Hair Removal Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Hair Removal Devices Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The hair removal devices market is expected to register a CAGR of 9.8% over the forecast period (2022-2027).

The COVID-19 pandemic has had a substantial impact on the hair removal devices market initially. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in a decrease in demand for products across aesthetic segments. However, the sales of home-use hair removal devices observed a significant increase during the pandemic. For instance, a cross-sectional survey conducted to evaluate the practices related to the use of light-based home-use hair removal devices was published in January 2022 in the International Journal of Trichology (Hair Research Society of India), and the results of the survey showed a significant rise in adoption of light-based home-use hair removal devices among the population during the outbreak. Furthermore, as per the data provided by the International Society of Plastic Surgery (ISAPS) in 2020, nonsurgical procedures (primarily fillers and hair removal treatments) continued to increase, and hair removal remained the third most common procedure performed during the year 2020. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market is expected to gain traction due to the significant increase in the use of hair removal devices globally.

Furthermore, the rise in the availability of advanced products, increasing awareness about enhancing the aesthetic appeal, and the rise in disposable income levels and spending on personal care products are among the major factors driving the growth of the studied market. Currently, people are extremely concerned about their visual appearance, and the expenditure on personal care products is also increasing with the rise in disposable income levels of the population worldwide. Such factors are likely to boost the adoption of hair removal devices, thereby contributing to the studied market growth. Moreover, the International Society of Plastic Surgery (ISAPS) conducted an international survey on cosmetic procedures in 2020. According to the data, approximately 85% of nonsurgical procedures were performed on women, among which 12.8% were hair removal procedures, accounting for 1,538,982 procedures. Therefore, the adoption of hair removal procedures is poised to accelerate the growth of the hair removal devices market globally and is expected to increase in the future.

In addition, new product launches and strategic activities by major players in the market are positively affecting the growth of the studied market. For example, during the COVID-19 pandemic, Aldi Australia, a company focused on supplying cost-effective consumer products, launched a DIY laser hair removal device in April 2020 to provide patients with continued hair removal treatment. Additionally, in March 2022, Cynosure, a company focused on manufacturing and developing energy-based aesthetic and medical treatment systems, entered into a distribution partnership with Jeisys Medical KK in Japan. Under the terms of the agreement, Jeisys Medical will have exclusive distribution rights for key premier products within Cynosure's energy-based laser portfolio, including hair removal devices in Japan. Thus, owing to the product launches and partnerships, the studied market is expected to have significant growth over the forecast period.

Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the inflated cost of hair removal devices is likely to impede the market's growth.

By using an aesthetic device, lasers help remove unwanted hair from all body parts. Precision, speed, and predictability in the hair removal process are some of the advantages of the laser devices for which it has gained popularity in recent years. Moreover, the article published in August 2021 titled "Laser Hair Removal" in the National Library of Medicine stated that a variety of laser devices are available and are known as the most effective options for long-term hair reduction. Hence, owing to the advantages offered by laser hair removal devices, the adoption of these products is likely to increase among the target population, ultimately driving the segment growth.

In addition, the 2020 Plastic Surgery Statistics Report published by the American Society of Plastic Surgeons stated that among all the cosmetic minimally invasive procedures performed in United States, laser hair removal was the third most performed procedure, which accounted for 757,808 procedures in 2020, with a 5% increase from the year 2000. Thus, the increasing adoption of laser hair removal procedures creates demand for technically advanced laser hair removal devices and is creating opportunities for the growth of the segment in the future.

Furthermore, continuous product launches by major players in the market are positively affecting the growth of the segment. For instance, in May 2020, Lira Style, a Chicago-based medical device company for aesthetics, announced the launch of its newest platform, the Cervello. The device offers clinically proven laser hair removal treatments for all skin types with a combination of 755 Alexandrite, 808 Diode, and 1064 long pulsed YAG. Furthermore, in January 2020, Lumenis Ltd. launched its newest platform, the LightSheer Quattro, at the 22nd International Master Course on Aging Science (IMCAS) conference in Paris, France. This LightSheer Quattro offers clinically proven laser hair removal treatments for all skin types with either 805nm or 1060nm wavelengths with no downtime, as well as treatment of pigmented and vascular lesions.

Therefore, the laser devices segment is expected to witness significant growth over the forecast period due to the abovementioned factors.

North America is expected to dominate the market owing to factors such as the easy availability of technologically advanced products and high awareness among consumers about physical grooming and aesthetic appearance in the region. An increase in the usage of energy-based devices for rapid and effective results in United States is among the key factors that contribute to the growth of the studied market in North America.

Key product launches, high concentration of market players, or manufacturers' presence in United States are some of the factors driving the growth of the hair removal devices market in the country. For instance, in May 2020, Lira Style, a Chicago-based medical device company, launched its newest platform, the Cervello, which offers clinically proven laser hair removal treatments for all skin types with a combination of 755 Alexandrite, 808 Diode, and 1064 long-pulsed YAG. Again, in January 2022, Homiley, a United States-based company, launched their at-home IPL hair removal to save women from razor bumps or ingrown hair. These continuous product launches in the region are anticipated to drive the growth of the market in the country.

Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North American region.

The hair removal devices market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold the market share and are well known, including Procter & Gamble (Barun), Venus Concept, Lumenis Be Ltd., Lutronic Inc, Lynton Lasers Ltd, Sciton, Candela Medical, Cutera, Cynosure, Tria Beauty, and Viora, among others.

• The market estimate (ME) sheet in Excel format
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