Hair Removal Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

HAIR REMOVAL DEVICES MARKET BY PRODUCT TYPE (LASER DEVICES [DIODE LASER, ND: YAG LASER, AND ALEXANDRITE LASER], INTENSE PULSE LIGHT DEVICES, AND OTHERS ENERGY-BASED DEVICES), BY END-USER (DERMATOLOGY CLINICS, BEAUTY AND SKIN CARE CENTERS, AND OTHERS), AND BY GEOGRAPHY IS EXPECTED TO ADVANCE AT A RESPECTABLE CAGR FORECAST till 2030 OWING TO THE INCREASING DEMAND FOR NON-INVASIVE COSMETIC AND HAIR REMOVAL PROCEDURES AND RISE IN SPENDING ON BY YOUNG AND ADULT PEOPLE ON PERSONAL CARE.

The global hair removal devices market was valued at USD 1.37 billion in 2022 and will grow at a CAGR of 12.41% during the forecast period from 2024 to 2030 in order to reach USD 2.76 billion by 2030. The hair removal devices market is observing a remarkable market growth due to the factors such as the growing demand for non-invasive cosmetic procedures and rising interest for benefiting a body with no hairs among the young people. Further, the rising demand of technologically advanced hair removal devices in market will spur its demand in the forthcoming years. Additionally, rise in spending on personal care product along with the increasing product launches and approvals, presence of key players in the market, and other factors will create a requisite for the hair removal devices in the market. Therefore, the market for hair removal devices is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

HAIR REMOVAL DEVICES MARKET DYNAMICS:

One of the key aspect for driving the hair removal devices market is the rising number of permanent or temporary disability owing to the increasing road accidents, spinal cord injury, workplace injuries, and others.

For instance, the American Society of Plastic Surgeons in 2020, stated that among all the cosmetic minimally invasive procedures performed in the United States, laser hair removal was the third most performed procedure, which accounted for 757,808 procedures in 2020. Thus, the increasing adoption of laser hair removal procedures creates demand for technically advanced laser hair removal devices and is creating opportunities for the growth of the segment in the future.

Furthermore, the continuous product launches by major players in the market are positively affecting the growth of the hair removal devices. For instance, in May 2020, Lira Style, a medical device company for aesthetics, announced the launch of its newest platform, the Cervello. The device offers clinically proven laser hair removal treatments for all skin types with a combination of 755 Alexandrite, 808 Diode, and 1064 long pulsed YAG.

Additionally, the increased demand for hair removal appliances in the beauty sector, there is also a rise in demand for hair removal appliances in the health-care sector. Also, hair removal appliances play an essential role when it comes to surgeries that require the removal of hair from the infected area. This reduces the risk of infections caused due to the presence of hair.

Moreover, the increasing use of such devices at home and the easy availability of advanced hair removal devices through e-commerce and retail stores, are projected to impel the growth of the global hair removal devices market.

Therefore, the factors stated above collectively will drive the overall hair removal devices market during the forecast period from 2024-2030.

However, the higher cost of hair removal devices, requirements of multiple treatments, and others may prove to be challenging factors for hair removal devices market growth.

The hair removal devices market was negatively impacted during the period of COVID- 19 pandemic. In order to curb the spread of infection the government across the globe imposed strict lockdown rules, resulting in the shortage of supply chains, raw materials, and other resources in the market, leading to the decreased manufacturing of all the medical devices. Moreover, the patients and physicians postponed many laser therapies in order to stop the spread of the infection, thereby decreasing the number of in-patient visits in hospitals and clinics. However, vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as regular out-patients visits for treatments and sessions in hospitals and clinics, thereby bringing the demand for products on track in the hair removal devices market.

HAIR REMOVAL DEVICES MARKET SEGMENT ANALYSIS:

Hair Removal Devices Market by Product Type (Laser Devices [Diode Laser, Nd: YAG Laser, and Alexandrite Laser], Intense Pulse Light Devices, and Others Energy-Based Devices), End-User (Dermatology Clinics, Beauty and Skin Care Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the hair removal devices market, the diode laser segment is expected to have a significant revenue share in the year 2023. This was primarily owing to the rising availability of technological advanced products in the market, rising product launches and approvals in the market, and wide advantages offered by the diode laser segment.

For instance, diode Lasers has a deep penetration level and can target even the most coarse or stubborn hairs. It has superior melanin absorption, making it safe as a hair removal method for all skin and hair types and different body areas.

Further, in diode laser treatment, fewer sessions are required because of its effectiveness in reducing hair. Being a more advanced treatment, it is widely considered to be one of the most comfortable procedures for permanent hair removal.

It is also considered to be the gold-standard of hair removal lasers because it can be used to treat all skin types effectively and with the fewest number of treatments. Also, the diode laser has a fast repetition rate, thus allowing for fast treatment of larger body areas.

Moreover, the diode laser hair removal involves minimal patient discomfort and is one of the less painless method of hair removal. The diode laser hair removal is so popular because of its speed and efficacy.

Furthermore, the increasing product launches, approvals, and other regulatory activities among the key players in the market will spur the demand of the hair removal devices in the forecast period. For instance, in June 2022, DermaJEM launched the Anima Forza Tri-Diode Laser. The Forza is a Triple wavelength diode laser, this makes it safe and effective for all Fitzpatrick skin types. The Forza features 755,808, and 1064 wavelengths making it the gold standard for hair removal.

Also, in January 2020, Lumenis Ltd., launched one of its newest platform, the LightSheer Quattro. LightSheer Quattro is the newest addition to the premium Lumenis LightSheer family, as a solution in the diode laser hair removal industry. The system offers clinically proved laser hair removal treatments for all skin types with either 805nm or 1060nm wavelengths with no down time as well as treatment of pigmented and vascular lesions.

Therefore, owing to the above-mentioned factors, the demand of the diode laser rises, thereby the category is expected to witness a considerable growth eventually contributing to the overall growth of the global hair removal devices market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL HAIR REMOVAL DEVICES MARKET:

Among all the regions, North America is expected to dominate the global hair removal devices in the year 2023 and is expected to do the same during the forecast period from 2024-2030.

This can be ascribed to the easy availability of technologically advanced products and high awareness among consumers about physical grooming and aesthetic appearance. Further, increase in the usage of energy-based devices for rapid and effective results in the region is among the key factors that contribute to the growth of the hair removal devices market in North America.

Also, high awareness of self-grooming in the region promotes the growth of global hair removal devices market in the region.

Further, the 2019 American Society for Dermatologic Surgery revealed that procedures using laser/light/energy-based devices continue to grow, each totaling more than 4 million treatments, in 2019, in the United States, treating a variety of skin conditions including facial redness, excess hair, age spots, sun damage, scars and birthmark. As per the same source, in 2019, nearly 457,000 laser hair removal procedures were carried out in the United States.

Additionally, the rising technological advancements by key players in the region pertaining to hair removal devices along with the rising product launches and approvals will drive the demand of hair removal devices in the market, thereby leading to overall market growth. For instance, in July 2022, Ulike, a leading hair removal brand, announced its official launch into the US, bringing its portfolio of next generation Intense Pulsed Light (IPL) hair removal devices to US consumers.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the Hair Removal Devices market.

HAIR REMOVAL DEVICES MARKET KEY PLAYERS:

Some of the key market players operating in the hair removal devices market includes Procter & Gamble, Lumenis Be Ltd., Venus Concept., Cutera., Cynosure, ulikeofficial., LUTRONIC INC., Lynton Lasers Ltd, Candela Corporation., SINCLAIR, Alma Lasers, Silkn., Asclepion Laser Technologies, Hebei Zhemai Technology, Quanta System., DEKA M.E.L.A. srl, Biotec Italia, Sanhe Beauty S & T Co., Ltd, Winkonlaser, Leaflife Technology, and others.

RECENT DEVELOPMENTAL ACTIVITIES IN HAIR REMOVAL DEVICES MARKET:

In June 2022, Cynosure launched the Elite IQ platform for laser hair removal and skin revitalisation in the US, Europe and Australia.

In March 2022, Lumenis launched the Splendor X device to the United Kingdom market. The device is CE cleared for hair removal, vascular treatments, pigmented lesions, and the treatment of wrinkles.

In January 2019, Alma, one of the top five global leaders of energy-based medical and aesthetic solutions, announced global launch of its new hair removal platform, Soprano Titanium, redefining the gold formula to laser hair removal.

KEY TAKEAWAYS FROM THE HAIR REMOVAL DEVICES MARKET REPORT STUDY

• Market size analysis for current hair removal devices market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the hair removal devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global hair removal devices market.
• Various opportunities available for the other competitor in the Hair Removal Devices market space.
• What are the top performing segments in 2023? How these segments will perform in 2030.
• Which is the top-performing regions and countries in the current hair removal devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for hair removal devices market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS HAIR REMOVAL DEVICES MARKET REPORT STUDY

• Hair Removal Devices products providers
• Research organizations and consulting companies
• Hair Removal Devices -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in hair removal devices
• Various end users who want to know more about the hair removal devices market and latest technological developments in the hair removal devices market.

FREQUENTLY ASKED QUESTIONS FOR HAIR REMOVAL DEVICES MARKET:

1. What is hair removal devices?

The hair removal devices are used to permanently or temporarily remove hair from the head, face, or body.

2. What is the global market for hair removal devices?

The global hair removal devices market was valued at USD 1.37 billion in 2022 and will grow at a CAGR of 12.41% during the forecast period from 2024 to 2030 in order to reach USD 2.76 billion by 2030.

3. What are the drivers for global hair removal devices market?

The hair removal devices market is witnessing a positive market growth owing to the factors such as the growing demand for non-invasive cosmetic procedures, rising demand of technologically advanced hair removal devices in market, rise in spending on personal care products, rising interest for benefiting a body with no hairs among the young people, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the hair removal devices market.

4. Who are the key players operating in the global hair removal devices market?

Some of the key market players operating in the hair removal devices market includes Procter & Gamble, Lumenis Be Ltd., Venus Concept., Cutera., Cynosure, ulikeofficial., LUTRONIC INC., Lynton Lasers Ltd, Candela Corporation., SINCLAIR, Alma Lasers, Silkn., Asclepion Laser Technologies, Hebei Zhemai Technology, Quanta System., DEKA M.E.L.A. srl, Biotec Italia, Sanhe Beauty S & T Co., Ltd, Winkonlaser, Leaflife Technology, and others.

5. Which region has the highest share in hair removal devices market?

Among all the regions, North America is estimated to amass the significant revenue share in the global hair removal devices market. This can be ascribed to the increasing demand of aesthetic enhancement and hair removal devices, growing demand for non-invasive cosmetic procedures, and the presence of key market players in the region are the reasons which acts as a supportive factor for the North America hair removal devices market growth.