In 2021, the market for Laser Hair Removal worldwide was worth $ 0.64 billion US dollars. AMR Group projects that the market will reach US$ 2.87 billion by 2031, growing at a CAGR of 18.5 percent between 2022 and 2031.
Industry Overview
The phrase “laser hair removal” represents the practice of employing laser light to decrease and eliminate undesired hair from a person’s body. Wherever necessary, a specific portion of the person’s body is exposed to laser light using the laser machine or equipment. Moreover, it eliminates all hair follicles in that region. Concerns about facial hair, such as hair growth on the lips, neck, chin, and sideburn region, as well as rising demand for cosmetic procedures that use intensely concentrated light beams to target and destroy hair follicles while also absorbing existing pigment, are other factors influencing the market. Aside from that, physicians use Hair Removal in clinical settings to obtain Hair Removal of for minor surgical procedures, as well as during sterilization and skin treatment process. Furthermore, hair removal devices improve organizational safety by providing better outcomes for people, such as faster skin recovery. The associated benefits are expected to boost the overall market penetration of these Laser Hair Removal in the coming years.
A laser transmitting system and hair follicle detectors are used to remove in medical Laser Hair Removal. Characteristics such as low radiation dose, high speed and accuracy, higher quality, and quick viewing enable higher patient screening volumes. Enhances hair removal in the United States, for example, 1,837,052 hair removal treatments were carried out globally in 2020, according the International Society of Aesthetic Plastic Surgery (ISAPS). The same source also said that around 1,538,982 hair removal treatments were carried out on females. Additionally, 635,618 hair removal treatments were carried out in the United States, according to the American Society of Plastic Surgeons (ASPS). According to the same statistic, 84% of females had hair removal operations. This has the added benefit of saving time and transferring skin appearance, as well as enhancing the skin care for better visibility and softness. This method avoids the use of chemical processing which helps in no chemical side effects and allergic reactions.
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Market Dynamics
The rising awareness of skin care and physical appearance is one of the main factors driving the global expansion of hair removal, that also drives the Laser Hair Removal market. According to the rising numbers of professional and famous women, an increase in sedentary lives, a focus on physical attractiveness, and rising disposable wealth. Also, an increase in the number of laser hair removal companies launching new products promotes the market’s expansion. Also, rise in trend towards maintaining optimal aesthetic beauty is one of the factor driving the market growth.
Laser Hair Removal Machines One of the market’s primary drivers is technological advancement. Furthermore, the popularity of combining treatment modalities and enabling professionals to do photo-rejuvenation facials in only 15 minutes, together with increased technological breakthroughs in aesthetic lasers, are driving market expansion. Concerns about facial hair, such as hair growth on the lips, neck, chin, and sideburn region, as well as rising demand for cosmetic procedures that use intensely concentrated light beams to target and destroy hair follicles while also absorbing existing pigment, are other factors influencing the market. However, high treatment cost and maintenance costs, as well as an increase in the use of high intensity laser damaging the skin, are likely to stymie market growth.
COVID Impact
COVID-19 had a negative impact on the global Laser Hair Removal market growth. It is reported that the COVID-19 epidemic hampered the expansion of the worldwide laser hair removal industry. Several clinics and hospitals underwent organizational changes in order to increase hospital capacity for COVID-19 patients. Surgery that wasn’t absolutely necessary was postponed because of the epidemic. Non-emergency aesthetic procedures like laser hair removal considerably reduce the earnings of aesthetic businesses. Also, a sudden dramatic decline in the average person’s monthly income is predicted to have a detrimental effect on the laser hair removal business.
Regional Trend
Geographically, the global Laser Hair Removal market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Globally, North America dominated the global Laser Hair Removal market due to a rise in the demand for hair removal procedures, established dermatological clinics, and a growth in the number of qualified specialists in the area, with a revenue share of over 30.0%. In North America, professionals frequently employ aesthetic lasers for a variety of uses. Furthermore, it is anticipated that the presence of a sizable number of competitors in the area would be one of the key drivers of the market growth in the area. According to the International Society of Aesthetic Plastic Surgery, there were around 271,628 hair removal treatments performed in the United States in 2020, making them one of the top three most frequent procedures in the nation.
Significant growth is anticipated in Asia-Pacific during the forecast period of 2022 to 2029, attributed due to the increased instances of skin injury, particularly in China and India, and the growing population. Also, the industry is being affected by shifting lifestyles, increased consumer buying power, and an increase in medical tourism in Asia Pacific’s emerging countries.
Competitive Landscape
Key players operating in the global tissue diagnostics market are Alma Lasers GMBH, Apax Partners LLP, Candela Corporation, Cutera, Cynosure, LLC, Hairline International Hair & Skin Clinic, La Mer Medical Spa & Yoga, Lira Style, Lumenis Be Ltd., LUTRONIC INC., Lynton Laser, Pure Luxe Medical, Regeneveda, Sciton, Inc., SEV Laser, SkinMD, Solta Medical, Inc., Syneron Medical Ltd., Venus Concept Inc. and Viora among others. The Elite iQTM platform, the upgraded Elite iQTM Aesthetic Workstation, will be on sale in the United States, Europe, and Australia in June 2020. It delivers tailored laser hair removal treatments and permits quicker treatments with greater maximum energy compared to earlier generations of devices.
Key USP’s-
The expansion of the market is being impacted by the rising number of FDA-approved products. The FDA has authorised a number of products due to their effectiveness, safety, and comfort for consumers at home, including Veet Infini’Silk Pro, Remington IPL6000 I-Light Pro, and Silk’n Flash&Go. Additionally, both men and women utilize these items.
Market Segmentation
Based upon the Type used in Laser Hair Removal market is segmented into three segments of Alexandrite Laser Hair Removal, Diode Laser Hair Removal and Nd: YAG in the hair removal process. Throughout the projected period, the Nd: YAG laser type market in the U.S. is anticipated to grow at a profitability of 18.6%. The industry is also being driven by growing worries about facial hair, including as hair development on the lips, neck, chin, and sideburn region. Based on the Gender, the Laser Hair Removal market is segmented into Male and Female. Based on Age Group, the Laser Hair Removal market is segmented into 13 to 29, 30 to 54 and 55 to 69.
End user segment of medical Laser Hair Removal diagnostics market is further classified into Hospitals, Diagnostic Centers, Beauty Clinics, Dermatology Clinics and Home Use. Dermatology Clinics segment dominated the market in terms of revenue owing to more inclination of patients towards the hair removal due to the rising awareness globally.
By Type
- Alexandrite Laser Hair Removal
- Diode Laser Hair Removal
- Nd: YAG
By Gender
- Male
- Female
By Age Group
- 13 to 29
- 30 to 54
- 55 to 69
By End User
- Hospitals
- Diagnostic Centers
- Beauty Clinics
- Dermatology Clinics
- Home Use
Global Laser Hair Removal Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Laser Hair Removal market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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Key Points:
Define, describe and forecast Laser Hair Removal product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
