Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Global laser hair removal market size was valued at USD 904.4 million in 2022. The industry is expected to expand from USD 3,247.1 million by 2030, exhibiting a CAGR of 17.5%. Laser hair removal devices helps in the delay or prevent further hair growth, High Absorption Capability of Nd: YAG Impelled the Segment Growth.
The expansion can be credited to the growing number of non-invasive treatment alternatives. The necessary product approvals from the U.S. FDA, along with the rare side effects of non-invasive treatment than invasive methods, have made them popular.
Fortune Business Insights™ provides this information in its research report titled “Laser Hair Removal Market, 2023-2030”.
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Key Industry Development:
April 2021: GUNZE LIMITED announced the launch of MeDioStar Monolith, a long-term hair reduction diode laser in Japan. This launch helped the company achieve higher operability and safety.
Key Takeaways :
- Stringent Regulations amid the COVID-19 Pandemic Negatively Affected the Market Growth
- Growing Emphasis on Developing Combination Devices to Impel Market Growth
- Increasing Number of Non-invasive Treatment Options to Fuel the Market Growth
- Technological Advancements in the Products to Propel the Market Growth
- High Cost Related to the Solution May Hamper the Market Growth
List of Key Players Mentioned in the Report:
- Cutera (U.S)
- Venus Concept (Canada)
- CYNOSURE (U.S.)
- Fotona (U.S.)
- Lumenis Ltd. (Israel)
- Alma Lasers (Israel)
- Sciton, Inc. (California, U.S.)
- Lynton Lasers Ltd (U.K.)
- Venn Healthcare (U.K.)
- CANDELA CORPORATION (U.S.)
COVID-19 Impact:
Tightening Regulations during the Pandemic Hampered the Market Growth
The pandemic witnessed a reduction in the number of visits to beauty clinics due to lockdowns across the globe. This factor ultimately impacted the aesthetic industry as well. In addition, the demand for laser hair removal services decreased due to the postponement of several non-essential procedures globally. These factors had a negative impact on the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.1% |
| 2030 Value Projection | USD 3247.1 Million |
| Base Year | 2022 |
| Laser Hair Removal Market Size in 2022 | USD 904.4 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | By Product, By End User |
Drivers and Restraints:
Developments in the Technologies of Laser Hair Removal to Proliferate the Market Growth
The laser hair removal market growth is driven by innovations in the technologies of laser hair removal. The advancements in hair removal technologies, from initial lasers to intense pulsed light (IPL), have been witnessed over the years.
Despite an expanding scope for the adoption of the solution, the steep cost related to the solution may impede the market growth.
Segmentation:
High Absorption Capability of Nd: YAG Impelled the Segment Growth
On the basis of product, the market is segmented into diode, alexandrite, Nd: YAG, and others. The Nd: YAG segment accounted for the largest laser hair removal market share in 2022. Nd: YAG exhibits greater absorption capability in the optical window owing to its longer wavelength (1064nm). This factor is propelling the segment growth.
Rising Number of Laser Hair Removal Procedures in Medical Spas & Specialty Clinics Fuelled Segment Growth
By end user, the market is classified into medical spas & specialty clinics, hospitals, and others. The medical spas & specialty segment dominated the market in 2022. The number of laser hair removal treatments in specialty clinics and medical spas is increasing. This factor is bolstering the segment growth.
From the regional perspective, the market is segmented into the Asia Pacific, the Middle East & Africa, Latin America, Europe, and North America.
Report Coverage:
The report provides vital insights into the driving and restraining factors impacting the market growth. It also offers comprehensive coverage of the key segments, the latest trends, and the COVID-19 impact on the market growth. Additional aspects of the report include the major strategic initiatives undertaken by leading companies to achieve a competitive advantage.
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Regional Insights:
Asia Pacific to Dominate Owing to Surging Uptake of Hair Removal Treatment
The Asia Pacific market had the largest market share in 2022. The regional growth can be ascribed to the rising uptake of hair removal treatment by the population. The region is expected to fastest growing during the forecast period.
Europe market is anticipated to witness considerable growth during the forecast period owing to the supportive reimbursement policies.
Competitive Landscape:
Notable Companies Emphasize Product Innovations to Sustain Their Industry Leadership
The prominent market players are focusing on the deployment of different competitive strategies such as mergers and acquisitions, joint ventures, and others. Several companies are also investing substantial amounts into research and development to develop innovative products.
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Table Of Contents :
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- New Product Launch, By Key Players
- Snapshot of Regulatory Scenario, By Key Countries/Regions
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on the Market
- Global Laser Hair Removal Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Diode
- Alexandrite
- Nd: YAG
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Medical Spas & Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product
- North America Laser Hair Removal Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Diode
- Alexandrite
- Nd: YAG
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Medical Spas & Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Product
- Canada
- By Product
- U.S.
- Market Analysis, Insights and Forecast – By Product
- Europe Laser Hair Removal Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product
- Diode
- Alexandrite
- Nd: YAG
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Medical Spas & Specialty Clinics
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-region
- U.K.
- By Product
- Germany
- By Product
- France
- By Product
- Spain
- By Product
- Italy
- By Product
- Scandinavia
- By Product
- Rest of Europe
- By Product
- U.K.
- Market Analysis, Insights and Forecast – By Product
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FAQs :
How big is the Laser Hair Removal Market ?
- The global laser hair removal market size was valued at USD 904.4 million in 2022. The industry is expected to expand from USD 1,047.3 million in 2023 to USD 3,247.1 million by 2030, exhibiting a CAGR of 17.5% over the study period
Which is the key factor driving the Laser Hair Removal Market growth?
- The increasing number of non-invasive laser treatment options is expected to drive the market growth during the forecast period.
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