Hair Removal Devices Market Is Estimated To Witness High Growth Owing To Increasing Demand for Aesthetic Procedures and Growing Disposable Income

 

 

The Hair Removal Devices market is estimated to be valued at US$ 1200 Mn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Hair removal devices are equipment used to remove unwanted hair from different parts of the body. These devices use various technologies such as laser, intense pulsed light (IPL), and radiofrequency to target hair follicles and inhibit their growth. The increasing demand for aesthetic procedures, especially among the younger population, is driving the adoption of hair removal devices. Moreover, the growing disposable income of individuals is further fueling the market growth. The market offers a wide range of hair removal devices including professional devices used in beauty salons and spas, as well as consumer devices for at-home use.

 

Market Dynamics:

The Hair Removal Devices Market is primarily driven by two factors. Firstly, the increasing demand for aesthetic procedures is propelling the adoption of hair removal devices. In recent years, there has been a surge in the number of individuals opting for laser hair removal treatments due to the convenience and long-term efficacy offered by these devices. Additionally, the rising awareness about personal grooming and the desire for smooth, hair-free skin are further contributing to the market growth. Secondly, the growing disposable income of individuals is providing a significant boost to the market. As disposable incomes increase, consumers are willing to spend more on beauty and personal care products, including hair removal devices. This trend is particularly prominent in emerging economies, where the middle class is expanding rapidly.

 

Segment Analysis:

 

The hair removal devices market can be segmented based on product type, end-user, and region. In terms of product type, the dominating segment is laser-based devices. Laser-based devices offer superior precision, efficiency, and long-lasting results compared to other hair removal methods. They are widely used in professional settings and are increasingly being adopted for personal use as well. The laser-based devices segment is expected to witness significant growth during the forecast period due to increasing awareness about aesthetic procedures and advancements in laser technology.

 

PEST Analysis:

 

– Political: The hair removal devices market is influenced by government regulations and policies related to medical devices and aesthetics. Stringent regulations regarding safety and efficacy are driving manufacturers to develop innovative and compliant products.

 

– Economic: The growing disposable income and increasing desire for aesthetic enhancement are driving the demand for hair removal devices. Economic growth in emerging markets is creating new market opportunities for key players in the industry.

 

– Social: Changing beauty standards and the desire for smooth, hair-free skin are key social factors driving the adoption of hair removal devices. Social media trends and celebrity influence also play a role in shaping consumer preferences.

 

– Technological: Technological advancements, such as the development of laser technologies with improved safety and efficiency, are driving the growth of the hair removal devices market. The integration of advanced features, such as cooling systems and smart sensors, is enhancing the user experience.

 

Key Takeaways:

 

The global hair removal devices market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period (2023-2030), due to increasing disposable income, changing beauty standards, and advancements in laser technology. The market size for 2021 was estimated to be US$ 1200 million.

 

In terms of regional analysis, North America is the fastest-growing and dominating region in the hair removal devices market. The high adoption of aesthetic procedures, presence of key players, and increasing consumer awareness about advanced hair removal technologies are driving the market growth in this region.

 

Key players operating in the hair removal devices market include Alma Lasers Ltd, Cutera Inc., Cynosure Inc., Fotona d.d, Lumenis Ltd, Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Strata Skin Sciences Inc., Syneron Medical Ltd., and Venus Concept Canada Corp. These key players are focusing on product development, strategic collaborations, and geographic expansion to strengthen their market position.

 

Read More: https://www.trendingwebwire.com/food-grade-calcium-chloride-market-size/

Leave a Comment