that “there is preparation for a bigger, better light therapy device….we have stopped taking new orders,” and that customers should “stay tuned for relaunch news in the near future.”