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The global hair removal devices market provides a safe and long-lasting solution for unwanted hair removal. These devices use various methods such as laser, intense pulsed light (IPL), and electolysis to destroy hair follicles. Laser hair removal devices use high-intensity beams of light to selectively damage the melanin in hair follicles. IPL devices emit broad-spectrum light that is absorbed by melanin in the hair. This heats and damages the root of the hair, inhibiting future hair growth.
These innovative devices offer fast, painless, and effective hair removal. A single laser treatment can reduce hair growth by up to 80% with additional touch-up sessions providing long-term hair reduction. The convenient “no-touch” process alleviates the discomfort often associated with traditional waxing and shaving methods. With precise targeting of light-energy only at hair follicles, the surrounding skin remains untouched, reducing risks of scarring, infections and skin damage.
The global 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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the hair removal devices market is the increasing adoption of at-home use devices. Various companies are launching affordable at-home IPL and laser hair removal devices that can be used safely and effectively at home. For instance, Tria Beauty offers a home-use laser hair removal device that received FDA clearance. These inexpensive home-use devices allow consumers to experience professional hair removal treatments in the comfort of their own homes at their own convenience. Their growing popularity is attributed to benefits like lower costs compared to salon treatments and the ability to fit hair removal into personal schedules without time-consuming salon visits. This increasing demand and consumer preference for home-use technologies is expected to significantly contribute to the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and technological advancements lower the threat of new entrants. However, existing players have strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and price sensitivity. However, brand loyalty and increasing disposable incomes mitigate this power.
Bargaining power of suppliers: Dependence on few technology suppliers increases their bargaining power. However, availability of substitutes balances this power.
Threat of new substitutes: Threat from alternative hair removal techniques like waxing, sugaring etc. remains moderate due to ingrained consumer preferences for convenience and efficacy.
Competitive rivalry: Intense competition due to significant number of global and regional players. Innovation, brand positioning, and competitive pricing differentiate players.
Key Takeaways
The global hair removal devices market is expected to witness high growth owing to growing demand for long-lasting hair removal methods and proliferating spas and salons.
Regional analysis: Asia Pacific is poised to grow at fastest pace during the forecast period driven by rising incomes, growing awareness, and increasing availability of devices in the region. China, Japan and India will be major revenue generators.
Key players: Key players operating in the hair removal devices market are 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. Players are focusing on launching innovative products to gain competitive advantage.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
