Laser Hair Removal Market

Global Laser Hair Removal Market (2023 to 2028)

The global laser hair removal market is estimated to grow at a CAGR of 22.64% from 2023 to 2028. The market size is predicted to be worth USD 1936 million in 2028 from USD 697.8 million by 2023.

Laser Hair Removal Market Share Insights:

• Based on laser type, the diode lasers segment had 36.4% of the global market share in 2022.
• Based on the end-user, the beauty clinics segment captured 51.8% of the worldwide market share in 2022.
• North America was the biggest regional segment worldwide in 2022, holding a 31.4% share.

MARKET DRIVERS:

The growing adoption of laser hair removal procedures and rising emphasis on physical appearance and grooming by people are majorly driving the laser hair removal market growth.

Laser hair removal procedures cause relatively less pain and provide long-lasting results and due to this, laser hair removal procedures are widely adopted over traditional hair removal methods. These laser hair removal procedures are majorly preferred by women as the desire to have smooth and hairless skin is high among women compared to men. Recent technological advancements have made these laser hair removal procedures safe and more effective. Due to these advancements, laser hair removal procedures have become a convenient and effective way to achieve their desired aesthetic appearance.

The growing disposable income and rising demand for non-invasive cosmetic treatments are further fuelling the growth rate of the laser hair removal market.

According to a study conducted by the American Society of Plastic Surgeons, the number of non-invasive cosmetic procedures has increased by 220% since 2000. The same study reported that the adoption of laser hair removal procedures is high among people who have high disposable income. The number of clinics and salons that provide laser hair removal services has dramatically increased in the recent past. For instance, European Wax Center, a popular laser hair removal chain, opened more than 800 locations in the United States.

In addition, rising awareness among people regarding the benefits of laser hair removal such as longer-lasting results, fewer ingrown hairs, and less skin irritation is propelling the market growth. The convenience of laser hair removal over other hair removal methods, increasing advertising efforts by the market participants using social media and traditional channels and increasing number of medical applications such as the treatment of hirsutism and excessive hair growth caused by hormonal imbalances are contributing to the growth of the laser hair removal market. Several market participants are using social media platforms such as Facebook, Instagram and Twitter to promote their laser hair removal services through influencers and celebrities. The growing number of laser hair removal clinics, the increasing trend of male grooming, the rapid adoption of technological developments to develop advanced laser hair removal devices, the rising popularity of at-home laser hair removal devices, the growing aging population and the increasing acceptance of cosmetic procedures are further supporting the growth rate 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.

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

Almost all sectors and businesses have been destroyed after the COVID-19 pandemic. However, the effect of Covid-19 on 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 the lockdown and slow market. Customers have chosen 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.

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 diode segment had the most significant share of the worldwide laser hair removal market in 2022 and is anticipated to register a promising CAGR during the forecast period.

The Nd: YAG segment had a substantial share of the global market for laser hair removal in 2022. 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 laser hair removal market 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 2022. 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 laser hair removal market 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 East laser hair removal market 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 consumer purchasing power, and the rapidly growing medical tourism market in countries such as UAE and Egypt 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.