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 are used for painless and long-lasting hair removal through laser energy, intense pulsed light therapy or mechanical tweezers. Laser hair removal devices work by targeting the melanin in hair follicles which causes them to be damaged and eventually stop growing back. This allows for a relatively permanent reduction in the amount of hair growth over repeated treatments.
Market key trends:
One of the key trends in the hair removal devices market is the growing adoption of at-home laser and IPL hair removal devices. This is mainly due to their lower cost and convenience compared to salon treatments. At-home devices allow users to treat unwanted hair in the privacy and comfort of their homes at their own convenience. Manufacturers are also launching new home use devices with improved features like larger treatment windows and guidance systems for painless and effective hair reduction. This has made at-home hair removal more affordable and accessible to consumers globally.
Segment Analysis
The global hair removal devices market is segmented based on product type, gender, end use, and geography. By product type, the market is segmented into laser-based devices, IPL devices, and other energy based devices. The laser-based devices segment dominates the market, owing to the superior hair removal results provided by such devices. Laser-based devices use various advanced technologies like diode lasers, alexandrite, Nd: YAG, and intense pulsed light. They are quite effective at removing both fine and coarse hair and have minimal chances of hair regrow.
Key Takeaways
The global hair removal devices market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period, due to increasing demand for long-lasting and painless hair removal treatments.
Regional analysis
North America dominated the global hair removal devices market in 2023, accounting for around 35% share. The increasing aesthetic awareness among consumers and growing availability of advanced hair removal equipment are factors driving the demand for hair removal devices in the region. Asia Pacific is expected to witness the fastest growth during the forecast period, owing to large population base, increasing disposable incomes, and rising focus on aesthetics.
Key players
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. These players are focusing on new product launches and geographic expansions to strengthen their market position.