Number of pages: 100 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2021 | Base Year – | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the laser hair removal market was valued at US$ 645.8 million in 2022 and is expected to register a revenue CAGR of 20.4% to reach US$ 3,433 million by 2031.
Laser Hair Removal Market Fundamentals
Laser hair removal is a process of hair removal by exposure to pulses of laser light that destroy the hair follicle and remove unwanted hair. A laser emits light during laser hair removal, absorbed by the melanin pigment in the hair. The light energy is transformed into heat, destroying hair-producing follicles in the skin. This damage inhibits or delays future hair growth. The armpits, legs, chin, bikini line, and upper lip are some of the common treatment locations of the body. In addition, all areas, excluding the eyelid or vicinity, can be treated for undesirable hair. Some newer laser hair removal technologies offer a more pain-free experience, using cooling or suction to reduce discomfort during the procedure. This can help make the treatment more appealing to consumers concerned about pain or discomfort. Laser hair removal technology advances, with newer devices offering improved results, faster treatment times, and greater safety. This can help increase the effectiveness and appeal of the treatment.
Laser Hair Removal Market Dynamics
The global laser hair removal market has been growing steadily in recent years and is expected to continue to grow in the coming years. There has been a significant increase in demand for cosmetic and aesthetic treatments in recent years, driven in part by the rise of social media and the desire for a more youthful and attractive appearance. Laser hair removal is a popular treatment option for both men and women who want to remove unwanted hair and improve their appearance. Laser hair removal technology has advanced significantly in recent years, leading to faster, more effective treatments with fewer side effects. Newer laser hair removal systems can target a wider range of skin types and hair colors, making the treatment more accessible to a broader range of patients. A growing number of FDA-approved products are influencing market growth. The FDA has approved items like Veet Infini'Silk Pro, Remington IPL6000 I-Light Pro, and Silk'n Flash&Go because they are reliable, safe, and comfortable for consumers to use home.
Moreover, both men and women use these products. As laser hair removal has become more widely available and affordable, there has been an increase in awareness and acceptance of the treatment among consumers. According to a report by the American Society of Plastic Surgeons, laser hair removal was the third most popular non-surgical cosmetic treatment in the United States in 2020, with over 1.3 million procedures performed. The report also notes that laser hair removal's popularity has steadily increased over the past decade. This has led to greater demand for treatment and increased revenue for providers. With rising disposable income in many regions, consumers are increasingly willing to spend money on cosmetic treatments such as laser hair removal. This has helped to fuel the growth of the laser hair removal market, particularly in emerging economies where disposable income is on the rise. Laser hair removal is a convenient treatment option that can save patients time and money over the long term by eliminating the need for regular hair removal methods such as shaving, waxing, or threading. This convenience factor has helped to make laser hair removal a popular choice among busy consumers. Overall, these growth drivers are expected to continue to support the growth of the global laser hair removal market in the coming years.
However, the high cost associated with laser hair removal treatments is likely to result in sluggish revenue growth in the market during the forecast period.
Laser Hair Removal Market Ecosystem
The global laser hair removal market is analyzed from the following perspectives: product, end user, and region.
Laser hair removal Market by Product
Based on the product, the laser hair removal market is segmented into the diode, Nd: YAG, alexandrite, and others (ruby and IPL).
The diode segment will record a revenue CAGR during the forecast period. It may be used for everything from fair to medium-dark skin removal. It radiates deeply into the hair follicles at both shorter and longer wavelengths. Men seeking therapy to remove chest or back hair most frequently use this hair removal laser. The danger of skin injury is also reduced with this treatment option. The increasing demand for cosmetic procedures, rising disposable income, and advancements in laser technologies are other factors driving the growth of the market.
Laser hair removal Market by End User
Based on the end user, the laser hair removal market is segmented into hospitals, dermatology clinics, and others (medical spas).
The hospital segment accounts for the largest revenue share in the global laser hair removal market and is expected to continue this trend throughout the forecast period. This is due to increased laser hair removal operations performed in hospitals and a growth in the number of laser hair removal professionals. However, due to an increase in dermatology and laser clinics and increased public awareness of laser hair removal treatment, the clinic segment is anticipated to develop significantly throughout the projection period.
Laser hair removal Market by Region
Geographically, the global laser hair removal market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global laser hair removal market. The United States is one of the largest markets for the treatment. In 2020, laser hair removal was the third most popular non-surgical cosmetic treatment in the United States, with over 1.3 million procedures performed. Many factors contribute to the growth of the laser hair removal market in North America. One key factor is the high disposable income of many consumers in the region, which makes the treatment more accessible and affordable. In addition, North America has a strong cultural emphasis on appearance and beauty, which has driven demand for cosmetic treatments such as laser hair removal. Technological advancements in laser hair removal devices have also contributed to the market growth in North America. Newer devices can deliver more precise and effective treatments with fewer side effects and a lower risk of complications. This has increased the popularity of the treatment among both men and women. Overall, the laser hair removal market is expected to grow in North America in the coming years, driven by rising disposable income, increasing demand for cosmetic treatments, and ongoing technological advancements.
The laser hair removal market in Asia Pacific is rapidly growing, driven by increasing disposable income, rising awareness of cosmetic treatments, and a growing emphasis on personal grooming. In countries such as China and India, where economic growth has been strong in recent years, there is a growing middle class with increasing disposable income. These consumers are more willing and able to spend money on cosmetic treatments, such as laser hair removal, to enhance their appearance and boost their confidence. In addition, the increasing availability of advanced laser hair removal technology in the region has helped to drive demand for the treatment. Many providers are investing in newer, more effective devices that can deliver better results with fewer side effects, making the treatment more attractive to consumers. Cultural factors also drive demand for laser hair removal in the Asia Pacific. Body hair is considered undesirable or taboo in some cultures, leading to a strong demand for hair removal treatments. This, coupled with the increasing availability of cosmetic treatments, has contributed to the growth of the laser hair removal market in the region. Overall, the laser hair removal market in the Asia Pacific is expected to continue to grow in the coming years, driven by factors such as rising disposable income, increasing awareness of cosmetic treatments, and ongoing technological advancements.
The laser hair removal market in Latin America is growing steadily, driven by increasing disposable income, awareness of cosmetic treatments, and demand for personal grooming. In countries such as Brazil and Mexico, where the economy has grown in recent years, there is a growing middle class with more disposable income. These consumers are more willing and able to spend money on cosmetic treatments, such as laser hair removal, to enhance their appearance and boost their confidence.
Laser hair removal Market Competitive Landscape
The prominent players operating in the global laser hair removal treatment market are: -
Laser hair removal Market Strategic Developments
Laser hair removal is a cosmetic procedure that uses a laser to remove unwanted hair. The laser emits a beam of light absorbed by the pigment in the hair follicles, damaging the follicle and inhibiting future hair growth.
The global restriction endonucleases products market during the forecast period is expected to grow at a revenue CAGR of 20.4%.
Solta Medical, Lutronic, Cutera, Alma Lasers, and Candela Medical are the major players in the laser hair removal treatment market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global laser hair removal market.
Laser hair removal can be expensive, especially compared to other hair removal methods like shaving or waxing. This high cost can limit demand, particularly in markets with lower disposable income. While rare, laser hair removal can cause side effects such as skin irritation, redness, and blistering. These side effects can limit demand for the treatment, especially if consumers are concerned about the risks involved.
*Insights on financial performance are subject to the availability of information in the public domain