As per our research report, the global hair removal devices market is expected to be worth USD 4.87 billion by 2027 and USD 2.3 billion in 2022, rising at a CAGR of 16.2% from 2022 to 2027.
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The effect of Covid-19 on the hair removal devices market has gone through many changes from 2020-to 2021. Many customers have chosen to consider hair removal devices that are incorporated and work in a home setting due to the closure of salons and aesthetic centers. In addition, the accessibility and the wide variety of hair removal devices available on e-commerce platforms have prompted sales of these products during the pandemic. Thus, the effect of Covid-19 has been moderated on the hair removal devices market.
Over the past several years, there has been a high demand for non-invasive hair removal procedures due to their precision, long-term effect, reduced costs, and time savings. In addition, most hair removal devices can be used at home, which, in turn, also contributes to the high demand for the hair removal devices market. Other factors such as increasing consciousness about appearance, rapidly changing beauty standards among people, and availability of the latest technological hair removal devices significantly impact the demand for the market growth for hair removal devices.
Increased use of hair removal devices at home and easy availability of advanced hair removal devices through e-commerce and retail stores is anticipated to boost the growth of the hair removal devices market during the forecasted period. In addition, the growing number of dermatology clinics and beauty salons across the globe and the high demand for licensure occupations for aestheticians further stimulate the market growth.
The availability of technologically advanced products has also played an important role in the positive impact of market growth. Newer hair removal devices such as laser devices (IPL) emit longer wavelengths of light, allowing them to focus only on a smaller area of hair by damaging the hair follicle in the selected area. IPL devices as a hair removal procedure are top-rated among clients as they eliminate the risk of skin burns compared to conventional procedures. These factors are anticipated to drive the growth of the hair removal devices market in the coming years. In addition, the growth in beauty awareness, especially among the male population, is trending due to increased self-care awareness. This factor is projected to stimulate market demand further.
However, the global hair removal devices market is predicted to face many restraints and challenges during the forecast period. A few restraints include the high cost of devices, multiple treatment requirements, and lack of reimbursement for these beauty products. In addition, the application of these procedures can cause side effects that vary depending on the method and the strength of the laser. Side effects are dryness, redness, eye damage, skin disease and discomfort, scabs, hyperpigmentation, etc. will challenge the market growth.
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KEY MARKET INSIGHTS:
- Based on the product type, in 2021, the laser-based device segment dominated the market in terms of revenue. Laser hair removal devices are most common type of devices as the use the high temperature lasers or Intense Pulsed Lights (IPL), which restraints hair growth for several weeks.
- Based on the application, in 2021, the facial hair removal segment led the market and will grow with a CAGR of approximately 7.66% over the analysis period. Facial hair removal procedures are very popular among salons by cosmetologists, which has led to segmental growth.
- Based on end-users, in 2021, the beauty clinic segment dominated the global hair removal devices market and is projected to continue this trend during the forecast period. This segmental growth can be attributed to the various benefits offered by the beauty clinics and the technologies provided to the customers, such as facial hair removal, waxing, laser treatments, and others. In addition, for the past several decades, the demand for non-surgical and non-invasive hair removal procedures has grown tremendously, which has driven the growth of the hair removal devices market.
- Based on the region, in 2021, the North American region held market share of approximately 27.89% of the hair removal devices market. This regional market will grow owing to various factors such as the availability of new and innovative hair removal products, greater consumer preference for physical care, reduced pain and deeper penetration in regions of U.S and Canada.
- Key market players are taking up comprehensive strategies to improve the quality of their products while introducing new product launches, quicker product approvals, and partnerships and collaborations that help to strengthen their position in the market. In addition, companies are also focusing more on providing a personalized shopping experience to customers with offers and programs to meet the high market demand. Some of the leading market companies are Veet, Viss, CosBeauty, ULIKE, LumaRx, Gillette, Philips Lumea, Syneron Beauty Me, Tria Beauty, Elos Me, Iskin, SmoothSkin, Iluminage, Silk’n, MLAY, and SilkPro These companies tend to dominate the hair removal devices market in the forthcoming years.
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SEGMENTS ANALYZED UNDER THIS REPORT:
- Diode Laser
- Nd: YAG Laser
- Alexandrite Laser
- Intense Pulse Light
- Other Energy-based
- Facial Hair Removal
- Beauty Clinics
- Dermatology Clinics
- Home Use
- North America
- Latin America
- The Middle East and Africa
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