The Asia-Pacific beauty devices market is expected to grow at a CAGR of 21.1% during the forecast period with its market size predicted to reach USD 36.9 billion by 2024. The Asia-Pacific beauty devices market is primarily driven by factors such as increasing geriatric population, increasing prevalence of skin diseases, increasing awareness for personal and beauty care, increasing the prevalence of hormonal disorders. Cellulite reduction devices, hair removal devices, acne devices, cleansing devices, light/led therapy and photo rejuvenation devices are the major contributor to the beauty devices industry in the region.
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Rapidly growing personal care industry, increasing prevalence of skin disorders, increasing geriatric population, increasing awareness for the personal and beauty care, increasing prevalence of hormonal disorders are the primary growth drivers for the Asia-Pacific beauty devices industry. The disposable income in the emerging economies such as China and India has increased over the years, which has increased the affordability of beauty devices for at home uses as well as affordability for personal care and beauty care services. For instance, as per the World bank data, the GDP per capita of India was USD 447.01 in 2001, which increased to USD 1,942.1 in 2017. Similarly, the GDP per capita of China was USD 1,053.11 in 2001 which increased to USD 8,826.99 by 2017.
Geographically, China is the largest beauty devices market in the region owing to the aging population, high prevalence of skin diseases, and high disposable income. The demand for premium beauty devices is increasing rapidly in Japan due to the high per capita income in the country and high aging population. India is the fastest growing beauty devices market among Asia-Pacific countries. India is home to the largest young population which are getting aware for personal care and beauty care. This population segment Is the most lucrative market for industry players, thus offering immense growth opportunities for the Indian market.
Some of the players operating in the Asia-Pacific beauty devices industry are Panasonic Corporation, L’Oreal SA, Photomedax Inc., Home Skinovations Ltd, The Proctor & Gamble Company, Koninklijke Philips N.V., Lumenis Ltd., Syneron-Candela, and TRIA Beauty, Inc.
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