The size of the laser hair removal market in Latin America is predicted to grow at a CAGR of 10.04% from 2022 to 2027 and worth USD 0.55 billion by 2027 from USD 0.34 billion in 2022.
The growing number of technological innovations and advancements in laser hair removal is one of the significant factors promoting the market's growth in the Latin American region. The market's growth is further expected to be driven by an improved range of cosmetic laser-related products and services, increased demand for cosmetic laser devices, laser hair removal kits at home, increased disposable income groups, and growth of products in non-invasive hair removal services and procedures.
According to the American Society for Aesthetic Plastic Surgery, in 2019, over 1,078,000 hair removal treatments were conducted. In addition, the rising popularity of at-home grooming kits is likely to boost the use of various hair removal treatments. Furthermore, government assistance actions in emerging nations have driven enterprises to produce improved products, resulting in efforts by several global corporations, resulting in an increase in overall hair removal product use in recent years. According to a report on laser and pulsed light hair removal procedures performed in 2018, those aged 18 and younger performed 2.5 percent of the total number of procedures, 41.6 percent of those aged 19 to 34, 42.5 percent of those aged 35 to 50, 16.9 percent of those aged 51 to 64, and 2.5 percent of those aged 65 and older. The expansion of the laser hair removal business is linked to a rise in aesthetic and personal care concerns.
However, the expansion of the laser hair removal market in the Latin American region is predicted to be hampered by factors such as the rising cost of beauty devices, the high expenses of treatment procedures, and the fragile nature of the supply of materials for laser hair removal. Furthermore, the increased popularity of various hair removal devices/treatments such as razors, epilators, and wax strips is expected to slow the laser hair removal market's development rate throughout the projected period. Furthermore, the use of lasers causes severe adverse effects, which is a serious hurdle in the laser hair removal sector. Specific adverse effects with use are among the limits, which may be essential for hypersensitive skin. Redness, eye damage, skin issues and discomfort, scabs, and changes in tone are all common adverse effects. Furthermore, the high cost of aftercare or post-laser therapy and the fluctuation of laser device maintenance is stifling the growth of the laser hair removal market.
This research report on the Latin American laser hair removal market has been segmented and sub-segmented into the following categories:
By Laser Type:
During the forecast period, the Latin American region is expected to accelerate rapidly. The rapid expansion of this regional market can be ascribed to changing lifestyles, an increase in the prevalence of skin lesions, and an increase in medical tourism in the region. The laser hair removal market in Latin America is further likely to be driven by the rising demand for painless hair removal solutions. Another factor projected to promote growth in this market is the improvement of living standards and the expansion of the fashion industry.
In 2020, Latin America's share of the worldwide cosmetic lasers market was moderate. However, due to an increase in the obese population, it has continuously increased across Latin America. According to the Organization for Economic Cooperation and Development, obesity levels in Brazil and Mexico are expected to be particularly high. Therefore, the cosmetic laser market in rising Latin American countries such as Mexico, Argentina, and Brazil is predicted to rise due to increased promotional activities associated with cosmetic lasers in this region.
The Mexican laser hair removal market is likely to dominate the Latin American area over the forecast period, while the Brazilian market is expected to develop strongly.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin America laser hair removal market profiled in this report are 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.
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