Rapidly growing beauty industry and technological advancements providing multiple facilities are amplifying skin care devices sales. As per a study of Future Market Insights (FMI), rising incidence of skin disorders and growing concerns among consumers is stimulating the adoption of skin care devices.
Increasing concerns about the appearance and technological advancements in cosmetic procedures, such as face contouring, skin rejuvenation and many more, are some of the factors improving the demand of skin care devices. On the back of these factors, the global skin care devices market is poised to expand at an impressive rate of 15% CAGR for the forecast period of 2021 and 2031.
Proliferation of beauty experts, influencers and media bloggers through social media platforms are encouraging the skin care devices sales. Also, integration of artificial intelligence in beauty care products is growing the adoption of skin care devices among consumers.
“Increasing focus of companies on the design and development of effective skin care devices is improving the market growth. Also, rising demand from the millennials with increasing awareness about the beauty and routine skin care regimen is propelling the demand of skin care devices,” remarks the FMI analyst.
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Key Takeaways
- Cleaning devices accounted for highest sales as compared to other devices through 2031
- At-home end-users to register notable growth over the forecast period
- Increasing internet penetration to amplify the sales for online retailers
- The U.S. accounted for over 80% share in North America due to the increased social media influence and high spending on smart technologies
- France, Germany and UK to emerge as lucrative market for skin care devices
- Flourishing beauty industry and mounting social media influence on beauty trends to drive the sales in India
Prominent Drivers
- Increasing awareness for skin care and aesthetic procedures are propelling the demand of skin care devices
- Declining social stigma associated with male skin care will accelerate the demand of skin care devices in the upcoming decade
- Incorporation of advanced technology in skin care devices and products is improving the demand of skin care devices among consumers
- Rising incidence of skin disorders is increasing the need for developed skin care devices among consumers, providing growth opportunities for key players
Key Restraints
- Reimbursement uncertainties and stringent regulatory policies are expended to restrict the market growth
- High cost of dermatologist treatment in emerging economies is likely to hamper the demand of skin care devices
Competitive Landscape
Koninklijke Philips N.V., Pure Daily Care, Shenzhen Mareal Technology Co. Ltd., L’Oreal SA, Nu Skin Enterprises, Panasonic Corporation, Syneron Medical Ltd., Home Skinovations Ltd., TRIA Beauty Inc., Procter and Gamble, PhtotoMedex Inc., Carol Cole Company Inc., Lumenis, MTG Co. Ltd., FOREO, and DD Karma Ltd among others are some of the top players listed by Future Market Insights. FMI forecasts the market to be highly competitive. Premium brands are focusing on adopting strategies such as collaboration and tie-ups to maintain that competitive edge in the industry. Key players are relying on social media and digital marketing along with new product launches integrated with advanced technology to stay ahead in the competition.
For instance, in February 2021, Havells India Limited, a leading fast moving electrical goods company, announced its entry into electrical skin care segment with the launch of essential skin care essential range with advanced technology incorporated in various products such as pore cleanser, facial cleanser, callus remover and many more cost-effective DIY products.
Also, in January 2021, Nu Skin Enterprises Inc., announced the acquisitions of 3i Solutions, an innovative company that develops and manufactures ingredients for consumer markets through encapsulation technologies. Furthermore, on 9th February 2021, the global leader in premium-quality beauty and wellness products announced to be the first beauty brand to use sugarcane based Eco-Pac sustainable packaging.
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Competitive Landscape
The skin care device market is characterized as highly competitive market with presence of well-established firms as well as regional and local firms. Companies operating in the market are focusing on the launch of advanced devices to gain competitive advantage. Besides this there is immense focus on capacity expansion via strategic tie-ups
For instance:
- In 2020, Scottish skin tech firm Cutitronics expanded its operations in Europe just ahead of its commercial launch as it focuses on the goal of collaborating with some of the leading skin care brands of the region.
- In 2020, L’Oréal announced that it was planning to launch an AI-based skin care device called Perso globally.
Some of the leading companies operating in the market are:
- Koninklijke Philips N.V.
- Pure Daily Care
- Shenzhen Mareal Technology Co. Ltd.
- L’Oreal SA (ModiFace)
- Nu Skin Enterprises
- Panasonic Corporation
- Syneron Medical Ltd.
- Home Skinovations Ltd.
- TRIA Beauty inc.
- Procter and Gamble
- PhotoMedex Inc.
- Carol Cole Company, Inc.
- Lumenis
- MTG Co. Ltd.
- FOREO
- DD Karma LLC