Growing incidents of skin diseases, rising appearance consciousness, increasing awareness on home-use beauty devices, and expansion of product portfolio by market players are some of the major factors responsible for the growth of the home-use beauty devices market. In 2017, the market generated a revenue of $5.5 billion and is predicted to progress at a 20.2% CAGR during the forecast period (2018–2023), according to P&S Intelligence. Home-use beauty devices are designed for people to meet their personal care requirements, such as skin rejuvenation and treatment, without visiting a beauty expert.
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In 2017, North America dominated the market in terms of revenue. The North American sector’s growth is primarily backed by the surging appearance consciousness among the young and geriatric populations and increasing prevalence of skin diseases. During the forecast period, the home-use beauty devices market is anticipated to exhibit swift growth in Asia-Pacific (APAC). Technological upgradations and a large number of local players would lead to the escalating demand for these devices, thereby boosting the progress of the APAC market.
Furthermore, excessive exposure to ultraviolet radiation and pollution leads to skin diseases, such as reduce elasticity, sunburn, and hair loss. Skin problems also occur due to other factors such as heavy alcohol and tobacco consumption. Hyperpigmentation, psoriasis, dyspigmentation, deep wrinkles, acne, photoaging freckles, atopic dermatitis, and melasma are some of the skin diseases that people are suffering from across the world. The growing prevalence of these issues is resulting in a high demand for home-use beauty devices as they are quick-to-use and affordable.
Hence, the growing appearance consciousness and increasing incidents of skin diseases are augmenting the market prosperity.