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The laser hair removal market size was valued at USD 904.4 million in 2022 and is projected to grow from USD 1,047.3 million in 2023 to USD 3,247.1 million by 2030, exhibiting a CAGR of 17.5% during 2023-2030. Asia Pacific dominated the global market with a share of 38.75% in 2022.
Laser hair removal is one of the most common cosmetic procedures to reduce unwanted hair. The devices used in this procedure beam highly concentrated light into hair follicles where the pigments absorb it and inhibit or delay future hair growth. Some of the factors responsible for augmenting the adoption rate of the solution are its convenience, pain-free nature, better outcomes than conventional methods, and long-lasting effects.
The increasing shift toward improving the standard of living in developed and developing countries has boded well for the aesthetics industry, especially the laser hair removal industry. Moreover, the growing disposable income, coupled with the rising trend of improving external appearance, especially among women, has increased the laser treatment demand. According to the 2021 Statistics of the American Society of Aesthetic Plastic Surgery, hair removal through laser devices is among the top 6 most non-surgical treatments people choose. The main factor responsible for the remarkable growth opportunity for the market is that consumers have witnessed a 90% hair growth reduction. Thus, the effectiveness of devices used for laser-based hair removal has increased market size and value with respect to revenue.
Stringent Regulations amid the COVID-19 Pandemic Negatively Affected the Market Growth
The COVID-19 outbreak negatively impacted the global market as the lockdowns imposed across the globe limited people’s visits to beauty clinics, which eventually affected the aesthetic industry as well. Though many medical services run online consultations, medical practitioners are needed for hair removal to operate personally. However, several non-essential procedures were postponed across the globe, impacting laser hair removal services negatively as the demand for these procedures declined drastically.
The revenues of companies operating in this market were also impacted due to the restrictions imposed by the regulatory authorities. These restrictions also led to many people not considering the need for hair removal procedures, which declined the demand for the solution.
In 2022, the market players were focused on introducing home-based laser hair removal devices, owing to the reduced service and consultation cost associated with traditional products used to carry out these procedures in outdoor settings. Such trends indicate a steady growth of the market during the forecast period.
Growing Emphasis on Developing Combination Devices to Impel Market Growth
The recent market trend is the growing efforts of companies to launch effective devices with a combination of technologies. The latest mix technology, which incorporates various products, is ideal for the treatment of blue veins, which cannot be treated using the Nd: YAG alone. Moreover, the mix technology has the potential to remove hair in one procedure.
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Increasing Number of Non-invasive Treatment Options to Fuel the Market Growth
Every day, large number of people across the globe look for products for the improvement of their external appearance using non-invasive treatment options. Some people with lines and wrinkles choose Botox procedures, while others with normal or excessive hair search for solutions for hair removal. Moreover, growing technological innovations have created lucrative opportunities for laser-based hair removal procedures. The non-invasive and non-surgical method of hair removal has attracted a large number of customers for companies.
The popularity of non-invasive treatment has increased due to its rare side effects as compared to the invasive method, coupled with the essential product approvals from the U.S. FDA.
Technological Advancements in the Products to Propel the Market Growth
Over the years, hair removal technologies have significantly advanced from initial lasers to Intense Pulsed Light (IPL). The ruby laser, developed in the 1960s, was the first laser aesthetic device for the removal of hair. Since then, rapid advancements in the market have surged the popularity of these devices. Today, these devices can help in the reduction of hair growth by 90-95% with lasers such as a diode, Nd: YAG, and others. In addition, advanced cooling technologies embedded within the laser makes it more comfortable for patients.
High Cost Related to the Solution May Hamper the Market Growth
Although there are advantages to hair removal using laser technology, it is also associated with certain disadvantages, such as high cost. Advancements ixn medical devices (lasers) for hair removal have increased the cost of the treatment. Moreover, the cost of the procedure varies as per individual specifications and other factors such as the size of the area being treated, the number of treatments needed, and others. According to the American Society of Plastic Surgeons, the average cost of laser-based treatment for hair removal in the U.S. is USD 389 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 thus restrains the market growth.
Nd: YAG Segment Dominated Owing to the Long Wavelength
By product, the market is divided into alexandrite, Nd: YAG, diode, and others.
The Nd: YAG segment held a dominant share in the market in 2022. The dominance is due to the product’s longer wavelength (1064 nm), allowing for greater absorption in the optical window. Moreover, the advantage of a longer wavelength is proven to be the best treatment for pigmented skin.
The diode segment is estimated to grow with highest CAGR during the forecast period due to the launch of new advanced products having diode lasers with a wavelength of 810 nm. It is said to be a better option than the alexandrite laser. Therefore, the launch of new products is anticipated to foster the segment growth during the forecast period. For example, in April 2019, one of the market leaders, Alma Medical, launched Soprano Titanium, a painless hair removal device. This device combines three effective lasers in one device.
The Alexandrite segment captured a comparatively lower share in 2022. On the other hand, the others segment captured the lowest market share in 2022 due to limited adoption of shorter wavelength devices such as ruby hair removal laser machine, etc., in Asia Pacific and North America.
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Medical Spas & Specialty Clinics Dominated Due to Infrastructural Advancements
In terms of end user, the market is segmented into medical spas & specialty clinics, hospitals, and others.
The medical spas & specialty clinics segment held a dominating position in the global laser hair removal market share in 2022. The dominance is owing to the growing number of laser hair removal treatments in specialty clinics and medical spas. Moreover, the increase in the advancements in infrastructure of medical spas & clinics is anticipated to bode well for the segmental growth. This development is raising consumer interest in the adoption of hair removal treatments using lasers.
The hospitals segment is poised to register fastest growth during the forecast period owing to the infrastructural advancements in the hospitals for hair removal procedures.
Asia Pacific Laser Hair Removal Market Size, 2022 (USD Million)
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The Asia Pacific market size stood at USD 350.5 million in 2022. The region's dominance can be attributed to the growing adoption of hair removal treatment by the population. The region is also anticipated to emerge as the fastest-growing regional segment during the forecast period, owing to increased procedures for laser technology-based hair removal, changing lifestyle preferences, and increasing disposable income. The increasing concerns surrounding hair fall problems and the launch of advanced products in Asian countries are further expected to fuel the regional growth.
North America is expected to hold the second position in the market during the forecast period owing to improvements in technologies in the aesthetics industry, contributing to the development of advanced hair removal products and huge out-of-pocket spending by Americans. According to The Aesthetic Society Statistics of 2021, Americans' expenditure on hair removal increased by 72% in 2021 from 2020.
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Europe is expected to experience considerable growth in the market during the forecast period owing to government support and favorable reimbursement policies. For instance, the National Health Service (NHS) offers laser hair removal services, but the cost varies depending on the area of the body being treated and the number of treatments needed.
Latin America and the Middle East & Africa accounted for a comparatively lower share of the market in 2022 owing to the presence of a huge untapped market. The lack of clinical settings offering laser hair removal services with well-equipped infrastructure is further restricting market growth across these regions. As per an article published by WhatClinic in 2023, there are 61 laser hair removal clinics in South Africa.
Launch of Advanced Products by Cynosure and Other Players to Lead to Revenue Growth
The market has several players operating and competing with each other to gain the leading position. Cynosure and Venus Concept are a few companies that are well-positioned in the global market. The adoption of strategies such as continuous technological developments and the launch of advanced products is responsible for these companies’ strong brand presence.
Multiple small-and-medium-sized companies are also stepping into the market by launching technologically advanced products. For instance, a Sydney-based man earned USD 20 million in two years after launching a home laser hair elimination medical device called Happy Skin Co. in May 2020. Thus, these factors are anticipated to expand the growth potential during the forecast period.
An Infographic Representation of Laser Hair Removal Market
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The research report provides qualitative and quantitative insights on the global market and a detailed analysis of the market size and growth rate for different segments. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. It contains various vital insights on new product launches by key players, a snapshot of regulatory scenario, key industry developments, competitive strategies such as mergers and acquisitions and partnerships, and the impact of COVID-19 on the market.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 17.5% from 2023 to 2030 |
Unit | Value (USD Million) |
Segmentation | By Product, End User, and Region |
By Product |
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By End User |
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By Region |
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Fortune Business Insights says that the global market size was valued at USD 904.4 million in 2022 and is projected to reach USD 3,247.1 million by 2030.
In 2022, the Asia Pacific market stood at USD 350.5 million.
Growing at a CAGR of 17.5%, the market is expected to exhibit steady growth during the forecast period (2023-2030).
Based on product, the Nd: YAG segment is expected to be the leading segment in the market during the forecast period.
The increasing number of non-invasive laser treatment options is expected to drive the market growth during the forecast period.
Cutera, Venus Concept, and Cynosure are major players in the global market.
The Asia Pacific held the largest market share in 2022.
The growing shift toward improving the standard of living in developed and developing countries is expected to drive the adoption of the solution during the forecast period.
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