Laser hair removal market is anticipated to grow at a CAGR of 18.5% during the forecast period.  Technological advancements have led to a non-surgical and non-invasive method of hair removal which is gaining traction among consumers. The immense popularity and adoption of non-invasive treatment are attributed to their rare side effects than invasive ones, coupled with the necessary approval of products from the US FDA. The rising number of FDA-approved products owing to their safety and efficiency has attracted a huge number of customers and will provide a growth opportunity for the market. For instance, in 2020, Venus Concept Inc. announced that it has received FDA 510(k) clearance to market and sell Venus Epileve. The product is intended for the treatment of hair removal, permanent hair reduction and pseudofolliculitis barbae. Venus Epileve is a new product introduced by the company which extends its diode laser hair removal offering. 

Impact of COVID-19 Pandemic on the Global Laser Hair Removal Market

COVID 19 pandemic has affected almost every industry including the aesthetic industry. Complete disruption in manufacturing and supply chain and several trade barriers all over the world has resulted in the closing of beauty and medical clinics which negatively impacted the market growth. Moreover, owing to the pandemic fear, many people have stopped considering the need for hair removal procedures. Therefore, the COVID-19 pandemic has negatively impacted the market as the demand for laser procedures has fallen drastically. On the other side, the adoption of home-based laser hair removal devices has increased rapidly. This has led to increased sales of the product in the homecare setting. 

Segmental Outlook 

The global laser hair removal market is segmented based on the type, source, and application. Based on the type, the market is segmented into alexandrite laser hair removal, diode laser hair removal, Nd:YAG laser hair removal, ruby laser hair removal, and others. Based on the end-user, the market is segmented into homecare, dermatology clinics, and beauty clinics. Among the type segment, the diode laser hair removal segment is expected to cater to a prominent market share during the forecast period, however, the Nd: YAG laser hair removal segment is expected to witness significant growth during the forecast period.

Diode Laser Hair Removal Segment Holds Prominent Share in the Global Laser Hair Removal Market

The diode laser hair removal segment is expected to hold a prominent market share in the global laser hair removal market owing to the high precision offered by this procedure and its effectiveness in darker skin and thick hair. The diode is the most promising laser for hair removal operating at a wavelength of 800 - 810nm. The diode laser features a longer wavelength and is hence able to provide superior results among dark-skinned people. This laser procedure provides safer and deeper penetration into the skin layer without harming the surrounding skin area. Attributing to the aforementioned features, the market players are inclining towards the launch of more advanced diode laser hair removal with increased efficiency. For instance, DermaJEM announced the launch of the Anima Forza Tri-Diode Laser, a triple wavelength diode laser. The Forza features 755,808, and 1064 wavelengths making it the gold standard for hair removal. The multiple wavelengths and technologies incorporated in the product enable professionals to treat a wide range of hair types. With its 1200W power, the Forza emits strong pulses to destroy the deep root of the hair follicle without damaging the surrounding tissue for effective hair removal.

Regional Outlook

The global laser hair removal market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Among these, the North American laser hair removal market holds a prominent share of the market; however, the Asia-Pacific region is projected to experience considerable growth in the laser hair removal market during the forecast period.

Global Laser Hair Removal Market Growth, by Region 2022-2028

North American Region to Witness Prominent Share in the Global Laser Hair Removal Market

North American region is expected to hold a prominent share in the global laser hair removal market owing to the presence of well-established dermatology clinics coupled with the availability of skilled professionals in the region. The well-established dermatology infrastructure in this region has increased the demand and adoption of hair removal procedures among people. To meet the growing demand for hair removal and skin revitalization solutions for men and women in this region, companies are inclining their efforts by introducing next-generation laser hair removal devices. In 2020, Cynosure announced the US launch of the Elite iQ platform which is the next generation of the Elite+ Aesthetic Workstation. As compared to its previous version the product offers faster treatments with higher max energy. The Elite iQ platform leverages Skintel, a live Melanin Reader, to offer customized laser hair removal treatments and permanently reduce unwanted hair for all skin types from anywhere on the body including the face, back, chest, arms, underarms, bikini area and legs.

Market Players Outlook

The major companies serving the global laser hair removal market include Alma Lasers GmbH, Candela Corp., Cutera, Inc., Cynosure, LLC, and Venus Concept.  The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in 2020, Lumenis Ltd. announced the launch of its newest platform, the LightSheer Quattro. LightSheer Quattro is the newest addition to its premium Lumenis LightSheer line as a flagship solution in the diode laser hair removal industry. The system provides laser hair removal treatments for all skin types with either 805nm or 1060nm wavelengths and with no downtime as well as treatment of pigmented and vascular lesions.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global laser hair removal market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.