The hair removal devices market involves the manufacturing and distribution of various types of hair removal products such as IPL devices, laser systems, and other options that help eliminate unwanted hair from different parts of the body. These devices use techniques such as intense pulsed light (IPL), laser treatments, and others to effectively destroy hair follicles and reduce hair regrowth over time. IPL hair removal products are considered more affordable and safer options compared to laser treatments. They deliver pulses of light to target follicles and disrupt the hair growth cycle. On the other hand, laser treatments use specific laser wavelengths to break up melanin in the hair follicle, eliminating the root cause of hair growth.
The Global hair removal devices market is estimated to be valued at US$ 1200 Mn in 2021 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the hair removal devices market are Alma Lasers Ltd, Cutera Inc., Cynosure Inc., Fotona d.d, Lumenis Ltd, Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Strata Skin Sciences Inc., Syneron Medical Ltd., and Venus Concept Canada Corp.
Hair Removal Devices Market Growth has been increasing over the years due to the rising preference for non-invasive and long-lasting hair removal treatments among consumers. Factors such as the growing emphasis on physical appearance and aesthetic looks are driving more people to opt for permanent hair reduction.
Technological advancements are also fueling the hair removal devices market. Manufacturers are focusing on developing innovative products with improved features such as variable pulse durations, effective cooling systems, integrated skin sensors, and wireless capabilities. Advanced devices allow customized hair removal services for different skin types and hair colors.
Market Trends
1) Increased Adoption of At-Home Devices - The demand for affordable, safe, and convenient at-home IPL and laser hair removal devices is growing significantly. Major players are launching more portable and easy-to-use home-use equipment.
2) Combination Devices - Hair Removal Devices Market Size and Trends are developing multi-purpose devices that offer both hair removal and skin treatment benefits like photo rejuvenation in a single system. These combination machines are gaining traction in the market.
Market Opportunities
1) Emerging Markets - Several emerging countries are still in the nascent stage of hair removal device adoption, offering huge growth potential for market players. Increased awareness programs can drive further market expansion.
2) Male Consumers - While the market has traditionally focused on female users, there is a rising demand from male clients as well for body hair reduction. Tailored products and marketing strategies should be developed to target this consumer base.
Impact of COVID-19 on Hair Removal Devices Market
The COVID-19 pandemic has significantly impacted the growth of the hair removal devices market. During the lockdown phases imposed globally, salons and beauty parlors were shut down to curb the spread of the virus. This restricted the availability of laser hair removal services provided at these centers. With rising health concerns, consumers avoided visiting such places for hair removal procedures in the initial months of the pandemic. As a result, the demand from the professional sector witnessed a steep decline in 2020.
However, as restrictions eased in late 2020 and 2021, professional services started resuming gradually. Also, to meet the growing need of consumers, manufacturers started focusing on developing advanced at-home hair removal devices. This helped drive the demand from the consumer/retail sector and supported market recovery. Various companies launched new marketing campaigns and offered promotional discounts during this period to attract customers. With rising awareness about hydraulic hair removal procedures, the adoption of advanced devices is expected to increase in the coming years. Manufacturers are anticipated to launch more affordable and user-friendly solutions to further boost the market in the post-COVID period.
Regional Concentration
In terms of value, North America currently leads the hair removal devices market and is expected to remain the most significant revenue generator during the forecast period. The Asia Pacific region is projected to witness the fastest growth due to the large consumer base, rising disposable income, growing focus of key players, and increasing awareness about advanced hair removal procedures in countries such as China and India.
Fastest Growing Region
The Asia Pacific region holds immense growth potential for the hair removal devices market and is anticipated to be the fastest growing regional market between 2024 to 2031. Factors such as the increasing middle-class population, rising beauty consciousness, growing number of laser hair removal clinics and spas, and improving healthcare infrastructure are driving the demand in the region. Also, several international brands are entering emerging Asian countries and developing affordable devices, which is increasing product accessibility in the region. This will continue supporting market expansion at a rapid pace in Asia Pacific.
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