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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According to the United Nations World Population Prospects: The 2017 Revision data, nearly 962 million people, around 13.0% of the global population, were aged 60 or above. The population falling in this age group is surging at a rate of about 3.0% per year. Many skin-related issues associated with aging, such as loosening of the skin, dense facial hair, wrinkles, and drooping eyelids and eyebrows, are predicted to lead to the fast growth of the anti-aging devices category in the home-use beauty devices market during 2018–2023.
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.
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