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.
On the basis of type, the home-use beauty devices market is mainly categorized into hair removal, cleansing, anti-aging, and cellulite reduction and body-toning. Out of these, in 2017, the hair removal category contributed $1.4 billion revenue to the market and is expected to lead it during the forecast period. The major factors behind the growth of this category are the rising awareness on hair removal devices with advanced technologies and increasing prevalence of hormonal disorders resulting in unwanted hair growth. However, the market for anti-aging devices is predicted to register the fastest growth during 2018–2023.
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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.
Due to the easy availability of various home-use devices for hair growth, hair removal, depigmentation, acne reduction, and skin rejuvenation, consumers are shifting to easy-to-use and portable beauty devices over conventional variants. In recent years, it has been noticed that the young and middle-aged population is searching for solutions to help them keep their youthful-looking skin, while the older age group is seeking ways to look young without the help of beauty professionals. These factors are fueling the demand for such portable devices around the world, thereby helping the home-use beauty devices market grow.
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.