Laser hair removal market is anticipated to grow at a CAGR of 18.5% during the forecast period. Technological advancements have led to a non-surgical and non-invasive method of hair removal which is gaining traction among consumers. The immense popularity and adoption of non-invasive treatment are attributed to their rare side effects than invasive ones, coupled with the necessary approval of products from the US FDA. The rising number of FDA-approved products owing to their safety and efficiency has attracted a huge number of customers and will provide a growth opportunity for the market. For instance, in 2020, Venus Concept Inc. announced that it has received FDA 510(k) clearance to market and sell Venus Epileve. The product is intended for the treatment of hair removal, permanent hair reduction and pseudofolliculitis barbae. Venus Epileve is a new product introduced by the company which extends its diode laser hair removal offering.
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Impact of COVID-19 Pandemic on the Global Laser Hair Removal Market
COVID 19 pandemic has affected almost every industry including the aesthetic industry. Complete disruption in manufacturing and supply chain and several trade barriers all over the world has resulted in the closing of beauty and medical clinics which negatively impacted the market growth. Moreover, owing to the pandemic fear, many people have stopped considering the need for hair removal procedures. Therefore, the COVID-19 pandemic has negatively impacted the market as the demand for laser procedures has fallen drastically. On the other side, the adoption of home-based laser hair removal devices has increased rapidly. This has led to increased sales of the product in the homecare setting.
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By Type (Alexandrite Laser Hair Removal, Diode Laser Hair Removal, Nd: YAG Laser Hair Removal, Ruby Laser Hair Removal, and Others),
By End-User (Homecare, Dermatology Clinics, and Beauty Clinics)
Segmental Outlook
The global laser hair removal market is segmented based on the type, source, and application. Based on the type, the market is segmented into alexandrite laser hair removal, diode laser hair removal, Nd:YAG laser hair removal, ruby laser hair removal, and others. Based on the end-user, the market is segmented into homecare, dermatology clinics, and beauty clinics. Among the type segment, the diode laser hair removal segment is expected to cater to a prominent market share during the forecast period, however, the Nd: YAG laser hair removal segment is expected to witness significant growth during the forecast period.
Market Players Outlook
The major companies serving the global laser hair removal market include Alma Lasers GmbH, Candela Corp., Cutera, Inc., Cynosure, LLC, and Venus Concept. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in 2020, Lumenis Ltd. announced the launch of its newest platform, the LightSheer Quattro. LightSheer Quattro is the newest addition to its premium Lumenis LightSheer line as a flagship solution in the diode laser hair removal industry. The system provides laser hair removal treatments for all skin types with either 805nm or 1060nm wavelengths and with no downtime as well as treatment of pigmented and vascular lesions.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global laser hair removal market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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