The global hair removal devices market is expected to reach USD 3.4 billion by 2025, according to this new report by Grand View Research.
The report is called "Hair Removal Devices Market Size, Share & Trends Analysis Report By Product (Laser, Intense Pulse Light), By End Use (Beauty, Dermatology Clinics, Home Use), By Region, And Segment Forecasts, 2018 - 2025." The market is anticipated to expand at a CAGR of 14.9% over the forecast period.
Fueling growth is a growing "beauty consciousness," particularly among women, analysts say. Men are also following this trend, due to a rise in awareness about grooming.
There is a high demand for noninvasive techniques for hair removal, including at-home laser treatments, the report states, such as Tria, shown above.
The availability of technologically advanced products has also played an important role in positively impacting market growth. 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 the growth of the hair removal devices market over the years to come.
Here are a few highlights outlined in the report:
- 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 the 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 the U.S.
- Asia Pacific is anticipated to witness the 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.