Laser Hair Removal Market Size, Share & COVID-19 Impact Analysis, By Product (Diode, Alexandrite, Nd: YAG, and Others), By End User (Hospitals, Medical Spas & Specialty Clinics, and Others), and Regional Forecast, 2020-2027

The global laser hair removal market size was valued at USD 551.4 million in 2019 and is projected to reach USD 1,378.4 million by 2027, exhibiting a CAGR of 15.2% during the forecast period.

Shift towards improving standard of living of the populations in the developed as well as developing countries has boded well for the aesthetics industry, especially this market of Laser Hair Removal. This, coupled with rising disposable income and trend towards improving external appearance especially among the women, has led to a surge in the demand for laser treatments. According to the American Society of Aesthetic Plastic Surgery, hair removal through laser devices is among the top 5 most non-surgical treatments chosen by people.  The main factor responsible for the remarkable growth of the market is the fact that people have witnessed 90% of the hair growth reduction. Therefore, effectiveness of these devices has led to the increased market value and size in terms of revenue.

Stringent Regulations amid the COVID-19 Pandemic to Affect the Market

It seems that the current COVID-19 pandemic is likely to last for a long time, forcing populations worldwide bound to stringent regulations. This has eventually affected the aesthetics global industry as well. Though many medical services are running online consultations, hair removal requires medical practitioners to operate on one to one basis. Many countries have allowed the opening of clinics but some have imposed a complete lockdown to slow the spread of the virus. This has impacted the laser hair removal services as the demand for these procedures has fallen. Furthermore, the countries with partial resumption have been enforced with strict regulations for the customers as well as the medical staff. For instance, the Skin and Laser Surgery Center in New England has decided to abide by the guidelines issued by Centers for Disease Control and Prevention (CDC). But, owing to coronavirus fear, many people have stopped considering the need for hair removal procedures. On the other side, demand for home-based laser devices for hair removal has increased rapidly. This has led to increased sales of home-based products. Therefore, the covid-19 outbreak has negatively impacted the global market.

LATEST TRENDS

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Efforts in Development of Devices using Combination Technologies to Surge Market Potential

The most recent trend in this market of laser hair removal is the efforts in launch of effective devices having combination of technologies. The mixed technology is found to be ideal in the treatment of blue veins, which cannot be treated using the Nd: YAG alone. Also, the mix technology helps to remove hair in one procedure. For example, Duetto MT Evo Lynton Laser simultaneously delivers emission of alexandrite 755 nm and Nd: YAG 1064 nm. Also, the Venus Velocity laser of Venus Concept provides diode laser coupled with cooling technology for effective hair removal and reduction. Such innovations are boosting the market potential and are likely to increase the market value over the analysis period.

DRIVING FACTORS

Increasing Non-invasive Treatment Options to Fuel Product Demand

Every day, thousands of people around the world search for solutions to improve their external appearance through non-invasive procedures. Some individuals with wrinkles and lines opt for Botox procedures while others with excessive hair or normal hair look for hair removal solutions. Moreover, excessive technological developments have opened doors for laser-powered hair removal procedures. This non-surgical, non-invasive method of hair removal has attracted a huge number of customers for companies.  Also, non-invasive treatment has gained popularity because of the occurrence of rare side effects than the invasive ones coupled with necessary approval of products from the U.S FDA. For instance, in June 2020, Venus Concept Inc. announced FDA clearance for its Venus Epileve, a solution for laser hair removal. This has led to huge demand for these technologies.

Technological Advancements in Products is Propelling Growth of the Market

Hair removal technologies have drastically advanced from the initial lasers to intense pulsed light (IPL) over the years. The ruby laser developed in 1960s was the first laser aesthetic device for hair removal. Since then, rapid advancements in the industry have surged the popularity of these devices. Today, these devices are capable of reducing hair growth by 90-95% with the help of laser’s such as diode, Nd: YAG etc. Additionally, advanced cooling technologies embedded within the laser makes it more comfortable for patients. For instance, in January 2020, Motus AY launched the world’s most advanced platform for laser type hair removal. The platform uses high speed alexandrite laser that benefits the light and dark skin tones. Such innovations in the market are expected to drive the laser hair removal market growth opportunities during the projected period.

RESTRAINING FACTORS

High Cost Associated with Devices to Limit Adoption

Although there are advantages in hair removal using laser technology, it is also associated with certain disadvantages such as high cost. Advancements in medical devices (laser) for hair removal have led to increasing cost of the treatment. Additionally, the cost varies as per individual specifications and other factors such as number of treatments required, size of area being treated etc. According to the American Society of Plastic Surgeons, the average cost of laser-based hair removal treatment in U.S is USD 285 per session. Also, the cost of treatment in developing countries such as India is approximately USD 350- 400. Therefore, high out-of-pocket spending has reduced the demand for such procedures and is thus restraining the market growth.

SEGMENTATION

By Product Analysis

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Nd: YAG to Grow at Faster Pace during 2020-2027

On the basis of product, the market includes Nd: YAG, diode, alexandrite, and others. The Nd: YAG segment held a dominant share of the market in 2019. The dominance is due to the products longer wavelength of 1064 nm, which allows greater absorption in the optical window. Also, the advantage of having longer wavelength is proved to be the best treatment for pigmented skin.

The prominent market position of the diode segment is due to the launch of new advanced products having diode laser with wavelength 810 nm and is said to be a better option than the alexandrite laser. Therefore, launch of new products is likely to foster the growth of the laser hair removal industry during the analysis period. For example, in April 2019 one of the leader in the market, Alma Medical launched Soprano Titanium, a painless hair removal device. This device combines three effective lasers in one device.

By End User Analysis

Infrastructural Advancements for Hair Removal Procedures at Medical Spas & Specialty Clinics to Ensure Segment Dominance

In terms of end-user, the market is segmented into hospitals, medical spas & specialty clinics, and others. Medical spas & specialty beauty clinics are expected to have a dominant share in the market during the forecast period. The dominance is owing to growing number of hair removal treatments by laser, in specialty clinics and medical spas. Moreover, it is also expected to grow at a significant CAGR during the forecast period due to the increase in the infrastructural advancements in the medical spas & clinics. This development is raising consumer interest towards adoption of hair removal treatments using lasers.

The hospitals segment is also expected to register a significant growth by the end of the forecast period owing to the infrastructural advancements in the hospitals for hair removal procedures. 

REGIONAL INSIGHTS

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The market size in Asia Pacific stood at USD 209.7 million in 2019. The dominance of this region is attributable to the growing adoption of hair removal treatment by the population in the region. Asia Pacific is also anticipated to emerge as the fastest growing regional segment during the projected period owing to increased procedures for laser technology-based hair removal, changing lifestyle preference, and rising disposable income. Highly populous countries such as China and India led the regional market in 2019. Increasing concerns surrounding hair fall problems and launch of advanced products in these countries is the factor responsible for higher growth.

North America holds the second position in the laser hair removal market share owing to technological improvements in the aesthetics industry leading to development of advanced hair removal products, and huge out-of-pocket spending by the Americans.

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Europe also has a considerable share in the global market owing to government support and favorable reimbursement policies.

Latin America & the Middle East & Africa accounted for a comparatively lower share of the market owing to the presence of a huge untapped market.

KEY INDUSTRY PLAYERS

Launch of Advanced Products by Cynosure and other Players to Surge Revenue Growth

This market has several key players operating and competing amongst each other to gain lead in the market. Cynosure and Venus Concept are few companies that are well-positioned in the global market. Adoption of strategies such as continuous technological developments and launch of advanced products is the factor responsible for the companies brand presence.

Moreover, multiple small- and medium-sized companies are stepping into the market by launching technologically advanced products. For instance, a Sydney-based man earned USD 20 million in two years after he launched a home laser hair removal medical device called ‘Happy Skin Co’. This is anticipated to expand the market potential during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• Cutera (California, U.S)


• Venus Concept (Toronto, Canada)


• Cynosure (Massachusetts, U.S)


• Fotona (Texas, U.S)


• Lumenis Ltd. (Israel)


• Alma Lasers (Israel)


• Sciton, Inc. (California, U.S)


• Lynton Lasers Ltd (U.K.))


• Venn Healthcare (U.K.)


• CANDELA CORPORATION (Massachusetts, U.S)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• May 2020 – Lira Style launched a laser-powered hair removal medical device ‘Cervello’. The device offers hair removal treatment for all skin types with combination of Alexandrite, diode, or Nd: YAG.


• April 2020 – Aldi Australia announced the launch of DIY laser hair removal gadget during the COVID-19 pandemic to provide continuation in the hair removal treatment for the patients.

REPORT COVERAGE

An Infographic Representation of Laser Hair Removal Market

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This market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the recent years.

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Report Scope & Segmentation