by The global Hair Removal Devices market is estimated to be valued at US$ 1200 Mn in 2021 and is expected to exhibit a CAGR of 9.9% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hair Removal Devices are designed to remove unwanted hair from various parts of the body. These devices provide a convenient and cost-effective alternative to traditional hair removal methods such as shaving, waxing, or threading. They offer several advantages, including long-lasting results, reduced hair regrowth, and minimal skin irritation. The increasing desire among individuals to enhance their personal appearance and the growing importance of grooming and beauty are driving the demand for hair removal devices. Additionally, advancements in technology have led to the development of more efficient and user-friendly devices, further propelling market growth.
Market Key Trends:
The key trend in the Hair Removal Devices market is the rising popularity of home-use devices. Increasing consumer preference for convenience and privacy has led to a growing demand for hair removal devices that can be used at home. These devices eliminate the need for salon visits, saving time and money for individuals. Moreover, the COVID-19 pandemic has further accelerated the adoption of home-use devices, as people prefer to avoid public spaces. Manufacturers are focusing on developing portable, easy-to-use, and effective home-use devices to cater to the changing consumer preferences. This trend is expected to drive significant growth in the Hair Removal Devices market during the forecast period.
Segment Analysis:
The Hair Removal Devices Market can be segmented based on product type, end user, and region.
In terms of product type, the dominating segment in the hair removal devices market is the laser-based devices segment. Laser-based devices accounted for the largest market share in 2021 and are expected to continue dominating the market during the forecast period. This dominance can be attributed to the high efficiency and effectiveness of laser-based devices in removing hair. Laser-based devices provide long-lasting results and are suitable for all skin types and hair colors. These devices also offer precision and safety, making them preferred by both professionals and consumers. Additionally, technological advancements in laser-based devices, such as the development of diode lasers and intense pulsed light (IPL) technology, have further propelled the growth of this segment.
Key Takeaways:
The global hair removal devices market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period (2023-2030). This growth can be attributed to several factors. First, the increasing focus on personal grooming and appearance enhancement is driving the demand for hair removal devices. As people become more conscious of their physical appearance, the demand for efficient and convenient hair removal solutions is growing. Additionally, the rise in disposable income, especially in emerging economies, is contributing to the growth of the market.
In terms of regional analysis, North America is the fastest-growing and dominating region in the hair removal devices market. This can be attributed to the high adoption rate of advanced technologies and the presence of key market players in the region. The increasing awareness about personal grooming and the availability of a wide range of hair removal products are also contributing to the market growth in North America.
Key players operating in the hair removal devices market include 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. These key players are focusing on product innovation, strategic collaborations, and acquisitions to strengthen their market position and gain a competitive edge. Some of them are also investing in research and development activities to introduce advanced and efficient hair removal devices to the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
