Laser Hair Removal Market Demand, Growth, and Forecasts To 2030

Posted on 2023-06-08 by researchinsights in Internet & Online // 0 Comments

Laser Hair Removal Industry Overview

The global laser hair removal market size was valued at USD 798.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% from 2022 to 2030.

The shifting trend toward maintaining optimal aesthetic beauty is one of the major drivers of the market. Moreover, increasing awareness regarding the safety offered by aesthetic lasers is fueling market growth. Growing technological advancements in aesthetic lasers are fueling the growth of the market. For instance, the mixing of modalities, founded by Quanta Systems in the Thunder MT system, is one of the recent innovations witnessed. This technology is also effective for other treatments like blue veins, which cannot be treated with Nd: YAG solely. Mixing modalities are increasingly gaining popularity with great results in just one treatment. It allows the specialists to operate photo-rejuvenation facials in only 15 minutes.

Gather more insights about the market drivers, restrains and growth of the Global Laser Hair Removal Market

The global aesthetic market witnessed a slow growth in the first half of 2020 as these treatments are high-contact services that increased the risk of transmission. However, the market recovered significantly in 2021 as the demand for non-invasive treatments plunged higher as compared to 2019, in turn increasing the revenue of laser device manufacturers.

The Nd: YAG laser type segment in the U.S. is expected to expand at a lucrative CAGR of 18.6% during the forecast period. Rising concerns regarding facial hair such as hair growth on lips, neck, chin, and sideburn area are also driving the market. Removal of hair is one of the major concerns faced by the current population. Hence, laser hair removal is a commonly used cosmetic procedure since it uses extremely concentrated light beams. The light focuses on hair follicles, absorbs the existing pigment, and destroys the hair.

Increasing demand for laser hair removal devices, especially by women for the use of the device at home is also propelling the market growth. Real genie technology is increasingly being used in laser hair removal devices. Hence, the easy availability of these devices in medical stores that offer personal care products is augmenting the product demand, thereby driving the market. A growing number of FDA-approved products is impacting the market growth. Products such as Veet Infini’Silk Pro, Remington IPL6000 I-Light Pro, and Silk’n Flash&Go are approved by the FDA owing to their safety, efficiency, and comfort to users at home. Moreover, these products are used by both, women and men.

The high cost of hair removal treatment at beauty centers or dermatology clinics is restraining the market growth. Nevertheless, a growing number of hair removal devices are cleared by the FDA and are comparatively cheaper than the procedures. This is, in turn, creating a growth opportunity for the market growth. In addition, increasing disposable income and untapped regions in the Asia Pacific are other factors offering growth opportunities for the market players.

The market witnessed a minor setback during the first half of 2020 as the majority of the aesthetic clinics were mandated to shut down operations. However, the market witnessed double-digit growth by the end of 2020, in terms of procedure volume as per the International Society of Aesthetic Plastic Surgery. Companies like Cutera and Alma Laser, which are among the key manufacturers of laser hair removal systems, reported around a 56% increase in their aesthetic business in 2021 indicating that the market is on the path of significant recovery.

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