The high growth in the personal care industry, high prevalence of skin disorders, increasing prevalence of hormonal disorders are the primary growth drivers for the Asia-Pacific beauty devices market. Additionally, increasing awareness for the personal and beauty care in the region and increasing geriatric population are also supporting the growth of the beauty devices industry in the region.
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Also, with the increasing disposable income, the population in emerging economies are able to afford the premium devices for beauty care. 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.
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Japan witnessed a high demand for premium products as the per capita income in the country is high, and the country has the largest proportion of older population globally. Th Indian beauty devices market is predicted to observe the fastest growth in the coming years among all the countries in the region. India is home to the largest young population, which makes India most lucrative market for industry players.
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.
Source: VynZ Research