Hirsutism market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Hirsutism Market is Segmented by Product (Hair Removal Equipment, Topical Hair Removal Products, and Other Products) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Hirsutism Market Overview
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 7.01 %

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Market Overview

The hirsutism market is expected to register a CAGR of 7.01% during the forecast period, 2022–2027.

The COVID-19 pandemic has moderately impacted the market's growth. The closure of several hospitals and clinics, including hair treatment clinics, led to a decrease in demand for hirsutism products among the patient population. Thus, the impact of the pandemic in the initial phase was adverse, however, the market is anticipated to gain traction over the coming years as the procedures and treatments resume worldwide, resulting in increased demand for hirsutism treatments. Moreover, numerous studies demonstrated that there was no direct link between hirsutism and COVID-19, thus, patients continued to recommence their treatments amid the outbreak. For instance, as per a study titled "Androgens and women: COVID-19 outcomes in women with acne vulgaris, polycystic ovarian syndrome, and hirsutism", published in July 2021, there was no evidence for an increased risk of COVID-19 infection, hospitalization, or mortality in women with acne vulgaris, polycystic ovary syndrome (PCOS), or hirsutism. Thus, such studies encouraged patients to persist in their treatment as COVID-19 disease did not pose any direct threat, thereby contributing to the market growth. Additionally, with the introduction of vaccines and the upliftment of lockdown, there was a high probability of people seeking hair removal treatment. For instance, as per an October 2021 update by DermaCare, cosmetic procedures were expected to rebound to their pre-pandemic levels from October 2021. More such clinics have started reopening since the fourth quarter of 2021. Thus, the market is expected to witness minimal COVID-19 impact over the coming years, which is expected to fuel the market's growth.

Furthermore, the major factors driving the market's growth are the cosmetic and psychological problems associated with unwanted hair. Global beauty standards and aesthetic expectations in various cultures do not approve of body hair. Facial hair is considered undesirable for women worldwide. Consequently, cases of hirsutism put extra psychological pressure on the patients to comply with normative beauty and aesthetic standards. This insecurity is fueling the trend of laser hair removal among patients. As per an August 2021 published article titled "Hirsutism" by the National Center for Biotechnology Information (NCBI), the exact prevalence of hirsutism is not well known and maybe 10% or even higher than 50%. The psychological problems that this disease causes depend on ethnic and socio-cultural factors. As per the same source, in some societies where the lack of hair is considered an important criterion of female beauty, minimal hirsutism could be considered a severe disorder, while much more pronounced hirsutism could be accepted in other societies. Thus, the demand for products used in the treatment of hirsutism is high and is anticipated to remain so in the coming period.

Several studies focusing on the other complications associated with hirsutism are also on the rise. For instance, an article titled "Insulin resistance and idiopathic hirsutism: A systematic review, meta-analysis, and meta-regression" published in the Journal of Cosmetic Dermatology in May 2022 indicated that insulin resistance parameters are related to idiopathic hirsutism (IH), although insulin resistance values in women with IH are not as high as in patients with polycystic ovary syndrome (PCOS). Such research studies are likely to add to the growth of the market over the forecast period.

However, the high cost of laser hair removal procedures and paradoxical hirsutism after laser therapy are the factors restraining the market's growth.

Scope of the Report

As per the scope of this report, hirsutism is referred to as a condition in women that results in excessive growth of dark or coarse hair in a male-like pattern on the face, chest, and back. The market is segmented by Product (Hair Removal Equipment, Topical Hair Removal Products, and Other Products) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Products
Hair Removal Equipment
Topical Hair Removal Products
Other Products
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Hair Removal Equipment Segment is Expected to Register a Rapid Growth Rate During the Forecast Period

The hair removal equipment segment is anticipated to hold a major share of the market over the forecast period. Hair removal equipment, such as lasers and intense pulsed light (IPL) equipment, represents the fastest-growing segment in the market. Laser hair removal in hirsutism management requires multiple treatment sessions as the hair can only be removed in the growth phase, known as anagen. The number of sessions depends on the area that has to be treated, along with the thickness of the hair and the skin type. The National Health Service, in its article on hirsutism updated in March 2022, also advocated the use of laser treatment as a long-lasting treatment method for people with hirsutism.

The major factors fueling the segment's growth are the increasing preference for laser hair removal treatments and the burden of hirsutism. For instance, as per a June 2021 published article, titled "Prevalence of idiopathic hirsutism: A systematic review and meta-analysis", out of 8,346 records retrieved through searching databases and other sources, eight studies were selected for the final analyses. The study results revealed that the pooled prevalence of idiopathic hirsutism among women was 7.74%. Thus, such studies indicate that the demand for hair removal equipment is significant, particularly among the female population, which is contributing to the segment's growth.

The popularity of laser hair removal is increasing, owing to its better efficacy as compared to other methods of hirsutism management. For instance, in January 2021, the founders of Blvck Ldn, a company that features a variety of innovative and high-quality skincare tools, reported they had reached a very impressive milestone with their Blvck laser hair removal device, with over 20,000 units sold.

Thus, due to the above-mentioned developments, the segment is anticipated to witness significant growth over the forecast period.

Number of Women (in billion), Global, 2019-2021

Asia-Pacific is the Fastest Growing Region in the Hirsutism Market

The Asia-Pacific region is anticipated to witness significant growth over the forecast period owing to an increase in cosmetic procedures that are used to remove excessive body hair. Moreover, Japan, China, India, and South Korea represent the largest markets in the Asia-Pacific region, primarily due to high awareness and diagnostic rates, along with the growing acceptance of laser hair removal techniques. Furthermore, Japan ranks first in terms of the total number of laser hair removal procedures across the globe, which is further contributing to the growth of this market in the Asia-Pacific region.

The Asia-Pacific region also witnesses a high burden of women suffering from polycystic ovarian syndrome (PCOS). As PCOS is associated with a high risk of developing hirsutism, the high burden of PCOS also leads to an increase in demand for hirsutism treatment products. In addition, as per a January 2021 published article, titled, "The prevalence of polycystic ovarian syndrome in Chinese women: a meta-analysis," which included 154,599 participants and 12,845 patients who developed polycystic ovarian syndrome (PCOS), the prevalence of PCOS was found to be 10.01% in 2020. As per an October 2021 article, titled "Contribution of Risk Factors to the Increasing Incidence of Polycystic Ovarian Syndrome in South Asian Women", more than 100 million women of reproductive age are affected by this syndrome, with a rise in incidence in rapidly developing urban environments in countries such as India, China, and Korea. Also, companies like Philips have witnessed an increase in demand for at-home IPL hair removal systems in 2020, leading to higher adoption rates in Asia-Pacific.

Another article titled "Comparative study of the clinico-trichoscopic response to treatment of hirsutism with long pulsed (1064 nm) Nd:YAG laser in idiopathic hirsutism and polycystic ovarian syndrome patients" published in the Journal of Lasers in Medical Science in March 2021 discussed an Indian hospital-based comparative, observational prospective study on the treatment of hirsutism with laser hair removal. The study indicated that the long-pulsed (1064 nm) Nd:YAG laser is a very safe and effective means of hair reduction. Such studies are likely to add to the growth of the market over the forecast period.

The emergence of several key players in the Asia-Pacific region is aiding the growth of the market. For instance, in December 2021, the Australia-based Laser Clinics entered the Asia-Pacific region by partnering with Privé Clinic to offer a range of skin, body, and cosmetic injectable treatments including laser hair removal and CoolSculpting. Such activities are adding to the market's growth.

Thus, due to the above-mentioned factors, the region is expected to witness significant growth during the forecast period.

Hirsutism Market - Growth Rate by Region

Competitive Landscape

The hirsutism market is moderately consodilated and is rapidly expanding, and several new entrants have entered the global market. The major players in the market include Ajanta Pharma, Alpaya Dermaceuticals, Nisim Inc., Cynosure Inc., Lumenis Inc., Alma Lasers Ltd., and Sciton Inc., among others.

Recent Development

  • In June 2022, Cynosure launched the Elite iQ aesthetic workstation, equipped with patented Skintel technology for laser hair removal in the United States, Europe, and Australia. The Elite iQ platform offers customized laser hair removal treatments for all skin types.
  • In March 2022, TermoSalud, a Spanish aesthetic device brand, launched its Eneka Pro, a powerful 500W diode laser hair removal device in the United Kingdom. The Eneka Pro is a medical-grade laser designed and manufactured under the TermoSalud ISO 13485 quality certification.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Cosmetic and Psychological Problems Associated with Unwanted Hair

      2. 4.2.2 Rising Prevalence of Polycystic Ovary Syndrome

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Laser Hair Removal Procedures

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value-USD million)

    1. 5.1 By Products

      1. 5.1.1 Hair Removal Equipment

      2. 5.1.2 Topical Hair Removal Products

      3. 5.1.3 Other Products

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle East & Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle East & Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Ajanta Pharma

      2. 6.1.2 Alma Lasers Ltd

      3. 6.1.3 Alpaya Dermaceuticals

      4. 6.1.4 Cynosure Inc.

      5. 6.1.5 Lumenis Inc.

      6. 6.1.6 Nisim Inc.

      7. 6.1.7 Sciton Inc.

      8. 6.1.8 Bayer AG

      9. 6.1.9 Merck & Co., Inc.

      10. 6.1.10 Pfizer Inc.

      11. 6.1.11 Cutera Inc.

      12. 6.1.12 El.En. S.p.A. (Asclepion Laser Technologies)​

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Hirsutism Market market is studied from 2019 - 2027.

The Global Hirsutism Market is growing at a CAGR of 7.01% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Nisim Inc, Lumenis Inc., Alma Lasers Ltd, Pfizer Inc., Cynosure are the major companies operating in Global Hirsutism Market.

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