HAIR REMOVAL DEVICES MARKET ANALYSIS

Hair removal is also known as depilation i.e., intentionally removing the body hair. Hair removal may be practiced for hygienic, aesthetic, medical, cultural, or religious reasons. Hair removal can be done using a variety of devices such as razors, creams, laser devices, and others. Due to advancements in hair removal devices, people are inclined toward different hair removal techniques such as laser-based or Intense Pulse Light (IPL) devices and others. These devices provide long-term results and are safe. The popularity of hair removal devices is increasing tremendously among the age group of 18-50 years.

Recent Developments:

• On June 2, 2022, Cynosure, a company that offers laser and RF (radio frequency) technologies, rolled out Elite iQ aesthetic workstation for laser hair removal. Patented with Skintel technology, the Elite iQ platform is suitable for all skin types and offers customized laser hair removal treatment.
• In January 2020, Lumenis Ltd., the world’s leading energy-based medical device company, launched a new platform – LightSheer Quattro. The platform offers clinically validated laser hair removal treatments for all skin types using either 805nm or 1060nm wavelengths with no downtime.

The main growth driver for the hair removal devices market is the growing interest of younger generation of consumers in having a body free of hair. A clean body without hair boosts their confidence and helps them look tidy. The easy availability of hair removal devices in the market that provides instant hair removal solutions, affordable prices of the hair removal devices, and no side effects of these devices are driving the growth of the global hair removal devices market.

Restraint:

The rising cost of laser hair removal devices is restraining the growth of the global hair removal devices market. Laser hair removal devices are popular for hair removal treatment as they have major benefits such as eliminating ingrown hair and saving time as treatments do not take a long time. However, the cost of laser hair removal machines is high and the maintenance cost of these devices is also high. The material used for hair removal is also very costly. Due to all these reasons, laser hair removal treatment becomes expensive, which is expected to negatively affect the market growth.

Global Hair Removal Devices Market - Impact of Coronavirus (Covid-19) Pandemic

The spread of the COVID-19 has had an impact on people and businesses across the globe. Lockdowns were imposed across the globe. As lockdowns were imposed, the beauty clinics were shut down and visits to dermatologists for hair removal treatment were also restricted. This hampered the business of hair removal devices as people preferred other means of hair removal such as razors and creams. Hence, the global hair removal devices market witnessed slow growth during the pandemic.

North America held a dominant position in the global hair removal devices market in 2021

Statistics:

North America held a dominant position in the global hair removal devices market in 2021, accounting for 36.0% share in terms of market share, followed by Europe and Asia pacific.

Figure 1: Global Hair Removal Devices Market Share (%), By Region, 2021

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North America is expected to account for the largest market share of the global hair removal devices market during the forecast period. Increasing beauty awareness among both women and men is influencing them to adopt different grooming products. Due to the benefits such as precision and time and money savings, the demand for non-invasive hair removal procedures such as laser treatment is expected to rise in the future. The demand for hair removal equipment to be used at home is increasing due to which the demand for personal non-invasive grooming treatments is also anticipated to rise.

The Asia Pacific region is expected to gain traction during the forecast period. The countries such as China, India, and Indonesia  are emerging economies, due to which there is rise in disposable income of people. The spending power of people has increased, and many low cost and affordable hair removal devices are available in the market that give better results. Hence, the Asia Pacific hair removal devices market is expected grow significantly during the forecast period.

Intense Pulse Light (IPL) Devices segment is expected to drive the global hair removal devices market growth during the forecast period.

The number of people interested in grooming themselves at safe and affordable prices is increasing demand for Intense Pulse Light (IPL) devices. IPL devices are becoming popular among salons, clinics, and spas. The advantage of using IPL devices for hair removal is that it removes all types of hair such as coarse and thick hair without damaging the skin surrounding it. IPL devices for hair removal are cheaper than laser devices and hence the demand for IPL devices is expected to increase during the forecast period.

Figure 2: Global Hair Removal Devices Market (US$ Mn) Analysis and Forecast, 2017 - 2030

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The global hair removal devices market was valued at US$ 1,200 Mn in 2021 and is expected to reach US$ 2,754.6 Mn by 2030, growing at a CAGR of 9.9% between 2022 and 2030.

Major players operating in the global hair removal devices market include 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.