Laser Hair Removal Market

Laser Hair Removal Market Research, 2031

The global laser hair removal market size was valued at $583.99 million in 2021, and is projected to reach $2.51 billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.Laser hair removal is a non-invasive aesthetic procedure performed to remove unwanted hair from face, leg, chin, back, arm, underarm, bikini line and other areas. Concentrated beam of light is used in the procedure of laser hair removal treatment. Intensely concentrated light is used in the procedure to penetrate the hair follicles. The laser light is absorbed by the pigment in the hair shaft, which causes the follicle to heat up and become damaged, halting the growth of new hair. There are different types of laser hair removal procedures, which include alexandrite laser hair removal, diode laser hair removal ruby laser hair removal and Nd:YAG system.  

The COVID-19 outbreak is anticipated to have a negative impact on growth of the global laser hair removal market. A number of clinics and hospitals were restructured to increase hospital capacities for patients diagnosed with COVID-19. Non-essential surgical procedures were cancelled due to pandemic. Laser hair removal procedures are non-emergency aesthetic procedures that significantly hampered revenue of aesthetic companies. In addition, sudden sharp cut in monthly income of population anticipated to have negative impact on laser hair removal market.

Growth of the global laser hair removal market size is majorly driven by increase in number of laser removal procedures, rise in number of product launch and product approval in field of laser hair removal treatment and rise in self-awareness among the young population regarding physical appearance. Moreover, increased urge to look beautiful cause rise in adoption of laser hair removal treatment in the female population. Thus, this factor is anticipated to fuel the laser hair removal market growth. For instance, according to International Society of Aesthetic Plastic Surgery (ISAPS), in 2020, 1,837,052 hair removal procedures were performed worldwide. As per the same source, it was also reported that around 1,538,982 hair removal procedures were performed in female population. Moreover, according to American Society of Plastic Surgeons (ASPS), 635,618 hair removal procedures were performed in the U.S. As per the same source, 84% hair removal procedures were performed in female population. The hormonal changes in female population cause increase in the growth of unwanted facial hair, which increases the demand for laser hair removal treatment.

Moreover, global laser hair removal market share is being fueled by factors such as increase in sedentary lifestyles, greater concern for physical appearance, rise in number of celebrity and professional women, and rise in disposable income. In addition, rise in the number of laser hair removal industry for product launch in laser hair removal sector fuels the market growth. For instance, in February 2020, Bison Medical, a medical equipment manufacturing company, announced the launch of Accento N dual alexandrite laser of two modes includes 755nm long pulsed alexandrite laser and 1064nm long pulsed Nd: YAG laser used for hair removal and pigmented lesions. Moreover, increase in adoption of different strategies such as collaboration, and partnership among the key players in the field of aesthetic procedures propels the growth of laser hair removal market. For instance, in January 2021, Candela Syneron, a healthcare company announced the collaboration with Merz Aesthetics, world’s largest medical aesthetic company, to provide broadest medical aesthetic portfolio. Increase in self-awareness among young population regarding aesthetic appearance propels the demand for laser hair removal treatment.

On the other hand, high cost of laser hair removal procedure is anticipated to hinder the market growth. Moreover, risk associated after laser hair removal procedure such as skin irritation, temporary discomfort, redness and swelling and pigment changes hamper the growth of the laser hair removal market.

Laser Hair Removal Market Segmentation

The laser hair removal market is segmented into Type, Gender, Age group and End User.. On the basis of type, the market is segmented into alexandrite laser hair removal, diode laser hair removal and others. Others include ruby laser hair removal, and Nd:YAG system. By gender, the market is bifurcated into male and female segment. On the basis of age group, the market is divided into 13 to 29, 30 to 54, and 55 to 69. On the basis of service provider, the market is segmented into hospitals, clinic and others. Others segment includes beauty salon and at home. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment Review

The alexandrite laser hair removal segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period, owing to rise in the adoption of alexandrite laser hair removal procedure. On the other hand, diode laser hair removal segment is expected to witness considerable market growth during the forecast period, owing to advancement in the technology in aesthetic sector.

The female segment dominated the market in 2021, and is expected to continue this trend throughout the laser hair removal market forecast, owing to rise in awareness among female population regarding physical appearance and increase in number of laser hair removal procedure in professional women.

The 30 to 54 segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period, owing to increase in disposable income, and rise in number of laser hair removal procedures among population aged 30 to 54. However, the 13 to 29 segment is expected to witness considerable growth during the forecast period, owing to increase in demand for personal appearance.

The hospitals segment dominated the market in 2021, and is expected to continue this trend throughout the forecast period, owing to increase in number of hair removal procedures in hospital and rise in the number of professionals to conduct laser hair removal procedure. However, the clinic segment is expected to witness considerable growth during the forecast period, owing to increase in number of laser clinics and dermatology clinics and rise in awareness among people about laser hair removal treatment.

The North America market was dominant, in terms of revenue among other regions in 2021, owing to increase in number of laser hair removal procedure, technological advancement and presence of key players. On the other hand, Asia-Pacific was the second-largest contributor in the market in 2021, and is expected to register fastest CAGR during the forecast period, owing to increase in awareness among the people regarding availability of laser hair removal services and rise in disposable income.     

Some of the major companies that operate in the global laser hair removal market include Almas Laser, Candela Corporation, Cutera, Cynosure, Hairline International Hair & Skin Clinic, La Mer Medical Spa & Yoga, Lira Style, Lumenis, LUTRONIC, Lynton Laser, Pure Luxe Medical, Regeneveda, Sciton, Inc., SEV Laser, SkinMD, Solta Medica (Bausch Health Companies Inc.), and Venus Concept.                

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the laser hair removal market analysis from 2021 to 2031 to identify the prevailing laser hair removal laser hair removal market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the laser hair removal market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global laser hair removal market trends, key players, market segments, application areas, and market growth strategies.

 Laser Hair Removal Market Report Highlights