Interesting article by Deanna Utroske at cosmetic design.com – At-home beauty devices market to outpace spa and salon segments through 2020.
According to P&S Market Research, the beauty device market – valued globally at $19.7 billion – is projected to develop at a compound annual growth rate of 18.9%. The company points to three drivers:
1. a growing geriatric population
2. increasing prevalence of skin diseases; and
3. increasing disposable income leading to a rise in spending on personal care
But we’d add a 4th driver to this list: women desiring (but who can’t or won’t access) professional anti-aging treatments. This is based on our agency’s experience working as AOR to Palomar (now Cynosure) to help concept, shape, launch and grow the revolutionary PaloVia Skin Renewing Laser brand. It was the first ever FDA-cleared in-home laser clinically proven to reduce fine lines and wrinkles around the eyes.
At-home beauty devices fill the void for frustrated DIY’ers. These are women (largely between 40-60) who continue to experiment and hope with anti-aging beauty creams and lotions. And while they’ve pondered professional treatments, they’re perceived as inaccessible. Reasons are largely financial (too expensive), but also include being inconvenient, a sense that they require ongoing commitment and the emotional hurdle of recognition of aging.
These devices make “professional” dermatological level results available to this massive and growing audience – putting real results in their hands, from the comfort of their own homes. Propelled by the strong tailwind of these four drivers, it’s not surprising that forecasts are so strong.