Laser Hair Removal Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (ND: YAG, Diode, Alexandrite, and Others); End-User (Hazardous and Non-hazardous); Application (Hospitals, Beauty Clinics, Medical Spas and Specialty Clinics, and Others); and Region/Country
The laser hair removal market is predicted to grow at a CAGR of ~18% between 2021 and 2027. A shift toward maintaining optimal aesthetic beauty is one of the major drivers for the growth of laser hair removal. Moreover, technological advancements also contribute to the significant growth of the market. However, the cost of the treatment is a major concern related to hair removal treatments. Furthermore, due to covid 19 pandemic, the market witnessed a huge decline in 2020.
Owing to the advancement in the industry, non-invasive procedure is gaining popularity due to the minimal side effects over invasive ones. For instance: in June 2020, Venus Concept Inc. received clearance from Food & Drugs Administration (FDA) for its Venus Epileve. The new laser solution is intended for the treatment of hair removal, permanent hair reduction, and pseudofolliculitis barbae.
Insights Presented in the Report
“Amongst Product Type, Nd: YAG, laser segment dominated the market in 2020
Based on the products, the laser hair removal market is classified into Nd: YAG, diode, alexandrite, and others. In 2020, ND: YAG type expected to dominate the global market. ND: YAG is the most advanced and latest technology. It uses Neodymium-doped yttrium aluminum garnet crystal-based technology where this crystal is used to generate a laser beam that is directed toward the hair follicle in which carbon pigment absorbs the beam and removes the hair from the roots. Apart from this, being the latest technology, it also overcomes the disadvantages of other methods such as a diode and alexandrite targets melanin which is not a good light absorber in comparison with a carbon pigment. As a result, it leaves some dark spots at the end of the skin.
“Amongst End User, the beauty clinics segment is likely to capture significant market share during the foreseeable future
Based on the end-users, the laser hair removal market is classified into beauty clinics, hospitals, medical spas & specialty clinics, and others. It is predicted that the beauty clinics segment to have the largest share in the market during the forecast period. Consumers prefer beauty clinics over other settings because of their expertise in the field of laser hair removal treatment. In addition, the risk associated with healthcare-associated infections (HAI) are increasing in hospitals coupled with the large number of COVID-19 related cases. Thereby, to mitigate the risk of infection, patients are likely to shift towards beauty clinics
“Asia-Pacific holds the lion’s share in the laser hair removal market”
On basis of the region, the market is divided into North America, Asia Pacific, Europe, and RoW. Among all the regions, APAC is considered a potential market in the future due to rising awareness related to aesthetic beauty and the social influence of different celebrities promoting the growth of hair removal treatment. Furthermore, the demography of the region coupled with the world’s leading economies such as China and India greatly contribute to the growth of the laser market because better per-capita income allows people to spend more on healthcare and aesthetic beauty. By analyzing trends of previous years, it is expected that this region to have domination in the market in the foreseeable period. China and India are seen as potential markets for laser hair removal in the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Laser Hair Removal market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Laser Hair Removal market were the three major steps undertaken to create and analyze the adoption of Laser Hair Removal in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the laser hair removal market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the laser hair removal through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Laser Hair Removal market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of laser hair removal devices and services in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of laser hair removal industry. Further, we conducted factor analysis using dependent and independent variables such as increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Laser Hair Removal sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the laser hair removal market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of laser hair removal across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the laser hair removal market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the laser hair removal market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product Type and End-User of the Laser Hair Removal market.
The main objective of the Laser Hair Removal Market Study
The current & future market trends of laser hair removal were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of laser hair removal in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of Product Type, End-User, and Region.
- Define and analysis of the regulatory framework for the laser hair removal industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Laser Hair Removal market for the major region
- Major regions studied in the report include North America (U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
- Company profiles of the laser hair removal market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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