The hair removal devices market is estimated to witness robust growth owing to the rising demand for non-invasive and long-lasting hair reduction solutions. Hair removal devices provide a convenient alternative to traditional hair removal methods like waxing and shaving. Various devices including laser hair removal devices, IPL hair removal devices and other light-based devices are available which use advanced light-based technologies like laser, intense pulsed light, etc to target the pigment in hair follicles and disrupt hair growth. The market is estimated to be valued at US$ 1200 Mn in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030.
Key Takeaways
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 expanding their global presence through mergers and acquisitions.
The rising disposable incomes and growing awareness about advanced hair removal treatments are presenting lucrative opportunities for market players. Further, increasing social acceptance of hair removal is encouraging more people to opt for permanent hair reduction procedures.
The hair removal devices market is witnessing robust expansion globally driven by growing demand from countries like the US, China, India and Brazil. The increasing penetration of hair removal clinics and rising medical tourism in Asia Pacific and Latin American countries are supporting the market growth.
Market Drivers
The increasing demand for long-lasting and convenient hair reduction solutions compared to traditional methods like waxing and shaving is a key growth driver for hair removal devices market. Further, the improved effectiveness and reduced side effects offered by advanced light-based devices compared to older technologies is boosting their adoption. Additionally, growing social acceptance of hair removal is encouraging more people to opt for hair removal treatments.
PEST Analysis
Political: Governments across various countries are framing regulations and standards related to the usage and manufacturing of hair removal devices to ensure users' safety.
Economic: Rise in disposable incomes and higher spending on personal care and cosmetic procedures is positively impacting the hair removal devices market.
Social: Changing lifestyles and rising focus on physical appearance are driving the adoption of hair removal devices among both men and women for aesthetic reasons.
Technological: Continuous innovations in laser and light-based technologies used in hair removal devices are making procedures more effective and convenient with features like compact designs and lower treatment times.
In terms of value, North America accounts for the largest share of the global hair removal devices market due to a higher consumer focus on aesthetics. The United States within the region leads product adoption fueled by expanding clinics and availability of advanced devices.
The hair removal devices market in Asia Pacific region is emerging as the fastest growing geographical segment. Rapidly improving disposable incomes, medical tourism, and growing awareness about aesthetics are encouraging market growth in developing countries like India and China. Even Japanese and South Korean markets are experiencing increased demand for high-end hair removal devices.
