HAIR REMOVAL DEVICES MARKET ANALYSIS

Hair Removal Devices Market Size and Forecast – 2024 to 2031

Global Hair Removal Devices Market is estimated to be valued at USD 749.2 Mn in 2024 and is expected to reach USD 1,568.3 Mn by 2031, growing at a compound annual growth rate (CAGR) of 11.1% from 2024 to 2031.

Key Takeaways from the Hair Removal Devices Market Report:

• Energy-based devices are expected to contribute the largest market share of 49.2% in 2024.
• Dermatology clinics contribute the highest revenue share with a projected growth of 54.4% in 2024.
• North America dominates the global market and is expected to account for 41.1% market share in 2024.
• Asia Pacific region is a fast-growing market expected to account for 32.3% market share in 2024.

Market Overview:

Improved aesthetics and increasing demand for hassle-free hair removal options are expected to drive the demand for various hair removal devices over the coming years. The hair removal devices market is expected to witness significant growth over the forecast period. Factors such as increasing disposable incomes, growing awareness about aesthetic procedures and the availability of novel products are expected to support the market expansion. Moreover, the rising popularity of at-home hair removal treatments using advanced devices is further expected to accelerate the market growth during the forecast period.

Segmental Insights

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Product Insights, Technological Advancements Fuel Demand for Energy-based Devices

Within the hair removal devices market, energy-based devices are expected to contribute the largest market share of 49.2% in 2024 due to their advanced technological capabilities and effectiveness. These devices utilize various energy sources like lasers, intense pulsed light (IPL), radiofrequency, or electric currents to safely and painlessly remove hair from the root. As technology progresses, manufacturers are discovering new ways to customize treatment based on an individual's hair and skin characteristics for optimal results. A major factor driving the popularity of energy-based devices is their ability to provide long-lasting or permanent hair reduction with minimal sessions required. This saves consumers both time and money compared to traditional hair removal methods like waxing or shaving that only offer temporary solutions. 

End-user Insights, Dermatology Clinics Establish Trust in Hair Removal Industry

Within the end-user segment, dermatology clinics contribute the highest revenue share with a projected growth of 54.4% in 2024. As medical professionals, dermatologists help validate the safety, results and regimens required for various hair removal options. Their clinical expertise and credentials inspire greater patient confidence in new technologies and treatments compared to other sectors. Many consumers still view laser hair removal and other energy-based options as a medical procedure rather than merely an aesthetic treatment. 

Regional Insights

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North America Hair Removal Devices Market Trends

North America is a dominant market which is expected to account for 41.1% market share in 2024. The growth can be attributed to factors such as strong presence of leading manufacturers, high consumer awareness about beauty and personal grooming, and relatively easy access to advanced technologies. Companies headquartered in the region, such as Philips and Braun continue to launch innovative products catering to evolving consumer preferences.

Asia Pacific Hair Removal Devices Market Trends

Asia Pacific region is expected to exhibit the fastest growth and account for 32.3% market share in 2024. It is driven by increasing focus of global players to tap opportunities in developing nations like India and China. The massive population, growing middle class, and rising disposable incomes in the region are fueling the demand for hair removal devices. Local manufacturers are also strengthening their presence through affordable products.

Hair Removal Devices Market Outlook for Key Countries

United States Hair Removal Devices Market Trends

The advent of advanced hair removal devices in the United States is having a strong influence on consumers' preferences and market trends for hair removal products. Devices that offer safe, painless, and long-lasting hair reduction from the comfort of one's home are becoming increasingly popular compared to traditional hair removal methods like waxing, shaving, or creams. Consumers are gravitating towards modern battery-operated or corded devices that leverage technologies like intense pulsed light (IPL), lasers, microwaves or thermolysis to target the melanin in hair follicles and disrupt the hair growth cycle.

China Hair Removal Devices Market Trends

One significant trend influencing the China hair removal devices market is increasing consumer preference for convenience and ease of use. Chinese consumers have busy lifestyles and less time for tedious beauty practices like waxing or shaving. They are increasingly looking for fast, painless hair removal options they can use at their comfort. Devices like hair removal IPL machines, laser hair removal devices, and electric shavers have grown in popularity as they offer quick, almost effortless hair removal. According to the latest census data from the National Bureau of Statistics of China, over 60% of Chinese citizens now reside in urban areas. The urbanization and fast-paced lifestyle have driven demand for convenient beauty solutions.

Brazil Hair Removal Devices Market Trends

The Brazil hair removal devices market has seen significant changes in trends over the past few years that are impacting consumer purchasing decisions. Women in Brazil have increasingly embraced a more natural look and moved away from painful traditional hair removal methods like waxing or shaving. This has led to rising demand for gentler devices that provide long-lasting hair reduction in the comfort of one's home. Products like light-based home IPL or laser hair removal machines have grown rapidly in popularity as they offer convenience and promise hair-free skin with minimal effort over repeated use.

India Hair Removal Devices Market Trends

The trends in hair removal preferences of Indian consumers have been greatly influencing the India hair removal devices market in recent years. With growing awareness about the disadvantages of traditional hair removal methods like waxing and shaving, there has been a noticeable shift towards use of home-use hair removal devices that offer convenience and less risk of cuts or skin irritation. Products like trimmers and epilators that allow smooth and hairless results with just a few minutes of use at home have become increasingly popular. Various Indian actresses and social media influencers have been endorsing such devices, promoting their usage. This has further fueled the change in consumer habits.

Market Players, Key Devlopment, and Competitive Intelligence

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Key Developments:

• In May 2024, Osaka-Gunze Limited received regulatory approval in Japan to produce and market the MeDioStarMonolith long-term hair reduction diode laser, subsequently launching the product to meet the rising demand for advanced hair removal solutions.
• In March 2024, Cynosure entered into a distribution agreement with Jeisys Medical KK in Japan, expanding the availability of its energy-based laser products, including hair removal devices, in the Japanese market.
• In January 2024, Philips launched the Lumea Series 9000, its fastest and most effective home intense pulsed light hair removal device, catering to the growing demand for efficient at-home solutions.

Top Strategies Followed by Hair Removal Devices Market Players

Established Players: Leading companies like Philips, Braun, and Panasonic dedicate significant resources to research and development to drive product innovation. They conduct extensive market research to understand evolving consumer needs and preferences. This helps them develop new products with advanced features like IPX7 water resistance, customized skin detection, and quick hair removal.

Mid-Level Players: Players like Syska, Veet, and Havells target price-sensitive consumers with affordable hair removal devices that offer good value and performance. While their products may lack high-end features, they ensure quality control and deliver products that suit different budget requirements.

Small-Scale Players: Small companies focus on specific sections of the market. For example, Protrim specializes in men's grooming tools while Listerine offers devices targeted towards sensitive skin. Such positioning helps them compete against established brands and find loyal customers.

Emerging Startups – Hair Removal Devices Industry Ecosystem

• Innovative Technologies: Startups like ILUMI and Belli Beauty are developing smart hair removal devices integrated with blue light therapy, micro-needling, and skincare. Wazaper debuted a device using laser-based intra-cutaneous photothermolysis for long-lasting hair reduction.
• Sustainable Solutions: Ecouterre Beauty creates reusable cartridge-based epilators from recycled plastics to reduce electronic waste. L'Oreal's Dermavie range uses plant-based ingredients and recyclable packaging.
• Niche Markets: Startups often address underserved niche demands - like accessories for sensitive areas. PIHI Razor developed women's kit for intimate grooming while Braun entered male below-the-neck tools. This allows them to build expertise and loyal customer base.

Market Report Scope

Market Dynamics

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Hair Removal Devices Market Driver - Rising Acceptance of Hair Removal Devices Over Conventional Hair Removal Methods

One of the primary drivers that propels the market growth forward is their rising popularity and acceptance as a preferred method of hair removal when compared to conventional methods. Traditional hair removal methods such as waxing, threading, sugaring, and shaving often tend to be time-consuming and messy procedures. They cause pain, skin irritation, ingrown hairs, and in some cases infections too. On the other hand, modern hair removal devices provide a much more convenient solution. Hair removal devices allow users to easily remove unwanted hair from the comfort of their own home, in minimal time. The new generation of devices are safe, gentle on the skin, and cause no pain during hair removal.

Hair Removal Devices Market Challenge - High Cost of Advanced Hair Removal Devices

One of the major challenges faced by the hair removal devices market is the relatively high cost of advanced hair removal devices. Laser and light-based hair removal devices that offer long-lasting or permanent hair reduction solutions tend to be quite expensive, ranging anywhere between USD 200 to USD 1000 per treatment. This high upfront cost prevents many consumers from consistently using such advanced devices. Additionally, multiple treatments are usually required for long lasting results, further increasing the overall cost. The need for repeat visits also reduces compliance. The price sensitivity of consumers limits the demand and growth potential of premium hair removal devices.

Hair Removal Devices Opportunity: Increased Marketing and Promotion Through Online Channels and Social Media

One of the key opportunities for the hair removal devices market is increased marketing and promotion of products through online channels and social media platforms. As consumer behavior shifts to online, companies need to match this change and focus their marketing initiatives on digital mediums. Establishing an online and social media presence helps companies connect directly with consumers, promote their brand and products, address customer questions, and build trust and awareness. Social networking sites in particular allow companies to run targeted promotional campaigns and influencer marketing programs. This online and social approach can help boost trial and repeat sales as consumers find it more convenient to research and purchase hair removal devices virtually without time or location restrictions. Increased digital engagement also enhances the visibility of new products and technologies.

Analyst Opinion (Expert Opinion)

• The hair removal devices market has strong potential for growth driven by increasing awareness about aesthetic procedures and growing social acceptance of hair removal. Women, in particular, are adopting hair removal devices for smooth skin and convenience of use at home. Product innovations with advanced technologies for painless and effective hair removal further appeal to consumers. Competitive pricing of home-use devices makes them an affordable alternative to salon treatments. However, the highly unorganized retail distribution landscape presents a challenge for established brands to capture market share. Availability of low-cost Chinese imports through e-commerce also intensifies pricing pressure. User perceptions around effectiveness and safety still favor salon treatments to some extent, limiting widespread adoption of devices.
• North America currently dominates the market but Asia Pacific is projected to witness the fastest gains. Dense population, growing middle class, and increasing preference for beauty regimes drive demand in the region. Countries like India and China are lucrative markets given their demographic and cultural trends. Meanwhile, European countries will continue offering steady growth supported by high consumer spending ability.
• Overall, increased marketing by leading brands, rise of organized retail, and continual innovations expanding application areas should help sustain market expansion over the next decade. Collaborations offering complete hair removal solutions combining devices, consumables, and salon services also present new opportunities.

Market Segmentation

• Product Insights (Revenue, USD Bn, 2019 - 2031)
• • Energy-based Devices
  • Laser-based Devices
  • Intense Pulse Light Devices (IPL Devices)
• End-user Insights (Revenue, USD Bn, 2019 - 2031)
• • Dermatology Clinics
  • Beauty Clinics
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • 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
  • Venus Concept Canada Corp