Skin Deep Success: Why the Skincare Devices Market is Experiencing a 15.6% CAGR Boom

The global skincare devices market is projected to reach a value of US$ 23.8 billion in 2023 and is forecasted to achieve a market value of US$ 101.5 billion, with a Compound Annual Growth Rate (CAGR) of 15.6%, during the period from 2023 to 2033. In the historical period from 2017 to 2022, the skincare devices market recorded a CAGR of 10.9%

The key players provide beauty skin care devices at a reasonable cost to maintain skin daily. However, consumers’ adoption of skin care devices for their sensitive, dull, and wrinkled skin is likely to bolster the skin care devices market size during the forecast period.

In the past few years, the DIY beauty trend has attracted consumers to avoid visits to clinics, salons, and spas. The growing DIY promotes consumers to maintain their skin health at home without going anywhere. The adoption of DIY reduces the usage of chemical products and encourages organic products and better devices on the e-commerce platform. To avoid the spread of harmful in-toxicity to the skin, consumers shift their preferences towards DIY beauty and consequently increasing the sales of skin care devices.

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The growing demand for skin care devices due to the growing disposable income, the standard of living, and electronic goods are enhancing the market share. The increasing number of beauty experts, skin disorders, and end-use industries result in the adoption of skin care devices. Moreover, a few more factors fueling the skin care devices market share, such as the growing demand for spinning discs, non-invasive procedures to speedily regenerate skin cells, and increasing millennial consumers.

Skincare companies aim to innovate devices to provide better skin treatment and prevent skin problems to boost market expansion. However, the increasing adoption of skin care devices to treat skin problems such as scabies, warts, fungal infection, and psoriasis also propel market opportunities. The growing number of cosmetic procedures such as skin lightening, tightening, body contouring, and rejuvenation in the cosmetic industry greatly contributes to impelling the skin care devices market growth.

The increasing adoption of skin care devices to maintain daily skincare routine drives the market share. Several top skin care companies are there providing skin care devices to consumers in a kit to maintain healthy and hydrated skin, thus increasing the market opportunities.

Key Takeaways from the Skin Care Devices Market:

The skin care devices market is expected to have a valuation of US$ 101.5 Bn by 2033.
With a CAGR of 15.6%, the market for skin care devices is increasing during the forecast period.
The market in the United States is anticipated to grow at a CAGR of 10.6% through 2033.
With a CAGR of 13.8%, the UK market is likely to uplift during the forecast period significantly.
The China market is estimated to grow at a CAGR of 24.4% over the forecast period.
Acne treatment devices are the global market leader, with a CAGR of 15.9% during the projection period.
With a CAGR of 16.2% throughout the projection period, the modern trade category dominates the worldwide market.

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Who is winning?

The market is consolidated by the number of present players globally during the forecast period. The players are innovating and launching skincare devices to prevent the skin damage and other issues to attract consumers’ attention and are also advancing the market growth. These players dive deeply into the market and come out with the unique ideas to expand their business.

The prominent vendors are fuelling the market growth by adopting several marketing methodologies such as mergers, collaborations, acquisitions, and partnerships. In the coming years, these players will launch advanced skincare devices which are estimated to bolster the market share.

In 2020, According to a report by the American Society of Plastic Surgeons, nearly 15.6 million people in the US adopted cosmetic procedures whereas, 13.2 million were minimally invasive and 2.3 million were cosmetic surgical procedures.