Laser Hair Removal Market

Global Laser Hair Removal Market (2022 to 2027)

In 2021, the global laser hair removal market was valued at USD 464 million and is estimated to grow at a CAGR of 22.64% from 2022 to 2027 and worth USD 569.05 million in 2022 USD 1,578.74 million by 2027.

Impact of COVID-19 on the global laser hair removal market:

Almost all sectors and businesses have been destroyed in the wake of the COVID-19 pandemic. However, the effect of Covid-19 in the laser hair removal market may not be as regrettable as in other markets. Salons and aesthetic centers have seen a significant revenue decrease due to lockdown and slow market. Customers have chosen to avail of home kits for hair removal, mainly laser hair removal kits. The accessibility of these devices through e-commerce channels has led to offers of these items in all cases during the pandemic. Therefore, the effect of Covid-19 has been moderate in the laser hair removal market.

MARKET DRIVERS:

The global laser hair removal market is primarily driven by technological innovations and advancements, an improved range of cosmetic laser-related products and services, and increased demand for cosmetic laser devices.

The growing availability of laser hair removal kits, increased levels of disposable income groups, and growth of products in non-invasive hair removal services and procedures are further anticipated to favor the growth rate of the laser hair removal market. The increasing demand for hassle-free hair removal methods is expected to drive the laser hair removal market. According to the American Society for Aesthetic Plastic Surgery statistics, approximately 1,078,000 hair removal procedures were performed in 2019. Additionally, the growing preference for easy and at-home grooming kits is expected to drive the adoption of various hair removal techniques. Improving living standards and increasing the fashion sector is another growth factor expected to drive this market.

In addition, government support activities in emerging economies have compelled companies to develop advanced products, which has led to the efforts of various multinational companies, thus increasing the overall consumption of hair removal products in recent years. For instance, a report on a statistical analysis of laser and pulsed light hair removal procedures performed in 2018 reveals that out of the total number of procedures, 2% were 18 years or younger, 41.6% were between 19 and 34 years old, 42.5% were between 35 years old and 50 years old, 16.9% were between 51 and 64 years old, and 2.5% were 65 years old or over. In addition, the growing concern for beauty and personal care has supported the growth of the laser hair removal market.

Furthermore, the market for laser hair removal is predicted to be accelerated by the introduction of personalized treatment plans offered by many clinics at affordable prices and the availability of laser devices that can be used at home without professional help.  Moreover, the increasing consumer spending on grooming and self-care services is positively impacting the growth of the laser hair removal market.

MARKET RESTRAINTS:

Factors such as the increasingly high cost of beauty devices, the high costs associated with treatment procedures, and the vulnerable nature of the supply of materials for laser hair removal may affect the market. In addition, the growing interest in other alternative hair removal devices/treatments such as razors, epilators, and wax strips is estimated to hamper the growth rate of the laser hair removal market throughout the forecast period.

In addition, side effects due to lasers are another major impediment to the laser hair removal market. The limitations include specific side effects with usage that could be important for people with hypersensitive skin. Some of the normal side effects are redness, eye damage, skin conditions and discomfort, scabs, change in tone, etc. Moreover, the high cost of aftercare or post-laser treatment and the fluctuation of laser device maintenance are the factors holding back the growth of the laser hair removal market.

REPORT COVERAGE:

This research report on the global laser hair removal market has been segmented and sub-segmented based on laser type, end-use, and region

Global Laser Hair Removal Market – By Laser Type:

• Diode
• Nd: YAG
• Alexandrite

Based on the laser type, the Nd: YAG segment led the global market for laser hair removal in 2021. The product’s supremacy is due to its longer wavelength of 1064 nm, allowing for more optical window absorption. Furthermore, having a longer wavelength has been proven to be the most effective treatment for pigmented skin. The advent of new advanced devices using diode lasers with wavelengths of 810nm has given the diode segment a strong market position. The Alexandrite sector had a smaller percentage of the market.

Global Laser Hair Removal Market – By End-use:

• Beauty Clinics
• Dermatology Clinics
• Home Use

Based on the end-user, the beauty clinics segment is predicted to dominate the market during the forecast period. The expanding number of laser hair reduction procedures in specialized beauty clinics explains the dominance. In addition, the developments in infrastructure and dermatology clinics are likely to increase significantly.

Global Laser Hair Removal Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American region is predicted to be the dominant in the global laser hair removal market due to the increased demand for hair removal treatments, the growth in the adoption of advanced technologies, and the presence of several well-established dermatology clinics in the region, especially in the U.S and Canada. The U.S. market dominated the North American laser hair removal market by country in 2021. The Canadian market is predicted to be experiencing a CAGR of 22% from 2022 to 2027. Additionally, the Mexican market is expected to experience a healthy CAGR. Laser hair removal is one of the leading cosmetic procedures in demand across the United States.

The European laser hair removal market is estimated to account for a substantial global market share during the forecast period. The U.K and France are expected to be the dominant European market due to the growing demand for hair removal treatments, the presence of several well-established dermatology clinics, and the rapid adoption of advanced technologies. With over a million procedures performed in 2019, laser hair removal is one of the most popular minimally invasive cosmetic treatments in the United Kingdom.

While the Asia-Pacific region is expected to show promising CAGR due to increased cases of skin disorders and population growth during the forecast period, the future of the global laser hair removal market is expected to be bright owing to a change in lifestyle, the development of the medical tourism market in emerging economies, and the increasing purchasing power of consumers during the forecast period. As a result, APAC and Latin America regions are expected to grow at a high CAGR during the forecast period. The strong growth of these regional markets can be attributed to changing lifestyles, increasing incidence of skin lesions, and increasing medical tourism in the region will drive the development of the laser hair removal market.

The Middle Eastern region is expected to showcase a moderate growth rate in the global laser hair removal market during the forecast period due to the increase in cases of skin diseases in emerging economies and increased levels of disposable income. In addition, changing lifestyles, increasing purchasing power of consumers, and rapidly growing medical tourism market in countries such as UAE and Eygpt will drive the market during the forecast period. On the other hand, the African region is expected to have the least market share of the laser hair removal market.

KEY MARKET PLAYERS:

Lynton Lasers Ltd, Sciton, Inc., Viora, Inc., Lutronic Corporation, Alma Lasers Ltd., Cynosure, LLC, Lumenis Ltd. (XIO Group), Candela Medical Corporation, Bausch Health Companies, Inc., and Cutera, Inc. are a few of the prominent companies operating in the global laser hair removal market.

RECENT MARKET DEVELOPMENTS:

• In January 2019, Alma Lasers launched a product called Soprano Titanium, a new and innovative laser hair removal system.
• In May 2020, Lira Style launched its new aesthetic platform called "Cervello." This device is clinically proven and can be used for laser hair removal procedures on all skin types, combining the 1064 long pulse YAG, 808 diodes, and 755 Alexandrite in the system.