The global laser hair removal market size is projected to reach USD 1,378.4 million by 2027, exhibiting a CAGR of 15.2% during the forecast period. Wide availability of advanced hair removal technologies will be one of the top growth drivers for this market, states Fortune Business Insights™ in its report, titled “Laser Hair Removal Market Size, Share & COVID-19 Impact Analysis, By Product (Diode, Alexandrite, Nd: YAG, and Others), By End User (Hospitals, Medical Spas & Specialty Clinics, and Others), and Regional Forecast, 2020-2027”. Laser hair removal treatments are gaining popularity owing to their proven efficacy in preventing hair growth. To capture this trend, many companies have developed a portfolio of novel hair removal systems based on laser technology. For instance, Nordlys, a hair removal machine by Ellipse uses both laser (Frax 1550 and Nd: YAG 1064) and Selective Waveband Technology to perform hair removal procedures. Similarly, the Thunder MT system from Advanced Esthetics Solutions integrates Nd: YAG and Alexandrite lasers, enabling the machine to perform a wide range of hair treatments. Thus, rising availability of such innovative hair technologies will brighten the prospects for this market in the coming years.
As per the report, the value of the global market stood at USD 551.4 million in 2019. The other highlights of the report include:
- Targeted analysis of the impact of COVID-19 on the market;
- Detailed study of the factors, trends, and constraints shaping the market;
- Careful evaluation of the regional dynamics influencing the market; and
- Thorough profiling and examination of the key market players and their strategies.
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Market Restraint
COVID Regulations to Halt Progress of the Market
To contain the spread of the coronavirus, countries around the world have implemented stringent measures in the form of lockdowns and social distancing. With medical professionals focused on treating COVID-19 patients, resources have been diverted away from elective procedures. This has spelled doom for the aesthetics industry and the laser hair removal market growth as most of the procedures and treatments in this domain are non-essential. Moreover, fears of getting infected have deterred people from visiting clinics and other health facilities, thus contracting the demand for hair removal and other aesthetic procedures. Now, many governments are now allowing partial resumption of services. However, businesses are being made to follow strict guidelines and many of them are abiding by them, keeping in mind the safety of their customers as well as employees. For example, New England-based Skin & Laser Surgery Center announced that it will be implementing the recommendations issued by the Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA) under their list of ‘Universal Precautions’.
Regional Insights
Rising Purchasing Power in India and China to Fuel the Market in Asia Pacific
Asia Pacific, where the market size stood at USD 209.7 million in 2019, is expected to dominate the laser hair removal market growth during the forecast period owing to rising disposable income and purchasing power in the rapidly developing economies of India and China. Increasing accessibility of advanced hair removal treatments is another factor that is anticipated to propel the market in this region.
In North America, the market will be primarily driven by the enthusiastic adoption of modern aesthetic technologies in the region. This has been made possible by the high spending ability of the people in the region along with a strong presence of specialized hair treatment clinics in the region. On the other hand, Europe is expected to maintain a prominent position in the market as reimbursement policies for non-essential procedures are extremely strong in the region.
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Competitive Landscape
Product Innovations to Command Attention of Key Players
Competition in this market is tight as key companies are focused on designing and developing innovative products to attract customers. These players are also taking exigent steps to sustain their business during the health crisis created by the coronavirus.
Industry Developments:
- May 2020: US-based medical device company, Lira Style, released its new aesthetics platform called “Cervello”. The platform is essentially a device allows clinically proven laser hair removal procedures on all skin types, combining 1064 long pulsed YAG, 808 diode, and 755 Alexandrite.
- January 2019: Alma Lasers announced the worldwide launch of Soprano Titanium, its novel laser hair removal system. It combines the company’s four proprietary technologies: 3D, simultaneous lasing in three wavelengths; Quattro, an extra-large spot size; ICE Plus, advanced cooling system; and Smart Clinic, a cloud-based business development platform.
List of Companies Profiled in this Market Report:
- CANDELA CORPORATION (Massachusetts, U.S)
- Lynton Lasers Ltd (U.K.)
- Alma Lasers (Israel)
- Fotona (Texas, U.S)
- Venus Concept (Toronto, Canada)
- Venn Healthcare (U.K.)
- Sciton, Inc. (California, U.S)
- Lumenis Ltd. (Israel)
- Cynosure (Massachusetts, U.S)
- Cutera (California, U.S)
