Persistence Market Research has published a new report on the Global Market Study on Beauty Devices: Asia to Witness Highest Growth by 2020. As per the report, the global beauty devices market is expected to progress rapidly from US$19.4 bn in 2014 to US$54.2 bn by 2020 at an 18.70% CAGR.
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The global beauty devices market is segmented on the basis of geography, usage area, and type. Based on geography, the global beauty devices market is divided into North America, Asia, Latin America, Europe, and Rest of the World. With the growing number of beauty salons and stores in North America, the global beauty devices market is expected to witness greater opportunities for development in the years to come. In the United States, currently there are approximately around 750,000 beauty spas and salons.
The Asia beauty devices market’s extraordinary rise in the recent past is attributed to the aggressive development of one of the market leaders, Nu Skin Enterprises, Inc. Similarly, entry of new beauty devices and beauty products in various regions across the globe has propelled the global beauty devices market.
In Asia, the market for beauty devices is expected to expand rapidly due to increasing disposable incomes, introduction of less expensive beauty products, and availability of branded products. Asia is expected to be the fastest growing regional segment of the global beauty devices market in the years to come.
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The Europe beauty devices market is propelled by the increasing aging population. Introduction of new skin care products, beauty devices, and spa solutions to treat skin and hair problems is expected to propel the Europe beauty devices market during the period from 2014 to 2020.
Some of the other leading companies in the global beauty devices market are L’Oréal Group, Home Skinovations, Ltd., TRIA Beauty, Inc., Koninklijke Philips N.V., Carol Cole Company, Procter & Gamble, PhotoMedex, Inc., Syneron Medical, Ltd., and Panasonic Corporation. Although the leading companies have captured the majority of the global beauty devices market, entry of new companies is expected to increase the level of competition in the years to come. Market leading companies as well as new entrants are striving hard to offer quality products to maintain their standards in the global beauty devices market.
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