Market Size of Hair Removal Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hair Removal Devices Market Analysis
The hair removal devices market is expected to register a CAGR of 9.8% over the forecast period.
The COVID-19 pandemic had a substantial impact on the hair removal devices market initially. The strict lockdowns and government regulations intended to impede the spread of COVID-19 resulted in a decrease in demand for products across aesthetic segments. However, the sales of home-use hair removal devices observed a significant increase during the pandemic. For instance, a cross-sectional survey conducted to evaluate the practices related to the use of light-based home-use hair removal devices was published in January 2022 in the International Journal of Trichology (Hair Research Society of India), and the results of the survey showed a significant rise in adoption of light-based home-use hair removal devices among the population during the outbreak. Thus, the COVID-19 outbreak affected the market's growth notably in its preliminary phase; however, the market is expected to gain traction during the post-pandemic period due to the significant increase in demand for hair removal devices globally.
Factors such as the rise in the availability of advanced products, increasing awareness about enhancing aesthetic appeal, and the rise in disposable income levels and spending on personal care products are among the major factors driving the growth of the studied market. Additionally, the increasing adoption of hair removal procedures is also expected to contribute to the growth of the market. For instance, in the report published by the Aesthetic Society published in 2022, the number of hair removal procedures performed among females in the United States was 423,861 in 2021, and among males was 26,430. Therefore, the adoption of hair removal procedures is poised to accelerate the growth of the hair removal devices market globally and is expected to increase in the future.
In addition, advanced product launches and strategic activities by major players, and rising product approvals in the market are positively affecting the growth of the studied market. For instance, in March 2022, Cynosure, entered into a distribution partnership with Jeisys Medical KK in Japan. Under the terms of the agreement, Jeisys Medical will have exclusive distribution rights for key premier products within Cynosure's energy-based laser portfolio, including hair removal devices in Japan. Also, in May 2021, Philips launched the Lumea Series 9000, its fastest and most efficient intense pulse light hair removal solution for home use. Thus, owing to the product launches and partnerships, the studied market is expected to have significant growth over the forecast period.
However, the inflated cost of hair removal devices is likely to impede the market's growth.
