Market Trends of Hair Removal Devices Industry
This section covers the major market trends shaping the Hair Removal Devices Market according to our research experts:
Laser Devices Segment is Expected to Witness Significant Growth Over the Forecast Period
By using an aesthetic device, lasers help remove unwanted hair from all body parts. Precision, speed, and predictability in the hair removal process are some of the advantages of laser devices for which it has gained popularity in recent years. Also, the article published in August 2021 in the National Library of Medicine stated that a variety of laser devices are available and are known as the most effective options for long-term hair reduction. Hence, owing to the advantages offered by laser hair removal devices, the adoption of these products is likely to increase among the target population, ultimately driving segment growth.
Furthermore, continuous product launches by major players and product approvals in the market are expected to positively affect the growth of the segment. For instance, in June 2022, Cynosure launched the Elite iQ platform for laser hair removal and skin revitalization in the United States, Europe, and Australia. Elite iQ platform offers customized laser hair removal treatments for all skin types including face, back, chest, arms, underarms, bikini area, and legs. Also, in April 2021, Osaka-Gunze Limited obtained government approval in Japan to produce and sell the long-term hair reduction diode laser, MeDioStarMonolith, in Japan. The company also launched the same product in April 2021. Furthermore, in October 2022, Sensus HealthCare Inc., launched the portable Silk by Sensus hair removal system with blended wavelengths at the Fall Dermatology Conference in Las Vegas.
Therefore, the laser devices segment is expected to witness significant growth over the forecast period due to the above-mentioned factors such as the advantages offered by laser hair removal devices, frequent product launches by major players, and product approvals in the market.
North America is Expected to Hold Significant Share in the Hair Removal Devices Market Over the Forecast Period
North America is expected to hold a notable share of the market owing to factors such as the easy availability of technologically advanced products and high awareness among consumers about physical grooming and aesthetic appearance in the region.
Furthermore, the increasing adoption of hair removal procedures in this region is also expected to contribute to the growth of the market over the forecast period. For instance, the report published by the Aesthetics Society in 2022 mentioned that the number of hair removal procedures recorded in the United States in 2021 was 454,954 which is a 69% increase from 2020. Such an increase in hair removal procedures is expected to contribute to the growth of the market.
Also, the increasing launches of healthcare centers that offer hair removal services in North American countries are expected to contribute to the growth of the market. For instance, in September 2022, GoLaser Clinics is launched in Toronto, Canada, to provide advanced laser hair removal services to their consumers in Canada. Thus, the increasing establishment of hair removal clinics is also expected to contribute to the growing demand for advanced hair removal devices, thereby contributing to the growth of the market.
Key product launches and product approvals, high concentration of market players, and manufacturers' presence in the United States are some of the factors driving the growth of the hair removal devices market in the country. For instance, in October 2022, Endymed Ltd received FDA approval for the marketing and sales of Pure Laser, a hair removal device, in the United States. Also, in January 2022, Homiley, a United States-based company, launched their at-home IPL hair removal to save women from razor bumps or ingrown hair. These continuous product launches in the region are anticipated to drive the growth of the market in the country.
Therefore, owing to the aforesaid factors such as the increasing adoption of hair removal procedures, the presence of major market players along with frequent product launches, the growth of the studied market is anticipated in the North American region.
