The world of beauty has been constantly evolving, offering products and solutions for general purposes as well for niche needs. The skincare sector, an integral part of the world economy, has also marched towards growth with ambitious plans developing solutions specific to skin conditions contracted by a wide range of consumers. The design and development of skincare devices have brought a new dimension to business, ushering in a change not just in terms of revenues but also in several cosmetic procedures. According to a research report published by Transparency Market Research, the global skincare devices market was valued at US$7,255.8 mn in 2014 and is expected to reach US$ 17,299.4 mn by 2023, rising at a CAGR of 10.1% from 2015 to 2023.
Q. How Will Changing Consumer Behavior Impact Global Market?
A. The growing popularity of procedures such as skin rejuvenation, body contouring, skin tightening, and liposuction that play a key role in improving the appearance of a person are all shaping the global skincare devices market. The desire to keep the skin looking youthful, glowing, and healthy are the primary undercurrents driving this market across the globe. The strong branding and advertising ideas that are changing the perceptions of aging are also responsible for triggering a surge in demand for skincare devices amongst the geriatrics. The changing consumer behavior towards spending on cosmetics and appearances due to the rise of the upper-middle class of women and men is also fueling the growth of this market.
Q. Why Does Skin Rejuvenation Trump Other Application Segments?
A. Besides the positive growth of diagnostic devices and treatment devices for various skin ailments and diseases, the devices used for skin rejuvenation for treating acne, sun damage, and wrinkles are expected to create a positive stir in the overall skincare devices market.
For instance, a large number of women use cleansing brushes to keep their skin looking radiant and rejuvenated. The convenience of using these products and the promise of professional results will drive this application segment in the coming years. Rising per capita income, a keen interest in trying out new products, and user-friendly devices are the key growth drivers for this segment.
Q. How Will the World of Skincare Devices Evolve?
A. While it is true that the majority of the skincare devices cater to the medical aspect of the body’s largest organ, the future of skincare devices is expected to take a new turn with the introduction of thermal evaluations for non-invasive assessments of skin through wearable devices. For instance, a wearable designed to prevent aging is the biggest topic of research amongst leading skincare devices firms. A UV patch designed by L'Oréal uses sophisticated algorithms to measure UV exposure to tell its user about the need to wear or reapply sunscreen to prevent damage to the skin and subsequent aging.
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The other futuristic products being researched and prototyped are anti-aging patches that will work as a topical application to improve blood circulation and wrinkle-busting masks that will keep the skin well-hydrated to prevent lines. Innovation will be the theme of global skincare devices market in the coming years, which will translate to solutions being available through mobile applications, microchips, and transdermal skin imaging to customize skincare routines.