Hair Removal Devices Market Is Estimated To Witness High Growth Owing To Increased Demand For Non-Invasive Treatment Options And Growing Focus On Aesthetic Beauty
The hair removal devices market is estimated to be valued at USD 749.2 Mn in 2024 and with CAGR of 11.1% over the forecast period 2024-2031. Furthermore, rising preference for long-lasting hair removal treatments is further fueling the market growth.
Market Dynamics:
The hair removal devices market is witness by two major growth drivers - increased demand for non-invasive treatment options and growing focus on aesthetic beauty. Non-invasive hair removal methods have gained immense popularity as they offer painless and hassle-free procedures compared to conventional methods such as waxing and shaving. Devices involving techniques like laser, IPL, and LED provide long lasting hair reduction resulting in higher consumer demand. There has been a notable shift in consumer behavior with growing preference for aesthetic procedures to boost self-confidence and appearance. Various hair removal treatments are considered as beauty enhancements which is positively influencing the market demand. While devices offer convenience, their high cost remains a major challenge especially in price-sensitive markets. Nonetheless, players are focusing on innovations to develop more affordable products and boost adoption.
Rising Awareness About Personal Grooming Driving Demand for Hair Removal Devices
The personal grooming industry has seen tremendous growth over the past decade with more people becoming aware of personal hygiene and beauty regimens. Hair removal is considered an important part of personal grooming and maintaining a well-groomed appearance. With changing fashion trends and preference for certain styles, removing body hair has become common among both men and women. This rising awareness about personal grooming and the importance given to hair removal is a major driver boosting demand for various hair removal devices in the market. Several manufacturers are launching new products catering to both women looking for hair removal solutions for facial and body hair as well as men seeking trimmers and grooming kits. The increased marketing and promotion of hair removal devices through various media channels has also raised awareness among consumers.
Desire for Convenience and Ease of Use Boosting Popularity of Hair Removal Devices
Another key factor propelling the hair removal devices market is the growing preference for convenience. People have become increasingly busy in their daily lives and prefer easy to use solutions that can help save time. Traditional hair removal methods like waxing, threading and shaving require time and expertise. On the other hand, modern devices offer hassle-free hair removal in the comfort of one's home without much effort or expertise. Features like cordless use, small size for easy portability and simple to follow instructions make devices very convenient to use. Devices enabled with latest technologies like IPL and laser are also very quick and cause less or no pain during hair removal. The convenience and ease of use associated with hair removal devices makes them very popular among consumers.
High Cost of Advanced Devices Acting as Key Restraint
While the market for hair removal devices has immense potential, high cost remains one of the biggest challenges especially for advanced products enabled with latest light and laser-based technologies. IPL and laser-based hair removal devices tend to be quite expensive requiring significant upfront investment. This puts them out of reach for price conscious consumers and those looking for occasional hair removal solution. Even though these devices promise long lasting or even permanent results after repeated use, the high price tag discourages many potential buyers. Additionally, consumers have to keep spending on expensive replacement parts and maintenance of such devices. This premium pricing of sophisticated devices is a major restraint for the mass adoption of hair removal devices.
Preference for Salons and Clinics Hindering Devices Market
Despite growing popularity, widespread adoption of hair removal devices is also being hampered by some consumers still preferring salon services. People often consider salon treatments by experienced professionals as more effective and hygienic compared to using devices at home. Additionally, advanced laser-based treatments offered by salons are considered more result oriented for permanent hair reduction. While devices offer convenience, many are still skeptical about their effectiveness compared to salon treatments. This ongoing preference for salon services instead of relying on personal use devices at home remains a challenge before the hair removal devices market. Manufacturers need to focus on addressing these concerns and build credibility for their products to attract more consumers.
Growing E-commerce Sector Opening New Opportunities
Rising internet and smartphone penetration worldwide has led to tremendous growth of the e-commerce sector in past few years. This has opened up new opportunities for hair removal devices market as well. Players can leverage the e-commerce platforms to promote and sell their products online to reach wider audience across different geographies. Online retail provides added advantages like convenient shopping experience from home, attractive offers & discounts, easy price and product comparisons. It also helps manufacturers popularize even premium devices to more consumers. E-commerce can play a major role in driving sales volumes for hair removal devices.
Increasing Adoption of Technology Driven Products
Latest advancements in light and laser-based technologies are attracting more consumers towards advanced hair removal solutions. Integrating innovative features enabled by technologies like IPL, laser diodes, and radio frequency is providing superior results to users. Products incorporated with artificial intelligence and assisted functions are also gaining traction. Technologies enable quicker, safer, and long- lasting hair reduction with minimal discomfort. With rising disposable incomes, customers are willing to pay premium prices for effective devices. Manufacturers introducing innovative technology driven devices catering different skin and hair types have huge opportunities in the market.
Link - https://www.coherentmarketinsights.com/market-insight/hair-removal-devices-market-1212
Key Developments:
- 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.
- 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 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.
Key Players:
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.
