According to Future Market Insights (FMI), the global laser hair removal devices market value is expected to reach US$ 3.3 billion in 2023. Over the forecast period, global sales of laser hair removal devices are likely to rise at 13.0% CAGR. By 2033, total market value is anticipated to reach US$ 11.2 billion.
In 2022, the worldwide laser hair removal devices industry valuation totalled US$ 2.9 billion. Looking forward, the same market is projected to generate an absolute $ growth of US$ 7.9 billion during the assessment period.
Sales of lasers are likely to outpace those of other laser hair removal products during the projection period. This is due to their effectiveness, low maintenance costs, and fewer side effects.
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As per the latest analysis, demand for lasers is predicted to rise at 12.8% CAGR through 2033, in comparison to the 14.7% CAGR recorded during the historical period from 2018 to 2022.
Laser hair removal devices have become ideal solutions for removing unwanted and excessive hair. This is due to their safety, efficacy, and minimally invasive nature.
Growing focus on improving physical aesthetics and rising preference for laser hair removal procedures across the globe is driving the global laser air removal devices industry forward.
Today, people are spending huge amounts on different cosmetic procedures to improve their physical appearance. Cosmetic procedures such as laser hair removal remain especially popular among women.
For instance, as per the American Society of Plastic Surgeons (ASPS), among 757,808 laser hair removal procedures recorded in 2020, women segment contributed 635618 (or 84%). This rise in the adoption of laser hair removal procedures is expected to act as a catalyst triggering market growth.
The increasing incidence of polycystic ovary syndrome (PCOS) and hirsutism along with escalating demand for long-term hair removal solutions is another key factor expected to boost the market.
Expansion of the aesthetics sector, technological advancements in lasers, and shifting preference towards non-invasive procedures are other factors stimulating market growth.
Key Takeaways from the Laser Hair Removal Devices Market Report:
The global laser hair removal devices industry is projected to attain a valuation of US$ 3.3 billion by 2033.
Based on product type, the laser segment is forecast to expand at 12.8% CAGR during the forecast period.
By end use, beauty clinics segment is projected to thrive at a CAGR of 12.7% through 2033.
The United States market is anticipated to cross a valuation of US$ 1.9 billion by the end of 2033.
Laser hair removal device demand in Japan is likely to rise at 12.9% CAGR during the forecast period.
China’s laser hair removal devices market size is anticipated to reach US$ 2.2 billion by 2033.
South Korea market is forecast to progress at 12.4% CAGR over the projection period
The United Kingdom laser hair removal devices industry is set to expand at 12.7% CAGR through 2033.
“Growing interest in personal grooming and wider accessibility to a wide range of cosmetic treatments are expected to swiftly drive the global laser hair removal devices industry through 2033. To gain maximum profits, key players are focusing on introducing new hair removal solutions with user-friendly features. opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
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Who is Winning?
Alma Lasers Ltd, Cutera, Inc., Cynosure Inc., LUMENIS, Lutronic, Sciton Inc., Solta Medical Inc., Syneron Medical Ltd., Venus Concept Canada Corp, and Viora among others are a few of the leading laser hair removal device manufacturers profiled in the report.
These key players are employing several strategies ranging from new product launches, mergers, and acquisitions to partnerships and collaborations to gain a competitive edge in the market. For instance,
Recent developments:
In February 2019, Alma Lasers introduced a new hair removal device called Soprano Titanium.
Restraints
While the future appears promising for the laser hair removal devices market, it is not without its challenges. Regulatory hurdles and safety concerns may pose obstacles to market expansion. Manufacturers need to navigate these hurdles diligently to ensure the continued growth of the industry.
Region-wise Insights and Category-wise Insights
An in-depth analysis of regional and category-wise trends is crucial for stakeholders looking to make informed decisions in the laser hair removal device market. Understanding the unique demands and preferences of different regions and customer segments will be key to unlocking growth opportunities.
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Global Laser Hair Removal Devices Market Segmentation
By Product Type:
Laser
Intense Pulse Light
Others
By End Use:
Beauty Clinics
Dermatology Clinics
Home Use
By Region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia and Pacific
Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector across verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.