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Laser Hair Removal Market Reached USD 904.4 Million in 2022; Increasing Focus on the Development of Combination Devices to Proliferate the Market Growth

October 12, 2023 | Healthcare

The global laser hair removal market size stood at USD 904.4 million in 2022. The market value is slated to rise from USD 1,047.3 million in 2023 to USD 3,247.1 million by 2030 at a CAGR of 17.5% during 2023-2030. Fortune Business Insights™ presents this information in its report, titled “Laser Hair Removal Market Size, Share & COVID-19 Impact Analysis, By Product (Alexandrite, Nd: YAG, Diode, and Others), By End User (Hospitals, Medical Spas & Specialty Clinics, and Others), and Regional Forecast, 2023-2030” 


Laser hair removal procedure is commonly used for the reduction of unwanted hair. The expansion can be credited to the growing demand for laser treatment. It can be attributed to the growing trend of improving external appearance, especially among women, coupled with the rising disposable income.


Strict Regulations Amid the Pandemic Hindered the Market Growth


The number of visits to beauty clinics was reduced due to the imposition of lockdowns, which ultimately impacted the aesthetic industry. The pandemic also impacted the revenues of companies owing to the imposition of restrictions by regulatory bodies. Thus, the COVID-19 pandemic impeded the market growth.


Cynosure, Inc. Launched EliteiQ platform to Provide Customized Laser Hair Dedication Treatment


In June 2020, Cynosure, Inc. unveiled the EliteiQ platform in the U.S., Australia, and Europe. This device allows fast treatment with high max energy as compared to previous generation products. The platform deploys Skintel for the permanent reduction of unwanted hair for all skin types and provides customized laser hair removal solutions.


Market Value to Grow Owing to Rising Emphasis on the Development of Combination Devices


The laser hair removal market growth is driven by an increase in the emphasis on developing combination devices. Companies are increasingly making efforts toward launching effective devices equipped with a combination of technologies. Devices with combination of various technologies makes them ideal for the treatment of blue veins. Mix technology has the capability to remove the hair in one-go.


Despite such growth opportunities, the prohibitive costs associated with laser hair removal may hinder the market growth.


Leading Players Focus on Product Innovations to Reinforce their Industry Position


Strategies such as partnerships, joint ventures, mergers and acquisitions, and others are being deployed by leading market players. In addition, these companies are focusing on launching innovative products through intense research and development.


List of Key Players Profiled:



  • Cutera (U.S)

  • Venus Concept (Canada)

  • CYNOSURE (U.S.)

  • Fotona (U.S.)

  • Lumenis Ltd. (Israel)

  • Alma Lasers (Israel)

  • Sciton, Inc. (California, U.S.)

  • Lynton Lasers Ltd (U.K.)

  • Venn Healthcare (U.K.)

  • CANDELA CORPORATION (U.S.)


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/laser-hair-removal-market-103477


Key Industry Development


September 2021: Sciton announced the launch of BAREit, an ultra-fast hair removal solution on the BARE HR platform.


Further Report Findings



  • The Asia Pacific accounted for the largest laser hair removal market share in 2022. The regional growth can be attributed to the growing concerns about hair fall problems coupled with the surging disposable income.

  • North America laser hair removal market is anticipated to witness the second position during the forecast period. The huge out-of-pocket expenditure is driving regional growth.

  • Based on product, the market is classified into diode, alexandrite, Nd: YAG, and others.



  • The Nd: YAG segment dominated the market in 2022. Nd: YAG offers great absorption in the optical window due to its long wavelength. This factor is propelling the segment growth.



  • Based on end user, the market is divided into hospitals, medical spas & specialty clinics, and others.



  • The medical spas & specialty clinics segment held the largest market share in 2022. The growing innovations in the infrastructure of medical spas & clinics are proliferating the segment growth.

  • The hospitals segment is anticipated to witness fastest growth during the forecast period. The segment growth can be credited to the innovations in the infrastructure of hospitals for hair removal procedures.


Table of Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



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




  • Alexandrite

  • Nd: YAG

  • Diode

  • Others



By End User




  • Hospitals

  • Medical Spas & Specialty Clinics

  • Others



By Region




  • North America (By Product, By End User, By Country)

    • U.S. (By Product)

    • Canada (By Product)



  • Europe (By Product, By End User, By Country/ Sub-Region)

    • U.K. (By Product)

    • Germany (By Product)

    • France (By Product)

    • Italy (By Product)

    • Spain (By Product)

    • Scandinavia (By Product)

    • Rest of Europe (By Product)



  • Asia Pacific (By Product, By End User, By Country/ Sub-Region)

    • Japan (By Product)

    • China (By Product)

    • India (By Product)

    • Australia (By Product)

    • Southeast Asia (By Product)

    • Rest of the Asia Pacific (By Product)



  • Latin America (By  Product, By End User, By Country/ Sub-Region)

    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America (By Product)



  • Middle East & Africa (By  Product, By End User, By Country/ Sub-Region)

    • GCC (By Product)

    • South Africa (By Product)

    • Rest of the Middle East & Africa (By Product)





 

Global Laser Hair Removal Market
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  • 2023
  • 2019-2022
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