Laser Hair Removal Market Size, Share & Trends Analysis Report By Laser Type (Nd:YAG, Diode, Alexandrite), By End-use (Beauty Clinics, Home Use), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global laser hair removal market size was valued at USD 443.84 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 20.6% from 2021 to 2028. The shifting trend towards maintaining optimal aesthetic beauty is one of the major drivers of the market. Various technological advancements in aesthetic lasers are also augmenting the market growth. For instance, the mixing of modalities, founded by Quanta Systems in the Thunder MT system is one of the recent innovations in the market. This technology is also effective for other treatments like blue veins, which cannot be treated with Nd:YAG solely. Mixing modalities are increasingly gaining popularity with great results in just one treatment. It allows specialists to operate photo-rejuvenation facials in only 15 minutes.

Rising concerns regarding facial hair, such as hair growth on lips, neck, chin, and sideburn area, are also driving the market. Laser hair removal is a commonly used cosmetic procedure as it uses extremely concentrated light beams, which focus on hair follicles, absorbs the existing pigment, and destroys the hair. Moreover, the easy availability of these devices in medical stores that offer personal care products is augmenting the product demand, thereby driving the market growth.

However, the high cost of hair removal treatment at beauty centers or dermatology clinics is posing a challenge to the market. On the other hand, the growing number of FDA-approved products that are comparatively cheaper than the procedures will provide a growth opportunity for the market. Products, such as Veet Infini’Silk Pro, Remington IPL6000 I-Light Pro, Silk’n Flash&Go, and more are approved by the FDA owing to their safety and efficiency.

In addition, increasing disposable income levels and potential growth opportunities in developing regions like Asia Pacific will support market growth. The Covid-19 pandemic has disrupted several industries globally including the aesthetics industry. As for the market, initially, most of the non-emergency dermatology consultations were discontinued or discouraged. During this time, telecommunication gained popularity as the preferred mode of communication for both patients and surgeons. Recently, due to the ease of lockdown restrictions, services have resumed in a staggered manner with strict measures to be followed in most of the countries.

Laser Type Insights

The diode segment held the maximum share of over 39% of the laser hair removal market in 2020 owing to the high precision offered by these products. Diode lasers can selectively target a particular body part and effectively remove the hair without harming the surrounding skin of the area. Moreover, the reasonable time required for removing hair according to the body area and volume of hair is augmenting the product demand.

These lasers are most effective for the dark terminal hair and are comparatively less effective on lighter. However, efforts are being taken by the manufactures for a similar effect on light terminal hair as well. They cover larger areas of the body and have fast repetition rates. Intense Pulsed Light (IPL) is a laser equivalent as it also uses selective photothermolysis for the removal of hair. However, these devices could not gain much popularity owing to complexity in use and lack of skilled professionals for operating the equipment.

End-use Insights

The beauty clinics segment held the highest market share of more than 53% in 2020 and is also anticipated to register the fastest CAGR over the forecast period. This growth can be attributed to quick adoption and wide usage of technologically advanced products in beauty clinics.

In addition, the high demand for non-invasive hair removal treatments is propelling the segment growth. Unlike traditional methods, such as waxing and hair plucking, laser treatments are painless. Hence, the increased popularity of the targeted treatment is influencing the segment growth. The dermatology clinics segment is expected to grow at a steady pace owing to the increased safety and efficiency of the treatments offered by dermatologists.

Beauty centers are increasingly adopting FDA-approved laser hair removal devices due to the growing demand for painless hair removal procedures. This treatment is effective with the integration of advanced technologies. Some of the patients might require topical anesthesia while operating in sensitive areas. Some of the common side-effects of getting treated by lasers are red and swollen skin, which may seem like sunburn. However, these side-effects do not last longer than a few hours, giving a permanent solution.

Regional Insights

North America led the market in 2020 with a market share of over 34% owing to an increase in demand for hair removal procedures, the presence of well-established dermatology clinics, and the availability of skilled professionals in the region. Professionals in North America widely used aesthetic lasers for various purposes.

Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the growing incidences of skin damage and increasing population, especially in China and India. In addition, changing lifestyles, rising consumer disposable income levels, and the rapidly expanding medical tourism sector in the emerging economies of Asia Pacific are supporting the market growth.

Key Companies & Market Share Insights

The market players focus on growth strategies, such as mergers and acquisitions, development in existing devices, promotional events, and technological advancements. For instance, recently, Alma acquired Medical Nova for business outreach and for establishing a direct operation in Israel. The acquisition aims at maintaining Alma’s leading position in the industry. Some of the key companies in the global laser hair removal market include:

• Syneron Medical Ltd.

• Sciton, Inc.

• Alma Lasers, Ltd.

• Cynosure, Inc.

• Cutera Inc.

• Lumenis Ltd.

• Lutronic Corp.

• Lynton Lasers Ltd.

• Solta Medical, Inc.

• Strata Skin Sciences, Inc.

• Venus Concept Canada Corp.

Laser Hair Removal Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global laser hair removal market report on the basis of laser type, end-use, and region:

• Laser Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Diode

  • Nd:YAG

  • Alexandrite

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Beauty Clinics

  • Dermatology Clinics

  • Home Use

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Singapore

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE