NEW YORK, June 15, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Beauty Devices Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Type of Device (Hair Removal Devices, Cleansing Devices, Acne Devices, Light/LED Therapy and Photo Rejuvenation Devices, Oxygen and Steamer Devices, Hair Growth Devices, Skin Dermal Rollers, Cellulite Reduction Devices and Others) and by Application (Salon, Spa, At Home and Others)” published by P&S Market Research, the global beauty devices market is projected to reach $94,353.3 billion by 2023, growing at a CAGR of 19.1% during the period 2017 - 2023.

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. Introduction of new beauty devices, increasing utilization of electronic beauty devices and rising inclination of consumers towards easy to use at home beauty devices are some of the major trends observed in the global beauty devices market.

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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. Among different type of application, salon held the largest share in the global beauty devices market in 2016, due to increasing number of salons. Growing geriatric population, rising prevalence of alopecia, and increasing awareness about beauty treatments is significantly driving the growth of the global beauty devices market in the salons.

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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. The key factor driving the North American beauty device market include increasing aging population and rising prevalence of skin related problems in the region. According to the American Academy of Dermatology, approximately 85% of the population in the U.S. suffers from acne every year. There is a large population of the patients suffering from acne scars in the country.

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 skincare brands including CeraVe, AcneFree 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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