Global Beauty Device Market to Reach $54 Billion by 2020: Persistence Market Research
Growing product innovation and rising inclination of consumers towards at-home beauty devices are some of the major trends for the beauty devices market.
New York, United States – September 18, 2015 /MarketersMedia/ —
According to a new market report published by Persistence Market Research “Global Market Study on Beauty Devices: Asia to Witness Highest Growth by 2020,” the global beauty devices market was valued at USD 19,389.1 million in 2014 and is expected to grow at a CAGR of 18.7% from 2014 to 2020, to reach an estimated value of USD 54,186.9 million in 2020.
Globally, the beauty devices market is witnessing significant growth due to increasing disposable income, which is enabling people to spend more on personal care. In addition, the rise in aging the population and increasing the prevalence of skin diseases and harmful effects of ultraviolet radiation are also driving the growth of the market. However, there are various risks and complications associated with beauty devices which may lead to bruising, swelling, and redness. In addition, extended availability of easy-to-use beauty products inhibits the growth of the market. The global beauty devices market is anticipated to grow from an estimated USD 19,389.1 million in 2014 to USD 54,186.9 million in 2020 at a CAGR of 18.7% during the forecast period.
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In North America, increasing aging population and availability of advanced devices are driving the use of beauty devices in the market. In addition, in the U.S., there are around 750,000 beauty salons and spas. These beauty salons and spas have propelled the demand for beauty devices and personal care products in order to offer better services to their customers.
North America is the largest market for beauty devices. Most commonly used in salons; hair removal devices are the most popular type of beauty devices. In terms of growth, Asia is the fastest growing region; at-homes make for the fastest growing usage area; while Light/LED therapy and photorejuvenation devices make for the fastest growing type of C.
View The USA Beauty Device Market PR: http://www.persistencemarketresearch.com/mediarelease/us-beauty-devices-market.asp
Hair removal devices are used to remove and reduce unwanted hair painlessly without damaging the surrounding skin. The global hair removal devices market is expected to grow from an estimated USD 3,706.1 million in 2014 to USD 10,977.5 million in 2020 at a CAGR of 19.8% during the forecast period.
In Europe, the beauty devices market is driven by rising aging population. In addition, in Spain the market is evolving due to rising awareness about potential healing applications of beauty devices in the treatment of skin and hair problems.
However, in Asia the growth for beauty devices is much higher than developed countries due to increasing disposable income, availability of multinational brands and the introduction of less expensive beauty devices.
View Report TOC at http://www.persistencemarketresearch.com/market-research/beauty-devices-market.asp
L’Oréal Group, Nu Skin Enterprises, Inc., Home Skinovations, Ltd., PhotoMedex, Inc., TRIA Beauty, Inc., Syneron Medical, Ltd., Koninklijke Philips N.V., Panasonic Corporation, Carol Cole Company and Procter & Gamble are some of the major players of beauty devices market.
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