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 Overview:
Hair removal devices include various energy and laser-based devices that remove unwanted hair from the body. These devices destroy hair follicles through laser technology or intense pulsed light (IPL) to eliminate hair growth. They provide a convenient and virtually painless solution for hair removal compared to traditional methods.
Market key trends:
One of the key trends in the hair removal devices market is the increasing demand for at-home devices. These devices offer convenience and allow users to perform hair removal procedures in the privacy and comfort of their own homes. At-home IPL and laser hair removal devices are gaining popularity as they are easy to use and provide similar results to professional treatments. Manufacturers are focusing on developing user-friendly, affordable at-home devices to expand their consumer base. However, traditional salon-based professional treatments remain popular for treating large areas or for those seeking expert guidance.
SWOT Analysis
Strength: Hair removal devices offer convenient and time-saving solutions for removal of unwanted hair. These devices are easy to use and provide long lasting results with minimal effort.
Weakness: High cost of advanced hair removal devices makes them inaccessible for price sensitive consumers. Skin sensitivity and allergic reactions are common downsides of hair removal treatments.
Opportunity: Rising inclination towards aesthetics and grooming among both men and women offers significant growth prospects. Increasing disposable incomes in developing regions also expands the customer base.
Threats: Availability of alternative hair removal methods like shaving, threading and waxing restricts full reliance on devices. Strict regulations pertaining to safety of laser-based products pose challenges.
Key Takeaways
The global hair removal devices market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing preference for long-lasting hair removal solutions. The market size for 2023 is estimated to reach US$ 1200 Mn.
Regional analysis
North America currently dominates the market and is expected to retain its leading position during the forecast period. Higher per capita spending on personal grooming and availability of advanced technologies drive the regional market. However, Asia Pacific is anticipated to witness fastest growth owing to rapidly growing beauty consciousness among consumers from countries like India and China.
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. The market is highly competitive with these companies focusing on new product launches and strategic collaborations for sustaining their market shares.
