According to our research report, the global hair removal devices market is expected to be worth $4.87 billion by 2027 and $2.3 billion in 2022, growing 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 undergone many changes from 2020 to 2021. Many customers have opted to consider hair removal devices that are incorporated and work from home due to the shutdown beauty salons and centers. . Additionally, the accessibility and wide variety of hair removal devices available on e-commerce platforms has spurred sales of these products during the pandemic. Thus, the effect of Covid-19 was moderate on the hair removal device market.
In recent years, there has been a high demand for non-invasive hair removal procedures due to their precision, long-lasting effect, lower cost and time saving. Moreover, most of the hair removal devices can be used at home, which, in turn, also contributes to the high demand in the hair removal device market. Other factors such as growing awareness of appearance, rapidly changing standards of beauty among people, and availability of latest technological hair removal devices are significantly impacting the growth demand of the devices market of hair removal.
Increased usage of home hair removal devices and easy availability of advanced hair removal devices through e-commerce and retail stores is expected to drive the hair removal devices market growth during the period forecast. Additionally, the increasing number of dermatology clinics and beauty salons across the globe and the high demand for licensed occupations for beauticians are further driving the growth of the market.
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 (IPL) devices 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 highly rated among customers as they eliminate the risk of skin burns compared to conventional procedures. These factors are expected to drive the growth of the hair removal devices market in the coming years. Moreover, the growth of beauty awareness, especially among the male population, is developing due to increased awareness of self-care. This factor is expected to further boost the market demand.
However, the global hair removal devices market is expected to face numerous restraints and challenges during the forecast period. Among the constraints are the high cost of the devices, the multiple treatment requirements and the lack of reimbursement for these beauty products. In addition, the application of these procedures can lead to side effects that vary depending on the method and the power of the laser. Side effects are dryness, redness, eye damage, skin disease and discomfort, scabs, hyperpigmentation, etc. will challenge market growth.
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KEY MARKET OVERVIEW:
- On the basis of product type, in 2021, the laser-based devices segment was dominating the market in terms of revenue. Laser hair removal devices are the most common devices, as they use high temperature lasers or Intense Pulsed Lights (IPL), which restrict hair growth for several weeks.
- Based on application, in 2021, facial hair removal segment led the market and will grow with a CAGR of around 7.66% over the analysis period. Facial hair removal procedures are very popular in salons by cosmetologists, which has resulted in segmental growth.
- Based on end users, in 2021, the beauty clinic segment dominated the global hair removal devices market and is expected to continue this trend during the forecast period. This segmental growth can be attributed to the various benefits offered by beauty clinics and technologies offered to customers, such as facial hair removal, waxing, laser treatments and others. Additionally, over the past few decades, the demand for non-surgical and non-invasive hair removal procedures has increased significantly, which has driven the growth of the hair removal devices market.
- According to the region, in 2021, the North American region held a market share of approximately 27.89% of the hair removal devices market. This regional market is set to grow due to various factors such as availability of new and innovative hair removal products, greater consumer preference for physical care, reduction in pain, and deeper penetration in parts of the United States. States and Canada.
- The major players in the market are adopting comprehensive strategies to improve their product quality while introducing new product launches, faster product approvals, and partnerships and collaborations that help strengthen their position in the market. Additionally, companies are also focusing more on providing a personalized shopping experience to customers with offers and programs to meet the strong market demand. Some of the leading companies in the market 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 device market in the coming years.
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SEGMENTS ANALYZED FOR THIS REPORT:
- diode laser
- Nd: YAG laser
- Alexandrite laser
- Intense pulsed light
- Other energy-based
- Facial hair removal
Per end user:
- Beauty Clinics
- Dermatology clinics
- home use
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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