Hirsutism Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Hirsutism Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The hirsutism market is poised to grow at a CAGR of 7.01% over the forecast period.

The COVID-19 pandemic moderately impacted the market's growth. The closure of several hospitals and clinics, including hair treatment clinics, led to a decrease in demand for hirsutism products among the patient population. Various studies demonstrated that there was no direct link between hirsutism and COVID-19; thus, patients continued to recommence their treatments amid the outbreak. For instance, as per a study published in the Wiley Public Health Emergency Collection in July 2021, it was observed that the incidence of PCOS, hirsutism, or acne vulgaris in women was not associated with an elevated risk of COVID-19 infection, hospitalization, or mortality. Furthermore, with the lifting of restrictions and the lifting of lockdown measures, the number of people visiting for hair removal treatment has increased. For instance, as per an October 2021 update by DermaCare, cosmetic procedures were expected to rebound to their pre-pandemic levels by October 2021. Thus, the increased patient visits are likely to increase the demand for therapy, which in turn is anticipated to fuel market growth over the forecast period.

Polycystic ovary syndrome (PCOS) is becoming more common, and more people are having problems with their hair, both in terms of how it looks and how it makes them feel.

Body hair is not considered acceptable by numerous cultural and global beauty standards. In every country, facial hair is thought to be unattractive for women. As a result, patients with hirsutism experience increased psychological pressure to adhere to societal expectations of appearance and aesthetics. This is increasing the demand for various hair removal products and options that help get rid of unwanted hair permanently, thereby propelling market growth. For instance, according to an article published in the August 2022 issue of NCBI, some of the causes of hirsutism include the hyperproduction of androgens, whether of ovarian or adrenal origin, and medications such as androgens, glucocorticosteroids, progestins, estrogen antagonists, and others. In addition, as per the same source, the prevalence of hirsutism varies from 10% to 50% among the female population.

Also, a meta-analysis of data published in the June 2022 issue of Human Reproductive found that 26% of people with type 1 diabetes had PCOS.As per the same source, the prevalence of polycystic ovary morphology was 34% in 2021, followed by hyperandrogenemia (29%), hirsutism (24%), and oligomenorrhea (24%). Thus, the high burden of hirsutism among the population is expected to increase the demand for hair removal products and treatment options, which in turn is anticipated to augment market growth over the forecast period.

Also, the growing company's focus on making different products and tools for hair removal is helping the market grow.For instance, in December 2022, Urban Yog launched a painless hair removal spray for women. The spray comes in a foam-based texture and is made with a unique formulation of aloe vera and tulip extracts that leaves the skin supple and removes tan. In addition, in July 2022, Veet will launch Veet Pure, a new dermatologically tested range designed to improve consumers' hair removal experiences. Veet Pure offers a superior, effective, and painless home hair removal treatment by combining natural extracts of cucumber, aloe vera, and grapeseed oil with a recipe that is simplified to meet the changing needs of contemporary women.

Due to things like the growing number of women with polycystic ovary syndrome (PCOS) and the rising number of business activities, it is expected that the market will grow over the next few years. But the high price of laser hair removal is likely to slow the growth of the hirsutism market over the next few years.

Hair removal procedures, such as lasers and intense pulsed light (IPL) techniques, are the fastest-growing procedures in the market. Laser hair removal for hirsutism management requires numerous treatment sessions due to the fact that the hair can only be removed during the anagen phase of growth. The number of sessions depends on the area that has to be treated, along with the thickness of the hair and the type of skin.

The "Hair Removal Procedures" segment is expected to witness significant growth in the hirsutism market over the forecast period. The factors contributing to segment growth are the increasing awareness of hirsutism among the population, the growing female population, and emerging advanced products.

Traditional hair removal methods such as threading, waxing, plucking, and bleaching have largely been replaced by laser hair removal due to its superior long-term results.For instance, according to an article published in the Journal of Clinical and Aesthetic Dermatology in June 2022, it has been observed that lasers are now the preferred method for getting rid of unwanted hair because of developments in laser technology. Thus, continuous improvements in technology and increasing adoption of laser treatments among the population are expected to fuel the growth of the studied segment over the forecast period.

Also, laser hair removal is becoming more popular because it works better than other methods for dealing with hirsutism.For example, in January 2021, the founders of Blvck Ldn, a company that makes high-tech and high-quality skin care products, said that they had sold more than 20,000 Blvck laser hair removal devices, which was a very impressive milestone.Also, the growing female population across the globe raises the demand for effective hair removal procedures, which is anticipated to increase the company's focus on developing the latest and most advanced devices, hence propelling the segment's growth.

Furthermore, rising company activities in developing advanced hair removal systems and increasing product launches increase population adoption of various hair removal procedures, which is expected to fuel segment growth.For instance, in July 2022, Ulike launched a next-generation intense pulsed light (IPL) hair removal device, the Ulike Sapphire Air Series, including the Air+ and Air, in the United States. The devices are equipped with medical-grade diamond and sapphire ice-cooling hair removal technology, which destroys the nutrient supply of the dermal papilla and hair follicles, permanently reducing hair regrowth over time to bring users silky smooth, hair-free skin.

Therefore, owing to factors such as the rising demand for laser hair removal treatment due to its long-term benefits and rising product launches, the studied segment is expected to grow over the forecast period.

Over the next few years, the Asia-Pacific region is expected to grow a lot. This is because more people are getting cosmetic procedures to get rid of too much body hair and more people are getting PCOS and hirsutism.Also, Japan, China, India, and South Korea are the biggest markets in the Asia-Pacific region. This is mostly because these countries are very aware of laser hair removal techniques and have high rates of diagnosis.Also, Japan has the most laser hair removal procedures of any country in the world, which is another factor in the growth of this market in the Asia-Pacific region.

Polycystic ovarian syndrome (PCOS), which can lead to hirsutism, is becoming more common in women. This is the main thing that is driving market growth in the region.For example, an article in the Lancet Regional Health from August 2022 says that PCOS has become a major public health issue around the world.In China, many women between the ages of 20 and 49 have been diagnosed with PCOS in recent years. It is thought that about 24.0 million Chinese women of reproductive age have PCOS.Also, an article in the Journal of Diabetology in September 2021 said that the number of women with PCOS between the ages of 17 and 45 was between 5.5% and 12.6%.So, the high number of people with PCOS makes more people want hair removal products and treatments, which is expected to boost market growth in the region over the next few years.

Furthermore, an article published in the March 2021 issue of the Journal of Lasers in Medical Science discussed an Indian hospital-based comparative, observational prospective study on the treatment of hirsutism with laser hair removal. The study indicated that the long-pulsed (1064 nm) Nd:YAG laser is a very safe and effective means of hair reduction. Such studies are likely to add to the growth of the market over the forecast period.

Over the next few years, the market is also expected to grow because more products are being approved and released in the region. For example, in December 2021, Australia's Laser Clinics entered the Asia-Pacific region by partnering with Privé Clinic to offer a variety of skin, body, and cosmetic injectable treatments, such as laser hair removal and CoolSculpting.Also, in February 2021, the government gave Medical U&A, a subsidiary of Osaka-Gunze Limited, permission to make and sell the MeDioStar Monolith long-term hair reduction diode laser. This is the latest design and technology innovation, and it has the most power, the shortest pulses, and the most handpieces in Japan.

Thus, the studied market is expected to grow in the region over the next few years. This is because PCOS is a big problem, more people are using advanced laser hair removal technology, and more products are getting approved.

The hirsutism market is not very consolidated, but it is growing quickly and a lot of new companies are getting into it. The major players in the market include Ajanta Pharma, Alpaya Dermaceuticals, Nisim Inc., Cynosure Inc., Lumenis Inc., Alma Lasers Ltd., Pfizer, and Sciton Inc., among others.

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