Laser Hair Removal Market by Product [Diode, Nd:YAG and Alexandrite], End User [Hospitals and Dermatology Clinics]– Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global laser hair removal market was pegged at ~US$ 445.5 million in 2020. The market is expected to witness a CAGR of ~20.4% from 2021 to 2031.
Changing lifestyle, technological advancements, rising disposable income, and growing demand for the aesthetic procedures are some of the pivotal factors propelling the growth of the laser hair removal market. However, high cost of laser hair removal treatment is likely to restrain the market growth to a certain extent.
Regulatory approvals and clearances from the government bodies help fast-track development and commercialization of the laser hair removal products. This in turn, helps propagate the market growth. For instance, in October 2019, the FDA granted market clearance for the Lutronic’s Clarity II 755nm and 1064nm wavelength platform. Clarity II is high-powered, dual-wavelength platform that delivers a wider range of parameters to help treat the broadest indications with ease.
Laser hair removal is one of the most popular aesthetic procedures. The treatment has gained acceptance globally and has become the standard for both women and men of all ages. Body hair may be undesirable for patients for cultural, social, cosmetic, or psychological reasons. Some patients require hair removal for medical purposes such as those affected by hirsutism, hypertrichosis, acne cheloidalis nucae, and pseudofolliculitis barbae. However, most people undergo these procedures for aesthetic reasons, primarily for the removal of unwanted hairs from the face, trunk, limbs, and genital area.
In an effort to maintain their position in the market, the prominent players are continuously taking efforts to launch novel and advanced laser hair removal products. For instance, in April 2020, Aldi Australia launched a DIY laser hair removal gadget for $89.99 to continue hair removal treatments at home during the COVID-19 pandemic.
However, high cost of laser hair removal treatment is expected to restraint the market growth to a certain extent. A small area, such as the underarms, can cost around US$ 150–300 per treatment, whereas a large area, like the legs, can cost around US$ 500-600 per treatment. The length of treatment varies from patient to patient, and most patients need at least four to six sessions to eternally reduce hair growth on the face, legs, back, arms, bikini, and other areas.
The Asia Pacific region is projected to be the fastest growing laser hair removal market. The high growth of region can mainly be attributed to developing healthcare infrastructure, rising disposable income, changing lifestyle, and growing number of laser based hair removal procedures. Countries such as India and China in the APAC region, are projected to offer significant growth opportunities owing to rising medical tourism in the region.
Some of the prominent players operating in the laser hair removal market are Solta Medical, Lutronic, Cutera, Alma Lasers, Candela Medical, Lynton Lasers Ltd, Strata Skin Sciences, Venus Concept, Lumenis, and Cynosure, among others.