According to the study, the global beauty devices market is likely to grow from $27.8 billion in 2016 to $94.3 billion by 2023. Increasing prevalence of skin diseases, growing aging population, increasing hormonal disorders and high disposable income are some of the major factors driving the growth of the global beauty devices market. The market is further expected to gain revenue due to increasing hormonal disorders and increasing awareness about beauty devices.
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As per the findings of research, hair removal devices held the largest share in the global beauty devices market in 2016, primarily due to increasing prevalence of PCOS and other hormonal problems among females. The light/LED therapy and photo rejuvenation devices (LT&P) market is expected to witness fastest growth during the forecast period. The higher growth for LT&P is attributed to the increasing awareness about advanced features offered by light/LED therapy and photo rejuvenation devices for treating wrinkles, blemishes and sagged skin.
Geographically, North America has been the largest market for beauty devices, with the U.S. being the major contributor to the regional market as compared to Canada.
Key players in the beauty devices market are collaborating to offer better advanced beauty devices. In January 2017, L'Oréal signed an agreement with Valeant pharmaceuticals to acquire its the skincare brands including CeraVe, Acne Free and Ambi for a consideration of $1.3 billion in cash. The acquisition is aimed to expand L’Oreal’s Active cosmetics division.
Some of the other key players in the market include L’Oreal SA, Panasonic Corporation, Home Skinovations Ltd and Photomedax Inc., Carol Cole Company, Lumenis Ltd., The Proctor & Gamble Company, Syneron Medical, TRIA Beauty, Inc., and Koninklijke Philips N.V.
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