Hair Removal Devices Market Size Is Estimated to Grow at a 8.80% CAGR By 2023
Research Reports
Dec 29, 2020
Hair Removal Devices Market Insight
Market Research Future (MRFR) presumes that the hair removal devices market can most likely procure a growth rate of 8.80% over the review period, which is between 2018 and 2023. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Hair Removal Devices Market Top Drivers and Key Barriers
Beauty consciousness has risen significantly across the world, but mostly among women. However, the male population is not far behind, as there is a sharp spike in the awareness level with regard to grooming among people. These emerging trends are bound to induce substantial market growth for hair removal devices in the forthcoming period. In addition, the growing preference for noninvasive techniques to remove hair such as the laser treatment due to benefits including time saved and high precision level could also benefit the market. Manufacturers mainly develop hair removal devices that can be easily used at home, which has led to higher demand for personal grooming devices. Therefore, the DIY trend and the increasing demand for non-invasive devices can be some of the major hair removal devices market trends in the upcoming years.
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The surge in technological advancements and the rising introduction of new and more innovative products in the market has been a key growth booster. The latest laser devices for hair removal emit wider light wavelengths, which helps them focus entirely on the melanin in the hair follicles. This aspect helps reduce the chances of skin burns, thus boosting demand for these types of innovative hair removal devices in the global market.
Over the past couple of years, the number of firms in the hair removal devices market has grown exponentially. Most of these vendors are constantly involved in strategic collaborations as well as new product launches to better their global market position. To cite a reference, in July 2020, Phillips launched its latest range of DIY grooming devices for women, which includes an advanced Facial Pen Trimmer (a hair removal device) along with various offerings that can be easily used at home.
Hair Removal Devices Market Segmentation
The main segments according to which the hair removal devices industry has been dissected in the study include product and end-user.
Product-wise, the key market segments can be intense pulse light (IPL) devices, laser devices, energy-based devices, and more. The types of laser devices in the market are Nd: YAG laser, alexandrite laser and diode laser. Since 2017, the laser devices segment has remained in the lead in the global market, on account of the increasing acceptance of these devices based on the effective outcome compared to other product types.
Home use, dermatology clinics, beauty clinics, and others are some of the key end-users in the global industry. In 2017, the beauty clinics segment had captured the biggest share in the global market, mainly because of the growing number of women opting for beauty clinics instead of dermatology clinics.
Hair Removal Devices Market Regional Outlook
Hair Removal Devices Market Growth rate has been evaluated by MRFR with respect to a few major regions, namely the Americas, Asia Pacific/APAC and MEA/the Middle East & Africa along with EU/Europe.
The American market is all set to be the worldwide leader in the hair removal devices market, as a huge number of people prefer non-invasive hair removing techniques instead of manual trimming, razors and waxing that are painful and also cause skin irritation and abrasions. Most of the new devices introduced in the American market are compact, which helps bring down the footprint in dermatologist and beauty facilities. Other than this, the expanding population of metrosexual men, especially in the United States has boosted the demand for hair removal devices in the region. To add on to that, men involved in various sport activities such as wrestling, body building, swimming, athletics and cycling also prefer these kinds of treatments, which could be a major growth enhancer in the regional market.
The hair removal devices market in APAC is quite profitable, given the heightened demand for and applications of IPL or intense pulsed light devices. These devices are observing high demand across India and China in view of their high efficiency and precision levels while removing hair. The mounting disposable income of people on the region and their growing interest in grooming also adds to the market traction. In many ways, social media has also thrown light on the grooming aspect, which many are keenly following in order to remain trendy and more suave. It is safe to assume that the mounting popularity of social media has been favorable for the hair removal devices market in the region.
Hair Removal Devices Market Top Firms
Top market firms studied in the report are Lynton Lasers Ltd, Lumenis Ltd, Syneron Medical Ltd., Venus Concept Canada Corp, Cynosure Inc., Alma Lasers, Ltd., Sciton Inc., Cutera Inc., Solta Medical Inc, Lutronic Corporation, Strata Skin Sciences, Inc., to mention a few.
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