Hair removal devices are tools used for removing unwanted body hair in a minimally invasive manner. Laser hair removal devices uses laser energy to safely and effectively destroy the roots of hair follicles, resulting in permanent reduction of hair growth. The global Hair Removal Devices Market is estimated to be valued at US$ 1200 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for long lasting hair removal technologies: The key trend propelling the growth of the hair removal devices market is the rising demand for long lasting and convenient hair removal technologies. Laser hair removal devices offer a more permanent solution for hair reduction as compared to traditional hair removal methods such as shaving, waxing, and depilatories. The long term benefits of laser hair removal such as no razors required and less regrowth of hair over time is fueling the demand for laser hair removal devices. Furthermore, laser hair removal procedures take less time as compared to other hair removal methods and causes less pain, which is positively impacting the adoption of laser hair removal devices.
Strength: The hair removal devices market is witnessing continuous innovation and new product launches. Technological advancements are making hair removal more effective and convenient.
Weakness: High costs associated with laser hair removal devices restricting market growth. Dependence on disposable components and consumables increases overall costs.
Opportunity: Growing demand for non-invasive and long-lasting hair removal treatments especially among women. Rising popularity of at-home hair removal devices offering convenience and discretion.
Threats: Presence of alternative hair removal methods like waxing, shaving, depilatory creams limits market potential. Stringent regulations and guidelines for new product approvals.
The global hair removal devices market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis – North America currently dominates the global market and is expected to maintain its lead over the forecast period. Growing demand for advanced hair removal devices and availability of advanced treatment options drive the North American market. Asia Pacific expected to witness fastest growth on account of rising disposable incomes, growing awareness, and presence of less stringent regulations.
Key players operating in the hair removal devices market are Alma Lasers Ltd, Cutera Inc., Cynosure Inc., Fotona d.d, Lumenis Ltd, Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Strata Skin Sciences Inc., Syneron Medical Ltd., and Venus Concept Canada Corp. Major players focusing on new product launches to strengthen their market positions. Partnerships and acquisitions form key strategies of market players to expand regional footprints and offerings.
- Source: Coherent Market Insights, Public sources, Desk research
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