November 07, 2022 10:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
LOS ANGELES, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The Global Hair Removal Device Market Size accounted for USD 1,198.6 Million in 2021 and is projected to achieve a market size of USD 2,839.9 Million by 2030 rising at a CAGR of 10.1% from 2022 to 2030.
Hair Removal Device Market Statistics
Hair Removal Device Market Growth Factors
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Hair Removal Device Market Report Coverage:
Hair Removal Device Market Dynamics
There is a high demand for non-invasive hair removal methods such as laser treatment due to its benefits such as precision and saving time and money in the long run. Most hair removal devices can be used at home, which contributes to the high demand for personal non-invasive grooming techniques.
The availability of technologically advanced products has also had a positive impact on the advancement of the hair removal devices market. Extremely long wavelengths of light are emitted by new laser devices, allowing them to focus solely on the melanin found in hair follicles. This eliminates the possibility of skin burns. All of these factors are expected to drive the growth of the hair removal devices market over the forecasted period.
The increasing availability of technologically advanced products is expected to increase their effectiveness and, as a result, demand in the near future. Consistent advancements in laser methods, for example, have increased their effectiveness and cost-effectiveness. The number of side effects and efforts to decrease pain associated with hair removal is growing. The emphasis of device manufacturers on emerging products that provide relief from hair growth for a longer period of time. For example, the use of dermal cooling technology in laser treatment reduces the likelihood of side effects. Such advancements, combined with consumer awareness, are expected to drive the hair removal device market.
Consumers are becoming more aware of the benefits of technologically advanced products, which is inspiring them to accept them. However, the high cost of laser devices is expected to stymie acceptance of these devices, especially in emerging markets. This factor has an impact on consumer purchasing power, leading to slow growth in these regions.
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Hair Removal Device Market Segmentation
The global hair removal device market is segmented into product, end-user, and region. On the basis of product the global hair removal device market is segmented into laser, intense pulse light and other energy-based. The laser sub segment is further bifurcated into diode laser, ND: YAG laser and alexandrite laser. On the basis of end-user, the global hair removal device market is segmented into beauty clinics, dermatology clinics, and home use. On the basis of region the global hair removal device market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
Hair Removal Device Market Share
Based on the end user, beauty clinics capture the maximum share in 2021 due to increasing consumer inclination. Also, increasing visits to beauty clinics to expand their aesthetic appeal can boost the development. Furthermore, development in the numeral of beauty clinics in emerged as well as emerging nations is expected to push the need in near future.
Hair Removal Device Market Regional Growth
North America will be the dominant region in 2021 due to the availability of technologically advanced products and a high level of physical grooming consciousness. The increased use of laser hair removal devices in the United States for quick and effective results is one of the key factors contributing to the country's dominance. The growing popularity of hair removal treatments, as well as the availability of skilled dermatologists in European countries, is expected to drive regional demand. APAC is expected to grow significantly over the forecast period due to rising disposable income and a demand for low-cost hair removal devices. Increasing beauty awareness in emerging markets is also expected to lead to development opportunities in APAC's underserved markets.
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Hair Removal Device Market Players
To increase their revenue share, market companies are focusing on implementing new strategies such as regional expansion, new product launches, partnerships, mergers and acquisitions, and distribution agreements. Increasing R&D investments, combined with technological advancements to commercialize highly efficient products, are also expected to provide significant growth opportunities for industry participants. Sciton, Inc., Solta Medical, Inc., Cynosure, Inc., Syneron Medical Ltd., Lumenis, Alma Lasers, Venus Concept Canada Corp., Viora, Lutronic, and Cutera are some of the major companies in the hair removal device market. Partnerships, new product launches, and acquisitions are examples of significant strategic projects taken by global businesses.
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