The global hair removal devices market is estimated to be expanding at a CAGR of 16.2% from 2023 to 2028 and be worth USD 5.66 billion by 2028 from USD 2.67 billion in 2023.
Hair removal devices are used to remove hair follicles from the roots. They are used in the beauty industry to remove unwanted hair from the body. There are many ways for hair removal, like hot wax, cold wax, wax stripes, and others, which do not require much equipment, and then there are equipment-based hair removals such as trimmers, razors, epilators, and others. However, these basic methods will only last you a month before the regrowth of the hair. On the other hand, the advanced hair removal techniques give the consumer an extended time of at least three months and even ultimately stunt hair growth upon regular use. These long-term procedures are known to be performed using laser hair removal devices, intense pulse light devices, and other energy-based devices. Customers can use these devices at home or in salon treatments for hair removal.
Impact of COVID-19 on the global hair removal devices market:
The COVID-19 pandemic brings on a scenario and completes societal panic. Due to rigorous COVID-19 standards and lockdowns in several nations, the pandemic forced the closure of numerous significant market enterprises and affected the manufacturing and supply networks. As a result, the pandemic's economic crisis caused losses in every sector of the global economy.
However, the pandemic has moderately affected the hair removal devices market. The pandemic had a somewhat negative impact on the beauty industry. The market fell due to the restrictions on production and supply of production units, and the service sector suffered due to the closure of salons and beauty parlors. However, the hair removal devices segment did not suffer as much loss as the other areas of beauty due to the availability of hair removal devices on E-commerce websites and people maintaining personal care and hygiene at home using these devices. In addition, even in the post covid era, many households shifted to at-home beauty care services like laser hair removals generating additional revenue for the hair removal devices market. Therefore, although the market suffered losses due to lost support from beauty salons, it survived because of self-care practices.
Increasing awareness of self-care is majorly propelling the hair removal devices market growth.
The growth of the hair removal devices market is anticipated to be driven by the rising interest in self-care and hygiene not only among the female population but also among the male population worldwide. Furthermore, the recent trend of keeping oneself groomed and neat has promoted market development. Additionally, the advancements in non-invasive hair removal technologies around the world, like laser hair removal techniques, are fuelling the market's growth. Recently, laser hair removal technologies have been available as at-home services without having to go to salons or beauty parlors. The increased convenience and ease of availability have benefitted the sales of these devices. In addition, general beauty awareness spread, especially among the younger populations, and the desire to look attractive is fuelling the market's uprise.
The growth of the hair removal devices market is also supported by the applications of hair removal devices in the healthcare industry.
The healthcare industry may need assistance from these devices in case of a patient who needs the removal of hair from the infected area before surgery. This removal curbs the chances of infection and ensures no complications occur during surgery. In addition, the recent inclusion of hair removal devices on E-commerce websites for the population to buy worldwide for self-usage, along with the increasing innovations in laser hair removal to make it less painful and more effective with lower side effects, is propelling the rise of the hair removal devices market.
The high costs of the devices used for hair removal, along with the expenses of the maintenance of the devices and the products required to be used for hair removal, are expected to hinder the progress of the hair removal devices market.
This research report on the global hair removal devices market has been segmented and sub-segmented based on product, application, end-user, and region.
Hair Removal Devices Market Analysis By Product
Based on the product, the laser devices segment is expected to hold the most significant hair removal devices market share during the forecast period. This is because laser technology is non-invasive and provides long-term hair removal. In addition, laser technology is also now available as an at-home service and has continuous new inventions in its devices. Among the laser devices, the diode lasers segment is expected to dominate the market due to the minimal side effects associated with the treatment.
Hair Removal Devices Market Analysis By Application
Based on the application, the leg hair removal and underarm hair removal segments are anticipated to register a significant portion of the global hair removal devices market during the forecast period, as 80% of women tend to remove underarm and leg hair regularly. Additionally, bikini hair removal is also another popular area for women.
Hair Removal Devices Market Analysis By End-User
Based on the end-user, the beauty clinics segment dominated the market for hair removal devices in 2021 and is expected to continue being overwhelmed by it during the forecast period. However, there is a possibility that the home use segment will grow to overcome the beauty clinics segment as more people start preferring home care over salon care.
Hair Removal Devices Market Analysis By Region
The North American region led the hair removal devices market worldwide in 2022 and the domination is anticipated to continue throughout the forecast period. Manufacturers in this region are primarily focused on creating, marketing, and distributing hair removal products that meet the demands of patients and healthcare professionals, particularly dermatologists. The buying power is growing as there is an increase in demand for simple-to-use electrical hair removal equipment. The U.S. is showing significant domination in this regional market. One of the primary drivers of the expansion in the United States has an increase in energy-based technologies for quick and efficient outcomes. In addition, easy access to technologically improved items and excellent customer awareness of personal hygiene and aesthetic appeal boosts the region's market. Product releases, severe competition in the market, or the presence of key market participants from the U.S. significantly contribute to the market's success.
The hair removal devices market in Europe is expanding at a steady pace due to the rising popularity of hair removal procedures, the increasing trend of hair removal treatments among consumers, and the accessibility of qualified dermatologists. In this region, countries such as the UK, Spain, France, Italy, and Germany are expected to have promising growth during the forecast period.
Asia-Pacific is expected to show the fastest growth worldwide during the forecast period. Increased awareness of cutting-edge technology, the availability of affordable laser hair removal machines, the desire for affordable hair removal treatments, and higher levels of discretionary money. Emerging economies like China, India, and Indonesia help the industry in these areas flourish.
KEY MARKET PARTICIPANTS:
Sciton, Inc., Alma Lasers, Ltd., Cynosure, Inc., Strata Skin Sciences, Inc., Syneron Medical Ltd., Venus Concept Canada Corp, Cutera Inc., Lumenis Ltd, Lutronic Corporation, Lynton Lasers Ltd, and Solta Medical Inc. are a few of the notable companies operating in the global hair removal devices market profiled in this report.
RECENT HAPPENINGS IN THIS MARKET:
The global hair removal devices market size was valued at USD 1.98 billion in 2021.
The hair removal devices market in Europe is anticipated to be worth USD 1.41 billion by 2027.
The APAC hair removal devices market is expected to be growing at a CAGR of 18.31% from 2022 to 2027.
The U.S. hair removal devices market had major share of the North America hair removal devices market in 2021.
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