The global hair removal devices market size is expected to reach USD 3.4 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 14.9% over the forecast period. Growth in beauty consciousness particularly among women has boosted the market. The male population is also following this trend due to rise in awareness about grooming. This factor is projected to further fuel the demand.
High demand for noninvasive techniques for hair removal such as the laser treatment owing 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, in turn, is also contributing to the high demand for personal noninvasive grooming techniques.
Availability of technologically advanced products has also played an important role in positively impacting the growth of the market. New laser devices emit longer wavelengths of light, enabling them to focus only on the melanin present in hair follicles. This eliminates the risk of skin burns. These factors are expected to drive growth of the hair removal devices market over the years to come.
Further Key findings from the study suggest:
- Laser devices held the largest share of the hair removal devices market in 2017 owing to benefits such as painless treatment and rapid hair reduction
- Diode lasers is a lucrative segment as these devices provide rapid hair reduction with minimum adverse effects
- IPL systems also held a high market share in 2017 as these devices are more affordable than other devices
- In 2017, beauty clinics dominated the market because a large number of women prefer rapid treatment sessions unlike dermatology clinics
- Home use segment is anticipated to exhibit impressive growth over the forecast period due to easy availability of these devices through retail and online distribution channels
- North America held the largest market share in 2017 due to well-developed healthcare infrastructure and growth in the number of hair reduction procedures in U.S.
- Asia Pacific is anticipated to witness highest growth over the forecast period owing to increasing awareness about advanced equipment and availability of affordable laser hair removal devices in China
- Some of the key market players include Cynosure Inc.; Solta Medical, Inc.; Lumenis; Alma Lasers; Syneron Medical Ltd.; Venus Concept Canada Corp.; and Cutera.