Laser Hair Removal Market

Laser Hair Removal Market Outlook (2023 to 2033)

Fact.MR, in its newly published research report, reveals that the global laser hair removal market stands at US$ 278.30 million in 2023. Worldwide sales of products used in hair removal technology are forecasted to increase at a CAGR of 5% and reach US$ 455 million by 2033-end. The trend of maintaining optimal aesthetic beauty is estimated to be one of the prominent growth drivers.

Increasing awareness about the safety provided by aesthetic treatments is predicted to fuel sales of laser hair removal products. Rising technological advancements taking place in non-invasive aesthetic treatment widen the horizon for players.

• For instance, Quanta Systems founded the mixing of modalities concept in its Thunder MT system. This newly developed technology works effectively for some other treatments as well, including blue veins. Nd: YAG alone is not capable of treating these issues, thus necessitating complementary elements for effective treatment.

Prominent Market Growth Drivers

• Growing awareness among a majority of young individuals about their physical appearance is set to drive the demand for laser hair removal products.
• Hormonal changes in women cause increased growth of facial hair, which is fueling the demand for laser treatment to remove unwanted hair.

Rising celebrity endorsements of laser hair removal products are positively influencing their sales. In addition, the growing involvement of the female population in the professional or corporate workplace is leading to their increased spending capacity on multiple personal care & grooming products.

• Worldwide demand for laser hair removal products for men is predicted to increase at a CAGR of 5.2% and reach a market value of US$ 297 million by 2033-end.
• Sales of hair removal products in China are projected to rise at 6% CAGR and reach US$ 39.5 million by 2033.

High cost associated with cosmetic procedures used for unwanted hair removal through laser treatment is projected to limit expansion opportunities. In addition, there are certain risks related to the procedure used for laser hair removal, including temporary discomfort, redness, pigment and swelling, and skin irritation that are predicted to hamper market growth.

Report Attributes	Details
Laser Hair Removal Market Size (2022)	US$ 265 Million
Estimated Market Value (2023)	US$ 278.3 Million
Forecasted Market Value (2033)	US$ 455 Million
Global Market Growth Rate (2023 to 2033)	5% CAGR
United States Market Value (2022)	US$ 94.3 Million
Female Segment Growth Rate (2023 to 2033)	4.1% CAGR
Japan Market Growth Rate (2023 to 2033)	4.2% CAGR
Germany Market Growth Rate (2023 to 2033)	4.1% CAGR
Key Companies Profiled	Lumenis Ltd. Theradome Lira Style Alma Lasers Lynton Lasers Ltd. Canada MedLaser Inc. Venn Healthcare Cutera Krupa Medi Scan Venus Concept Bosley Inc. Fotona Candela Corporation Sciton, Inc. Beijing Sanhe Beauty S&T Co., Ltd.

What’s Supporting the Growth of Prominent Laser Hair Removal Product Manufacturers?

“Increased Adoption of Non-invasive Laser Hair Removal Due to Minimal Side Effects”

Many people seek services for enhancing their external appearance, with a preference for non-invasive procedures. While some opt for Botox for lines and wrinkles, others dealing with normal or excessive hair demand hair removal solutions. Advancements in technology are opening doors for non-invasive laser-powered hair removal treatments, which are gaining popularity. This method resonates with many customers due to its non-surgical nature.

Rare side effects of non-invasive treatments, compared to invasive ones, drive the popularity of laser hair removal devices. Furthermore, products used in these techniques require the Unites States FDA’s approval, which assures people of the safety of the procedure, thus prompting companies to work towards securing such approvals.

For instance:

• Venus Concept Inc., in June 2020, announced FDA clearance of Venus Epileve, a solution used for laser hair reduction.

“Integration of Advanced Cooling Technologies with Lasers Enhancing Patient Comfort”

Hair removal techniques have progressed substantially, evolving from early laser methods to IPS (intense pulsed light) over time. The 1960s marked the introduction of the pioneering ruby laser for hair removal. Subsequent years have witnessed significant progress in the creation of even more sophisticated laser hair removal products.

Currently, laser devices, including Nd: YAG and diode, can achieve hair growth reduction of up to 90%. Moreover, integrated advanced cooling technologies within lasers ensure patient comfort.

What is Limiting the Demand Growth for Laser Hair Removal Products?

“High Prices of Cosmetic Lasers Hurting Sales in Developing Nations”

Despite various advantages, there are certain disadvantages associated with hair removal laser technology. Advancements in laser devices are resulting in increased cost of treatment. Moreover, variations exist based on specifications and factors such as treatment area size and the number of required sessions. This cost is notably higher in developing nations than in developed ones due to the scarcity of technologically advanced laser treatment facilities.

How are New Companies Anticipated to Enhance Their Profits?

“Growing Emphasis on Developing Combination Devices for Enhanced Efficiency”

Production of more efficient devices with a combination of technologies is one of the popular trends in the industry. This approach encompasses various products that prove effective for treating blue veins, which Nd: YAG alone might not address. Employing mixed technology is advantageous for hair removal, and startups should consider investing in this approach to achieve hair removal in a single procedure.

• Venus Concept’s Venus Velocity laser offers a diode laser along with cooling technology for efficient hair removal.

Country-wise Insights

The North American region is estimated to hold a leading position in the global market owing to the presence of prominent players and technological advancements taking place in laser hair removal techniques. Asia Pacific comes next due to the rising awareness among people about the availability of treatments used for laser hair removal. The valuation of the laser hair removal market in APAC was US$ 185 million in 2022.

What Makes the United States a Lucrative Market for Laser Hair Removal Product Providers?

“Focus on Technological Advancements in Aesthetic Treatments”

The worth of the United States market was estimated at US$ 94.3 million in 2022. Technological advancements in aesthetic treatments have led to the development of effective advanced hair removal products in the United States. Moreover, increasing spending on lifestyle products is also creating a fortune for manufacturers there. The presence of several prominent players is also influencing trends in the industry.

What are the Trends in the Laser Hair Removal Markets of Germany and the United Kingdom?

“Favorable Reimbursement Policies and Support from Governments”

Demand for permanent hair reduction products in Germany is predicted to rise at a CAGR of 4% through 2033, as per a study published by Fact.MR, a market research and competitive intelligence provider. The United Kingdom and Germany are operating as prominent contributors to revenue streams of the European market. Government support along with favorable reimbursement policies for non-surgical treatments are anticipated to drive market growth in these countries.

Which Countries in Asia Pacific are Industry Players Eyeing?

“Launch of Numerous Advanced Products in China, Japan, and India”

Sales of laser hair removal products in China are projected to increase at 6% CAGR and reach US$ 39.5 million by the end of 2033. Demand for products used in the hair removal industry is forecasted to advance at a CAGR of 4.2% from 2023 to 2033.

China, Japan, and India are leading the Asia Pacific market. The dominance of these countries is owing to the rising adoption of these cosmetics and skincare treatment products by various people. Changing lifestyle preferences and growing disposable income of people are resulting in their increased spending capacities on luxuries. The launch of various advanced products across these countries is estimated to generate prospects for players.

Category-wise Insights

Based on type, diode lasers held 35.1% share of the global market in 2022 due to their high precision. Sales of laser hair removal products for men are forecasted to advance at 5.2% CAGR and reach a value of US$ 297 million by 2033. Men are also forecasted to contribute to the increasing demand for laser hair removal products because of rising awareness about their external appearance.

Why are Diode-based Laser Hair Removal Products Gaining Traction?

“High Precision of Diode Laser-based Products Fueling Their Adoption”

Diode laser-based hair removal devices are predicted to contribute a significant share due to their high precision. Diode lasers selectively target specific body parts and efficiently remove unwanted hair without causing any harm to the area that surrounds the skin. These devices offer efficient hair removal based on volume and body area, with features designed to cover larger body areas and diode laser-based products' swift repetition rates.

What Makes Dermatology Clinics Key Profit Generators?

“Dominance of Dermatology Clinics Due to Availability of Tailored Hair Removal Options”

Professional dermatology clinics are forecasted to hold a significant share of the market. Professionals from this field use advanced laser devices to offer precise and effective hair removal treatments to their respective clients. The expertise of trained professionals in dermatology clinics can tailor treatments according to individual requirements and thus ensure optimal results. Availability of multiple treatment options along with an ability to target varied hair and skin types contribute to the dominance of dermatology clinics.

Why are Women Noteworthy Contributors to Revenue Streams?

“Increased Expenditure on Personal Care and Beauty Products by Women”

Demand for laser hair removal products for females is predicted to increase at a CAGR of 4.1% from 2023 to 2033. Women account for a dominant share of the market. The increased spending capacity of women, driven by their growing participation in professional sectors, is contributing to rising spending on personal care and beauty products.

Competition Analysis

Companies operating in the laser hair removal industry are coming up with several strategies to achieve their goals, including management of supply chain systems, ensuring quality control of products, new developments, etc. Various players are operating and competing with each other to get ahead in the market. Medium- and small-sized companies are stepping into the industry with the launch of technologically advanced products.

For instance:

• Lira Style, in May 2020, launched a laser-powered medical device named Cervello for hair removal. With a combination of Nd: YAG, diode, and alexandrite, this device can remove hair from any skin type.
• Aldi Australia, in April 2020, launched a DIY gadget for laser hair removal treatment amidst the COVID-19 pandemic to offer continuation in the process for the patients.

Key players in the laser hair removal market include Lumenis Ltd., Theradome, Lira Style, Alma Lasers, Lynton Lasers Ltd., Canada MedLaser Inc., Venn Healthcare, Cutera, Krupa Medi Scan, Venus Concept, Bosley Inc., Fotona, CANDELA CORPORATION, Sciton, Inc., and Beijing Sanhe Beauty S&T Co., Ltd.

Segmentation of Laser Hair Removal Industry Research

• By Product :

  • Nd: YAG
  • Diode
  • Alexandrite

• By Gender :

  • Male
  • Female

• By Age Group :

  • 13 to 29
  • 30 to 54
  • 55 to 69

• By End User :

  • Dermatology Clinics
  • Beauty Clinics
  • Hospitals
  • Home Use

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa