Laser hair removal market is expected to foresee notable growth. Nd: YAG laser to lead the market.
- Himanshu Patni
- April 28, 2022
- HEALTHCARE, NEWS
- Laser Hair Removal Market, Laser Hair Removal Market growth, Laser Hair Removal Market share, Laser Hair Removal Market size, Laser Hair Removal Market trends
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Laser Hair Removal Market stood at around US$ XX billion in 2020 and is expected to grow at a CAGR of around XX% during the forecast period (2021-2027). Laser hair removal is the cosmetic procedure in which a beam of light is concentrated on the hair follicle. The light is absorbed by pigments of follicles and destroys the hair. The technique is gaining popularity in the market because of the precision of the laser as it targets selectively the dark and coarse hairs, leaving the surrounding skin undamaged. In addition, the quick and painless procedure also promotes the market because a beam of the laser takes a fraction of a second to treat many hairs at a time whereas the other counterparts like shaving and waxing are temporary solutions and are time-consuming and painful procedures. Furthermore, laser hair removal is also helpful in treating excessive hair growth in medical conditions like hirsutism, and hypertrichosis.
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The COVID-19 pandemic had an unprecedented influence on many countries including their socioeconomic and healthcare infrastructures. The laser hair removal market also faced a negative impact due to the government’s stringent measures like lockdown. As a result, establishments like medical spas and beauty clinics were shut down thus affecting the market for laser hair removal. Also, to mitigate the risk of infection, consumer postponed their treatment, thereby negatively affecting the market.
The laser hair removal market is experiencing growth due to the customer shift towards aesthetic beauty, rising concerns related to injuries in the traditional methods that are also not a permanent solution, and the ease in the availability of the treatment. Furthermore, increasing awareness regarding advancements in laser technology coupled with celebrities’ endorsements is also expected to boost the market growth over the forecast period. On the contrary, the cost of the treatment in less per capita income nations is a major challenge that is hurdling market growth.
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Based on the product, the laser hair removal market is segmented into Nd: YAG, diode, alexandrite, and others. Amongst these, ND: YAG laser segment dominated the market in 2020 and is expected to further lead during the forecast period owing to the longer wavelength that enables proper treatment for pigmented skin.
Based on the end-users, the laser hair removal market is fragmented into beauty clinics, hospitals, medical spas & specialty clinics, and others. The beauty clinics segment is expected to witness the highest CAGR over the forecast period. Consumers prefer beauty clinics over other settings because of their expertise in laser hair removal treatment.
For a better understanding of the market scenario of the laser hair removal industry, the market is analyzed based on its adoption in the regions such as North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. Amongst regions, APAC leads the laser hair removal market because changes in lifestyle and rising income are major reasons for market growth. Apart from this, increasing concerns related to hair fall problems as well as the introduction of more technologically enhanced products will contribute to the market growth. The Asia Pacific is followed by North America remains because of the development of new products related to laser removal technology in the future which will increase the spending of the Americans in future.
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Some of the major players operating in the market include Venn Healthcare Ltd, Venus Concept Inc., Lumenis Be Ltd., Cynosure, Cutera, Inc., Candela Corporation, Lynton lasers, Alma Lasers, Fotona d.o.o., and Lutronic Inc.
Laser Hair Removal Market Segmentation
Market Insight, by Product
- ND: YAG
Market Insight, by End-User
- Beauty Clinics
- Medical Spas & Specialty Clinics
Market Insight, by Region
- North America Laser Hair Removal Market
- United States
- Rest of North America
- Europe Laser Hair Removal Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Laser Hair Removal Market
- Rest of Asia-Pacific
- Rest of World Laser Hair Removal Market
Top Company Profiles
- Venn Healthcare Ltd.
- Venus Concept Inc.
- Lumenis Be Ltd.
- Cynosure LLC
- Cutera Inc.
- Candela Corporation
- Lynton Lasers Ltd.
- Alma Lasers GmbH
- Fotona d.o.o.
- Lutronic Inc.