Hair Removal Devices Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Hair Removal Devices Market


The global Hair Removal Devices market size is projected to reach US$ 4.19 billion by 2026, from US$ 1.82 billion in 2020, at a CAGR of 14.9% during 2021-2026. Rise in consciousness about beauty and enhancing esthetic appeal are among the factors boosting the market. Rising consumer awareness pertaining to their beauty, physical grooming, and esthetics has led to high demand for hair removal devices. In current scenario, consumers are highly concerned about their physical appearance. With rise in disposable income, spending on personal care devices is also increasing.

According to the American Society for Aesthetic Plastic Surgery (ASAPS) statistics, around 1,035,783 hair removal procedures were performed in 2016. In addition, increasing preference for noninvasive techniques for personal grooming is projected to give a fillip to the adoption of various hair removal techniques. Potential risks associated with invasive procedures for improving esthetic appeal has led to high demand for noninvasive or nonsurgical techniques.

Increasing availability of technologically advanced products is projected to boost their efficiency, and in turn, demand in near future. For instance, consistent improvements in laser techniques have increased their efficiency and cost-effectiveness. Efforts to reduce pain and side effects associated with hair removal are on the rise. Device manufacturers focus on developing products that provide relief from hair growth for a longer period of time. For instance, introduction of dermal cooling technology in laser treatment lowers the chances of side effects. Such advancements coupled with consumer awareness is anticipated to drive the market.

Awareness about the benefits associated with technologically advanced products are motivating consumers to adopt them. However, high cost of laser devices is expected to hinder adoption of these devices, especially in developing regions. This factor impacts purchasing power of consumers, thereby, leading to sluggish growth in these regions.

Market Segmentation, Outlook & Viewpoint: Global Hair Removal Devices Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

Laser

  
Diode Laser
  
Nd: YAG Laser
  
Alexandrite Laser

Intense Pulse Light

Other Energy-based

End Use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Beauty Clinics
  
Dermatology Clinics
  
Home Use

Key Players, Recent Developments & Regional Insights: Global Hair Removal Devices Market

On the basis of products, the market is categorized into laser, intense pulse light, and other energy-based devices. The laser device segment held the largest market share in 2017 owing to rapid results of laser treatment. They are considered safe for all skin tones and hair colors and cause less amount of pain. With high technological advancements, this equipment is expected to witness significant demand throughout the forecast period. The segment is further divided into Nd: YAG, diode, and alexandrite laser systems.

The intense pulse light device segment generated significant revenue in 2017 due to growth in their demand as home-use devices. This technology is considered convenient for use at home. However, these systems produce light at multiple wavelengths that scatter within the skin. Thus, they are considered less effective than laser devices.
Other energy-based devices include light heat energy, which are effective on all skin tones. Despite the advantages associated with dual energy, these devices have low intensity compared to other hair removal technologies. Hence, this segment is expected to exhibit sluggish growth over the forecast period.

End Use Insights

On the basis of end use, beauty clinics generated maximum revenue in 2017 owing to rising consumer preference. In addition, rising visits to beauty clinics to improve their esthetic appeal can drive the growth. Moreover, growth in the number of beauty clinics in developed as well as developing countries is anticipated to propel the demand in near future.

In 2017, dermatology clinics held a significant share of the hair removal devices market due to specific expertise offered by dermatologists, which allows patients to evaluate various available treatment options. Dermatology clinics provide specialized treatments for hair removal. Rising visits to expert practitioners at dermatology clinics for initial consultation sessions before opting for a suitable hair removal process is also expected to positively influence market expansion in the forthcoming years.

The home use segment is anticipated to witness lucrative growth over the forecast period owing to the introduction of advanced home care products. In addition, rise in the number of online retail channels has also promoted their availability.

Regional Insights

North America emerged dominant in 2017 Owing to availability of technologically advanced products and high awareness regarding physical grooming. Increase in the usage of laser hair removal devices in U.S. for rapid and effective results is one of the key factors contributing to the countrys dominance.

Growth in popularity of hair removal treatments and availability of skilled dermatologists in European countries are some of the factors anticipated to foster the regional demand.

Asia Pacific is expected to exhibit significant growth over the forecast period due to increasing disposable income and demand for cost-effective hair removal devices. Rising beauty consciousness in developing countries is also anticipated to create growth opportunities in the untapped markets of APAC.

Hair Removal Devices Market Share Insights

Some of the major market players include Solta Medical, Inc.; Cynosure, Inc.; Lumenis; Venus Concept Canada Corp.; Alma Lasers; Lutronic; Cutera; Syneron Medical Ltd.; Sciton, Inc.; and Viora. These companies focus on initiatives such as mergers and acquisitions, regional expansions, and novel product developments to boost their market share and global reach. For instance, in November 2016, Cynosure received approval from the China Food and Drug Administration to market the Icon Aesthetic System in the country. In November 2017, Lutronic announced the global expansion of its business with the launch an office in Germany and an improved corporate website that provides a gateway to its surgical, vison, and esthetic business segments.

Key Insights Covered: Global Hair Removal Devices Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Hair Removal Devices industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Hair Removal Devices industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Hair Removal Devices industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Hair Removal Devices industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Hair Removal Devices industry.

Research Methodology: Global Hair Removal Devices Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other