Pune, Sept. 15, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report predicts that the Laser Hair Removal Market will achieve a value of USD 1,862 million by 2030, starting from a base value of USD 549 million in 2022, with a projected compound annual growth rate (CAGR) of 16.5% during the forecast period spanning from 2023 to 2030.”
Market Overview
Laser hair removal is a popular cosmetic procedure designed to reduce or eliminate unwanted body hair. It involves the use of a specialized medical laser that emits a concentrated beam of light. This laser light is directed at the hair follicles, which are the tiny sacs within the skin from which individual hairs grow. While laser hair removal is often described as permanent, it's more accurate to say that it provides long-term hair reduction. Some individuals may require occasional maintenance sessions to keep any regrowth in check.
Market Analysis
The global laser hair removal market has witnessed significant growth in recent years, driven by several key factors. A rising emphasis on personal grooming and aesthetics has driven individuals to seek more effective and long-lasting hair removal solutions. Laser hair removal offers a convenient and efficient way to achieve smooth, hair-free skin, making it a popular choice among both men and women. Continuous advancements in laser technology have resulted in safer, more efficient, and less painful hair removal procedures. Newer laser systems are equipped with features like adjustable wavelengths, cooling mechanisms, and increased precision, making them more appealing to consumers. As disposable incomes continue to grow worldwide, people are more willing to invest in cosmetic procedures and treatments. Laser hair removal, while considered a luxury in the past, has become more accessible to a broader range of consumers.
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Major Players Listed in this Report are:
- Cutera
- Venus
- Cynosure
- Fotona
- Lumenis
- Alma lasers
- Sciton
- Lynton
- Venn Healthcare
- Candela Corporation & Other Players
Laser Hair Removal Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 549 Mn |
| Market Size by 2030 | US$ 1862 Mn |
| CAGR | CAGR of 16.5 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Laser Hair Removal Market Study
- The diode segment is set to dominate the market, offering precision, safety, versatility, and efficiency. As technology continues to advance, we can expect even more innovations within this segment, making laser hair removal accessible to an even broader audience.
- The hospitals segment is poised to dominate the market by bringing credibility, expertise, and a holistic approach to the table. As more hospitals incorporate these services, the industry is set to witness a transformation that aligns laser hair removal more closely with medical standards and patient-centric care.
Recent Developments
- In a significant development in the beauty and personal grooming industry, a Brazilian hair removal business has successfully raised an impressive $120 million in funding. This sizable investment marks a significant milestone for the company and underscores the growing demand for specialized grooming services.
- Ulike, a trailblazer in the realm of beauty technology, is thrilled to unveil its latest innovation, the Sapphire Ice-Cooling Hair Removal Device: Air3. This remarkable device has been meticulously designed to bring the future of beauty technology to the women of Southeast Asia.
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Market Dynamics Analysis
The laser hair removal market has witnessed significant dynamics in recent years, driven by several key factors while also grappling with certain challenges and threats. On the drivers' front, the increasing demand for a long-term solution to unwanted hair, coupled with the growing beauty and aesthetics industry, has fueled the market's growth. The convenience and effectiveness of laser hair removal, offering a relatively painless and efficient way to achieve smooth skin, have further propelled its adoption. Additionally, advancements in laser technology, such as the development of safer and more efficient devices, have widened the market's appeal. However, the market also faces restraints, primarily stemming from the high initial costs of treatment and concerns about its safety and potential side effects. Moreover, stringent regulatory requirements in some regions can hinder market expansion. Challenges include competition from alternative hair removal methods and varying efficacy across different skin and hair types. Lastly, the market faces threats from the emergence of at-home laser hair removal devices, which could potentially undermine the need for professional services and disrupt the traditional market dynamics.
Laser Hair Removal Market Segmentation:
By Product
- Diode
- Alexandrite
- Nd: YAG
- Others
By End User
- Hospitals
- Medical Spas & Speciality Clinics
- Others
Key Regional Developments
North America, particularly the United States, is a significant player in the laser hair removal market. The high disposable income of consumers, a culture of beauty and grooming, and the presence of advanced healthcare infrastructure drive market growth. Additionally, FDA approvals for various laser devices have boosted consumer confidence in the safety and efficacy of these treatments. Countries like the UK, Germany, and France have a well-established market for laser hair removal. The adoption rate is relatively high due to the influence of fashion trends and beauty standards. Regulatory frameworks are strict, ensuring safety and quality of services.
Impact of Recession on Laser Hair Removal Market Growth
The ongoing recession has presented unique challenges to the laser hair removal market, including reduced consumer spending, changing demographics, and shifts in consumer priorities. However, these challenges have also prompted businesses to adapt, innovate, and explore new strategies to weather the economic downturn. As the economy recovers, the market is expected to regain its momentum and continue to evolve to meet the changing needs of consumers.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Laser Hair Removal Market Segmentation, by Product
9. Laser Hair Removal Market Segmentation, by End User
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
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