Major players covered by the Laser Hair Removal market research report are CANDELA CORPORATION (Massachusetts US), Lynton Lasers Ltd (UK), Alma Lasers (Israel), Fotona (Texas US), Venus Concept (Toronto Canada) ), Venn Healthcare (UK)), Sciton Inc. (California, USA), Lumenis Ltd. (Israel), Cynosure (Massachusetts United States), Cutera (California, United States)
Pune, India, November 25, 2021 (GLOBE NEWSWIRE) – The world laser hair removal market The size is expected to grow exponentially reaching $ 1,619.7 million by 2028 while posting a stellar 16.7% CAGR between 2021 and 2028. This information is published by Fortune Business Insights in its report titled “Market of laser hair removal, 2021-2028 â. The report further mentions that the market was worth $ 483.0 million in 2020. Laser hair removal treatments are gaining ground due to their high effectiveness in preventing hair growth. Several companies are focused on developing a portfolio of advanced hair removal products based on laser technology.
For example, Ellipse adopts selective waveband technology and laser in its Nordlys hair removal machine. The machine performs several hair removal procedures with optimum efficiency. Thus, the growing development of innovative hair technologies is expected to drive demand for the product in the coming years.
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Impact of COVID-19: Market posted 12.4% drop in growth rate in 2020
The closure of stores and the postponement of skin care appointments have disrupted the economic functioning of the market. This has led the market to post a negative growth rate of 12.4% in 2020. However, the gradual start of stores while respecting social distancing standards is expected to foster market growth in the years to come.
Based on product, the market is categorized into Nd: YAG, diode, alexandrite, and others.
On the basis of the product, the Nd: YAG segment held a global laser hair removal market share of approximately 32.4% in 2020 and is expected to experience considerable growth in the coming years. This is due to several advantages of these products, such as a longer wavelength which allows an optimal treatment solution for pigmented skin.
Based on the end user, the market is segmented into hospitals, medical spas and specialty clinics, and others. Finally, on the basis of region, the market is divided into Asia-Pacific, North America, Europe, Latin America, Middle East, and Africa.
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Growing demand for non-invasive treatment solutions to increase growth
Non-invasive treatment solutions have gained popularity due to their fewer side effects than invasive procedures. This has led to the development of new solutions by companies, which has led to increasing approvals by the United States Food and Drug Administration. For example, in June 2020, Venus Concept Inc. obtained FDA clearance for its Venus Epileve, an advanced laser hair reduction solution. Moreover, the massive technological advancements of the product are expected to contribute to the growth of the global laser hair removal market in the coming years.
Asia-Pacific will remain dominant; Increase in disposable income to promote growth
Among all regions, Asia-Pacific is expected to remain at the forefront and occupy the highest position in the market in the coming years. This is due to the increase in the disposable income of the working population in countries like India and China resulting in high spending on personal care in the region. Asia-Pacific was worth USD 184.8 million in 2020.
On the other hand, North America is expected to occupy the second position in the market due to the significant development of laser hair removal products and the increasing purchasing capacity of Americans between 2021 and 2028.
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May 2020 – Lira Style introduced a new aesthetics platform, Cervello. The company reports that the new platform is essentially a device that enables clinically proven laser hair removal procedures.
List of profiled companies in the global market:
Venn Healthcare (UK)
Sciton, Inc. (California, United States)
Lumenis Ltd. (Israel)
Cynosure (Massachusetts, United States)
Cutera (California, United States)
CORPORATION CANDELA (Massachusetts, United States)
Lynton Lasers Ltd (United Kingdom)
Alma lasers (Israel)
Fotona (Texas, United States)
Concept Venus (Toronto, Canada)
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