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, 2021-2028

The global laser hair removal market size was USD 483.0 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with laser hair removal witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -12.4% in 2020. The market is projected to grow from USD 549.6 million in 2021 to USD 1,619.7 million in 2028 at a CAGR of 16.7% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The increasing shift towards improving the standard of living of the developed and developing countries has boded well for the medical aesthetics industry, especially the laser hair removal industry. The rising disposable income, coupled with the growing trend towards improving external appearance, especially among women, has led to a surge in laser treatment demand. 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 opportunity of the market is that people have witnessed 90% of the hair growth reduction. Therefore, the effectiveness of these devices has led to the increased market value and size in terms of revenue.

Stringent Regulatory 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 people worldwide bound to stringent regulations. This has eventually affected the aesthetic industry as well. Though many medical services are running online consultations, hair removal requires medical practitioners to operate on a personal basis. Many countries have allowed the opening of beauty clinics, but some have imposed a complete lockdown to slow the spread of the virus. This has impacted laser hair removal services as the demand for these procedures has fallen drastically.

The countries with partial resumption have been enforced with strict regulations for the customers and the medical staff. For instance, the Skin and Laser Surgery Center in New England has decided to abide by the 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 hair removal devices 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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Increasing Focus on Development of Combination Devices to Aid Growth

The most recent trend in the market is the efforts of the companies in launching effective devices having a combination of technologies. The latest technology which incorporates various products is ideal in treating 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 alexandrite 755 nm and Nd: YAG 1064 nm. The Venus Velocity laser of Venus Concept provides a diode laser, coupled with cooling technology, for effective hair removal and reduction. Such innovations are likely to boost the product’s demand in the forthcoming years.

DRIVING FACTORS

Increasing Non-invasive Treatment Options to Fuel Product Demand

Every day, thousands of people worldwide 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.  

Non-invasive treatment has gained popularity because of rare side effects than invasive ones, coupled with the 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 laser hair reduction solution. This has led to a 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 the 1960s was the first laser aesthetic device for hair removal. Since then, rapid advancements in the industry market have surged the popularity of these devices. Today, these devices can reduce hair growth by 90-95% with lasers such as a diode, Nd: YAG, etc. Additionally, advanced cooling technologies embedded within the laser make it more comfortable for patients. For instance, in January 2020, Motus AY launched the world’s most advanced laser hair removal platform. The platform uses a high-speed Alexandrite laser that benefits the light and dark skin tones. Such innovations are expected to drive the global laser hair removal market growth during the forecast 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 the increasing cost of the treatment. Additionally, the cost varies as per individual specifications and other factors such as the number of treatments required, size of the area being treated, etc. According to the American Society of Plastic Surgeons, the average cost of laser-based hair removal treatment in the 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 thus restrains the market growth.

SEGMENTATION

By Product Analysis

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Nd: YAG to Grow at Faster Pace

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 2020. The dominance is due to the product’s longer wavelength of 1064 nm, allowing greater absorption in the optical window. Also, the advantage of having a longer wavelength is proved to be the best treatment for pigmented skin.

The diode segment's prominent market position is due to the launch of new advanced products having diode lasers with wavelength 810 nm. It is said to be a better option than the alexandrite laser type. Therefore, the launch of new products is likely to foster the market's growth rate during the foreseeable 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 the year 2020. Others segment captured the lowest laser hair removal market share due to limited adoption in countries of Asia Pacific and North America.

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.

The medical spas & specialty clinics segment is expected to have a dominant market share during the forecast period. The dominance is owing to the growing number of laser hair reduction treatments in specialty clinics and medical spas. Moreover, the increase in the infrastructural advancements in the medical spas & clinics will 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 expected to register a significant growth owing to the infrastructural advancements in the hospitals for hair removal procedures.

REGIONAL INSIGHTS

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The global laser hair removal market size in Asia Pacific stood at USD 184.8 million in 2020. The region's dominance is attributable to the growing adoption of hair removal treatment by the population. 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 preferences, and rising disposable income. The increasing concerns surrounding hair fall problems and the launch of advanced products in these countries will further contribute to the growth of the market.

North America is expected to reach at the second position owing to technological improvements in the aesthetics industry, leading to the development of advanced hair removal products and huge out-of-pocket spending by Americans.

Europe is expected to experience considerable growth in the 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.

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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 the lead in the market. Cynosure and Venus Concept are few companies that are well-positioned in the global market. Adopting strategies such as continuous technological developments and the launch of advanced products is responsible for the company’s brand presence.

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 launching a home laser hair elimination 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 a combination of Alexandrite, diode, or Nd: YAG.


• April 2020 – Aldi Australia announced the launch of a 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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The global market research report provides a detailed analysis of the market. It 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 market over recent years.

Report Scope & Segmentation