February 26, 2024

The rising aesthetic consciousness to propel the growth of Hair Removal Devices Market

The global Hair Removal Devices Market is estimated to be valued at US$ 1200 Mn or 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 Overview:
Hair removal devices are non-invasive beauty devices used to remove unwanted facial and body hair. Various types of hair removal devices available in the market are laser hair removal devices, IPL hair removal devices, and other devices such as electrolysis devices and thermolysis devices. Laser hair removal devices work by delivering energy through light pulses to target the melanin in the hair. This energy passes through the epidermis and is absorbed by the melanin in the hair follicle. IPL hair removal devices use a broad spectrum of light that targets dark pigments found in hair follicles. These devices provide long-lasting and effective hair reduction with minimum discomfort.

Market key trends:
One of the key trends in the hair removal devices market is the growing demand for at-home beauty devices. The emergence of advanced at-home laser hair removal and IPL devices has made hair removal treatment more convenient and affordable for consumers. Manufacturers are focusing on developing multi-functional devices that can be used for various beauty procedures like skin resurfacing, skin tightening, and hair removal. Furthermore, increasing social media marketing by leading companies is effectively promoting the usage of these devices. Manufacturers are promoting the latest technologies and treatment outcomes through various online campaigns and influencer marketing. This is increasing brand awareness and driving sales of home-use hair removal devices.
Porter’s Analysis
Threat of new entrants: The hair removal devices market requires large capital investments and established distribution channels. These barriers make the threat of new entrants moderate.
Bargaining power of buyers: Individual buyers have high bargaining power due to a large number of product options. However, bulk buyers like dermatology clinics have moderate power due to their volume purchase.
Bargaining power of suppliers: The presence of a large number of technology providers limits the bargaining power of suppliers in the hair removal devices market.
Threat of new substitutes: Alternatives like waxing and shaving are growing but lack the precision and convenience offered by devices. This keeps the threat low.
Competitive rivalry: The presence of global and regional players makes competition high in the market.

Key Takeaways
The global hair removal devices market is expected to witness high growth, exhibiting CAGR of 9.9% over the forecast period, due to increasing preference for long-lasting hair removal solutions.
Regional analysis: North America dominates the market owing to rapid adoption of new technologies. Asia Pacific is expected to witness the fastest growth over the forecast period led by countries like China and India.
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. Technological advancements by these players through innovations and product launches will further drive the market during the forecast period.