U.S. Beauty Devices Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Hair Removal, Cleansing, Acne Treatment, Light-Emitting Diode (LED) Therapy and Photorejuvenation, Oxygen/Facial Steaming, Hair Growth, Others); Application (Salon, Spa, and At-home); State
The aesthetic industry is witnessing tremendous growth worldwide due to the rising global population and other factors. The U.S. is considered one of the major markets for beauty products and that is anticipated to grow with an elevated CAGR of around 20% over the forecast period (2021-2027).
The rapid advancement in technology and celebrity endorsements are responsible for the market growth of beauty devices. Furthermore, the increasing income of the people significantly contributes to the market for aesthetic beauty devices. As per the U.S. Census Bureau, the average annual family income in the U.S. is increased by 6% in 2020 compared with 2015 which accounted for $63,683 in the former year and reached $67,521 in the latter year. Moreover, the increasing elderly population of the country is also responsible for boosting the market for wrinkle removal and skin tightening devices in the U.S. . The demand for the beauty products also increased due to the rising prevalence of medical conditions like hormonal imbalance in females can cause excessive hair growth responsible and skin diseases like acne and cold sore.
Panasonic Corporation, Lumenis Ltd., Nu Skin Enterprises Inc., TRIA Beauty Inc., Home Skinovations Ltd., Carol Cole Company Inc., L’Oréal SA, Candela Corporation, YA-MAN LTD., MTG Co. Ltd., Koninklijke Philips N.V., and LightStim., are some of the prominent players operating in the U.S. Beauty Device Market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of home care monitoring and diagnostics devices.
Insights Presented in the Report
“Amongst Type, Hair Removal Segment segment holds the major share”
Based on type, the market is segmented into hair removal, cleansing, acne treatment, light-emitting diode (led) therapy and photorejuvenation, oxygen/facial steaming, hair growth, and others. The hair removal segment generated significant revenue in the U.S. market owing to the availability of novel, portable, and simply designed devices in the market. Furthermore, techniques like laser hair removal are popular for their permanent solution for hair removal as it destroys the hair follicle and restricts further growth. The continuous development of the new products and procedures is likely to strengthen the market of the segment during the forecast period.
“Amongst Application, At-home segment holds the major share”
Based on applications, the market is segmented into the salon, spa, and at-home. At- home segment is predicted to witness a significant market share during the forecast owing to the rapidly changing lifestyle and people prefer home-based treatment. Furthermore, the development of the more user-friendly, cost-efficient, and lesser complex devices have a positive impact on the market for beauty products. geriatric population and rising prevalence of various chronic diseases among them. In 2020, OPTE launched a handheld device for at-home use that corrects, prevents, and treats hyperpigmentation by utilizing proprietary algorithms, printing technology, and skincare.
“New York represents one of the largest markets of U.S. Beauty Device Market”
For a better understanding of the market dynamics of the U.S. Beauty Device Market, a detailed analysis was conducted for different states of the U.S. including California, Texas, Florida, New York, Pennsylvania, and others. In 2020, New York is predicted to have a considerable share during the forecast period. The dominance of New York is due to the large population of working women in the state. According to the New York government, 37.5% sof the New York workforce consists of women employees. Which are significantly affecting the market of beauty devices in the state. Furthermore, the higher per capita income of the New York citizens allows them to invest more in aesthetic beauty and results in increasing the market share of the beauty devices industry in the state.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The global U.S. Beauty Device Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the U.S. Beauty Device Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the U.S. Beauty Device Market were the three major steps undertaken to create and analyze the adoption of these devices in major states in the U.S. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the U.S. Beauty Device Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the home care monitoring and diagnostics through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the U.S. Beauty Device Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of these devices in the U.S.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the home care monitoring and diagnostics. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the U.S. beauty devices sector.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the U.S. Beauty Device Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets in the U.S. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of home care monitoring and diagnostics across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the S. Beauty Device Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different States
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the U.S. Beauty Device Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application of the U.S. Beauty Device Market.
The main objective of the U.S. Beauty Device Market Study
The current & future market trends of home care monitoring and diagnostics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of home care monitoring and diagnostics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application
- Define and analysis of the regulatory framework for the home care monitoring and diagnostics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the U.S. Beauty Device Market for the major region
- Major states studied in the report include California, Texas, Florida, New York, Pennsylvania, and Others.
- Company profiles of the U.S. Beauty Device Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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