The U.S. beauty devices market reached a value of $17,623.1 million in 2020, and it is predicted to progress at a CAGR of 19.6% from 2021 to 2030 (forecast period).
Furthermore, as per the estimates of the market research company, P&S Intelligence, the market will generate a revenue of $99,468.0 million by 2030. The major factors driving the market are the increasing number of product approvals and launches, surging population of geriatric people, early adoption of various advanced technologies, and rising disposable income of people in the country.
As per the U.S. Bureau of Labor Statistics, the personal disposable income of people in the U.S. rose from $10,036.9 billion in 2006 to $13,968.6 billion in 2016 and it is expected to surge to $21,178.2 billion by 2026. Due to the sharp rise in their disposable income, people are now able to buy beauty devices. Moreover, as per the American Academy of Dermatology (AAD), in the U.S., the acne treatment and prevention sector surpasses $3.0 billion every year. Additionally, the growing prevalence of aches and other conditions is also boosting the demand for beauty devices in the country.
Furthermore, the organization also reported that 84.5 million Americans or one out of every four individuals in the country were impacted by skin ailments as of 2013. Depending on usage, the U.S. beauty devices market is classified into spa, salon, and at-home. Amongst these, the at-home category is predicted to register the fastest growth in the market in the coming years. This will be because of the availability of various easy-to-use and portable beauty devices for acne reduction, skin rejuvenation, and hair removal, which is making Americans more inclined toward using beauty devices for at-home treatments.
The players operating in the U.S. beauty devices market are focusing on mergers and acquisitions for gaining an edge over their rivals. For example, Candela Corporation completed the acquisition of Ellipse, a Danish medical device company that produces and advertises laser-based platforms for a range of aesthetic and medical skin treatments, in September 2018. Likewise, L'Oréal SA announced in May 2018 that it acquired Nando Co. Ltd., a Korean lifestyle fashion and make-up company. This acquisition allowed L'Oréal SA to expand the sale of its 3CE cosmetics internationally.
Hence, the demand for beauty devices will surge sharply in the U.S. in the forthcoming years, primarily because of the growing incidence of skin diseases and mushrooming population of geriatric people in the country.
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