The Hair Removal Devices Market is estimated to be valued at US$ 1449.36 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 are used to remove unwanted hair from the body either temporarily or permanently. Some common hair removal devices include laser hair removal devices, IPL (intense pulse light) devices, and electric/battery-powered devices. Laser hair removal devices use lasers to target the melanin in the hair follicle to inhibit future hair growth. IPL devices utilize intense pulsed light to target hair follicles. Electric/battery-powered devices use techniques like shaving, waxing, tweezing via razors, trimmers or depilators. With the rise in demand for hair removal treatments among both men and women globally, especially those that offer convenience of use at home, the market for hair removal devices is growing steadily.
Market Dynamics:
The growing demand for safe, convenient and cost-effective hair removal treatments is driving the hair removal devices market. Many laser and IPL devices now offer at-home hair removal solutions that deliver professional salon results with minimal side effects like pain, redness or swelling. This has increased their popularity amongst consumers seeking DIY hair removal treatments. Furthermore, manufacturers are launching more advanced devices with features like various wavelength options, different sized treatment areas, built-in skin sensors for safety etc. to better match consumer needs. Such technological innovations are also fueling revenue growth of the hair removal devices market. However, availability of other cheaper traditional hair removal methods continues to restrain market potential to a certain extent.
Segment Analysis
The Global Hair Removal Devices Market Size is dominated by the energy-based devices segment. This segment accounted for more than 60% share of the overall market in 2022 due to high preference for long-lasting and painless hair removal results offered by energy-based devices such as IPL, laser, etc.
PEST Analysis
Political: The government regulations regarding the usage of various hair removal technologies differ across regions and countries. Many countries have stringent regulations regarding the usage of certain laser-based hair removal devices.
Economic: The rising disposable income levels along with increasing beauty-conscious population globally is fueling the growth of the hair removal devices market.
Social: Growing social acceptance of hair removal among women along with increasing product promotion through digital and social media is resulting in higher adoption of various hair removal devices.
Technological: Introduction of advanced technologies such as Intense Pulsed Light (IPL), laser, etc. that offer long-lasting and painless hair removal experience is driving the growth of energy-based hair removal devices.
Key Takeaways
The global hair removal devices market size was valued at US$ 1449.36 million in 2023. The market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period due to the increasing preference for semi-permanent and long-lasting hair reduction solutions.
Regional analysis:
North America dominated the global market and accounted for more than 35% share in 2023 due to high consumer awareness regarding various hair removal technologies and faster adoption of advanced devices in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to growing beauty-conscious population in the region.
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. Key players are focusing on new product launches and innovations to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
