by The global Hair Removal Devices Market is estimated to be valued at US$ 1449.36 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hair removal devices are used for removing unwanted hairs from various body parts in both males and females in a minimally invasive manner. These devices utilize various technologies such as laser, intense pulsed light (IPL), and energy-based devices for hair removal. Laser hair removal is highly effective and long-lasting compared to other methods. Additionally, permanent hair reduction can be achieved through selective photothermolysis process with laser and intense pulsed light devices. Energy-based devices use various technologies such as ultrasonic, radiofrequency, and cryolipolysis for permanent hair removal. These devices have gained immense popularity in recent years owing to advantages such as painless hair removal, long-lasting results, and convenience of use at home.
Market key trends:
Growing preference for non-invasive and long-lasting hair removal solutions among consumers is expected to boost the demand for hair removal devices over the forecast period. Additionally, increasing disposable income and changing lifestyles have led to greater acceptance of modern aesthetic techniques for hair removal. Manufacturers are focusing on introducing novel product offerings with advanced technologies such as selective laser diodes and alexandrite laser systems for effective hair removal. Moreover, the shift towards home-use devices owing to rising self-care trend and stay-at-home directives amid pandemic is expected to present lucrative opportunities. However, high cost of laser procedures and varying efficacy based on skin type may restrain market growth.
Porter’s Analysis
Threat of new entrants: Hair removal devices market requires high initial investments and R&D costs for new product development. Established brands have strong brand loyalty which poses entry barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products like waxing, threading etc. Buyers can negotiate on price depending on brand status and product features.
Bargaining power of suppliers: Few tech companies dominate the supply of key components like lasers and other technology. This gives them power to influence prices.
Threat of new substitutes: New hair removal methods can emerge as substitutes. However, devices offer convenience and require less time commitment.
Competitive rivalry: Market sees intense competition among major players. Companies focus on product innovation, customization and strategic partnerships/acquisitions to gain market share.
Key Takeaways
The Global Hair Removal Devices Market Size is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing consumer preference for long-lasting hair removal methods. North America dominates the market currently due to robust adoption of advanced devices. However, Asia Pacific is expected to ascend at the fastest rate owing to rising disposable incomes and growing beauty consciousness in countries like China and India.
Key players operating in the hair removal devices market are Alma Lasers Ltd, Cutera Inc., Cynosure Inc., Fotona d.d, Lumenis Ltd, Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Strata Skin Sciences Inc., Syneron Medical Ltd., and Venus Concept Canada Corp. Companies are implementing strategies like product upgrades, and mergers & acquisitions to gain market share. For instance, Cynosure Inc. acquired Lutronic Corporation in 2019 to expand its product portfolio and global footprint.
Regional analysis: North America currently dominates the global market share primarily due to robust adoption of hair removal devices across dermatology and beauty clinics. However, Asia Pacific region is expected to grow at the fastest CAGR owing to improving access to these devices coupled with rising disposable incomes in countries like China and India. This is expected to fuel the demand in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
