North America Beauty Devices Market dominates the global share and is expected to register a CAGR of 9.8% during the forecast period. The industry is highly competitive in North America with leading players focusing on strengthening their product portfolio and enhancing distribution networks.
Beauty devices market in North America has changed a lot in last few years. There is a growing shift from professional beauty devices to home based devices. Moreover, home usage of beauty devices has increased by 18% in last four years.
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North America Beauty Devices Market Size Analysis, Market Dynamics
Higher prevalence of skin related diseases along with increase in geriatrics population has widely led to increase in sales of these products in the region. Nearly 11 % of population are aging population. Furthermore, there are nearly 900 thousand beauty salons and spas to meet the demand for beauty products. Though the industry is set to register impressive growth, fewer risk complications has led to negative sentiments.
North America Beauty Devices Market Size Analysis, Country Analysis
U.S. beauty devices market will continue to dominate the regional sales throughout the forecast period. In 2017, U.S. accounted for over 89% of regional sales. Large number of addressable population along with presence of leading companies and good distribution channels are key factors driving the sales in U.S.
Various regulatory policies has also created good market opportunity for companies. Policies such as Free Trade Agreement in North America has led to lower tax and substantial profit margins.
Sales of these devices will be highest in spas and salons with home based usage registering fastest growth. There will be over 4% higher penetration of these products among consumers by the end of forecast period. By product type, hair removal devices will account for over US$ 4,600 by 2021.
North America Beauty Devices Market Size and Forecast: Competition Landscape
Product level strategy is the key focus of manufacturers based in North America. R&D spending by these companies has increased by 3% between 2016 and 2017. This is expected to further increase with advancement in technology and demand for effective therapeutic products.
Some key North America beauty devices market players are Syneron Medical, Ltd., Koninklijke Philips N.V., Nu Skin Enterprises, Inc., L’Oréal Group, PhotoMedex, Inc., Cynosure, Inc., TRIA Beauty, Inc., Home Skinovations Ltd., and Procter & Gamble.