Laser Hair Removal Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global laser hair removal market was valued at USD 955.8 million in 2022, and a CAGR of 19.1% is expected during the forecast period. Increasing awareness of personal care and self-grooming is driving the growth of the market significantly. Laser hair removal is a non-invasive aesthetic procedure performed to remove unwanted hair from the skin, legs, underarms, bikini line, and other areas.

A concentrated beam of light is used to remove the hair by this method. Increasing consciousness among people regarding skincare and beauty is driving the growth of the market. The increase in the number of laser removal procedures is driving the growth of the market.

Impact of Covid-19

The COVID-19 outbreak had a negative impact on the laser hair treatment market. Due to supply chain disruption, stringent lockdown conditions, and all the other factors, the market had to face a slowdown. Due to a shift in priorities in life, during COVID-19, people were only bothered about the essential goods.

A number of hospitals and clinics were restructured to meet the excess demand for COVID-19 patients’ treatment. Non-essential surgical procedures were cancelled due to the pandemic. A sudden, sharp cut in the monthly income of the population is anticipated to have a negative impact on the growth of the laser hair removal market.

Growth Drivers

The rise in the number of products launched and product approval had driven the growth of the laser hair removal market significantly. Increasing desire among ladies to look beautiful has driven the growth of the market significantly. The hormonal changes in the female population had caused unwanted hair growth on their faces. This factor has inclined the market toward significant growth.

The female population is the leading segment in this market. Increasing beauty consciousness, technological advancements in the devices, rising demand for non-invasive procedures, and the growing popularity of at-home laser devices are driving the growth of the market. The shift towards long-term hair reduction solutions is driving the growth of the laser hair removal market. Increasing awareness of people about the beauty consciousness, and increasing number of good beauty parlors all over the world is driving the growth in the market.

Segmentation

By type

·         Alexandrite Laser Hair Removal

·         Diode Laser Hair Removal

·         Others

By Gender

·         Male

·         Female

By Age Group

·         13-29

·         30-54

·         55-69

By End-User

·         Hospitals

·         Clinics

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Europe

·         Latin America

·         Middle East and Africa

Laser Hair Removal Market Gender Segmentation

On the basis of gender, the laser hair removal market is segmented into male and female. Females, due to their increasing awareness about beauty, are the leading segment and are expected to dominate during the forecast period. The increasing number of beauty parlors all over the world is driving the growth of the laser hair removal market. Women are more conscious of their physical appearance. Increasing female awareness about beauty products and physical beauty is the reason behind the growth of the market in the entire world.

Laser Hair Removal Market Age Segmentation

On the basis of age, the laser hair removal market is segmented into 13–29, 30-54, and 55–69. The 30-54-54gment dominated the market in 2022 and is expected to dominate during the forecast period. The increase in disposable income and the rise in the number of hair removal procedures in this age group are leading the market towards significant growth.

Laser Hair Removal Market End-User Segmentation

On the basis of end-user, the laser hair removal market is segmented into hospitals, clinics, and others. Hospitals are the leading segment and are expected to dominate the market during the forecast period due to the increasing number of professionals available in hospitals for laser hair removal treatment.

The clinic segment is also expected to witness considerable growth during the forecast period due to the increasing number of laser clinics and dermatology clinics during the forecast period. Rising awareness among people about laser hair removal treatment is also boosting the growth of the market. Increasing awareness among people about beauty consciousness is propelling the growth of the market during the forecast period.

Regional Outlook

On the basis of regions, the laser hair removal market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America was holding a leading position in 2022, and it was expected to dominate the market during the forecast period. The presence of many key companies like Almas Laser, Candela Corporation, and Venus Concept in the region is driving the growth of the market. Increasing disposable income and rising awareness among the people are driving the growth towards success.

The increasing consciousness of people towards beauty products and their desire to look beautiful, especially females, is the key factor driving the growth of the market. The Asia-Pacific region is experiencing significant growth in the laser hair removal market. Factors driving market expansion include rising disposable income, increasing awareness about personal grooming, cultural shifts toward aesthetics, and the availability of advanced technologies, which are driving growth in the market.

The growing number of beauty-conscious consumers and the influence of social media in making people more aware of beauty products are driving market expansion. Countries like China and India are the big markets that are contributing to long-term solutions.

Advancement in technology and the availability of cost-effective solutions are driving the growth of the market significantly. In Europe, the laser hair removal market is experiencing substantial growth, driven by factors like a strong focus on beauty. Advancement in technology leading to more efficient and safer procedures, an increasing number of beauty-conscious consumers, and a growing preference for long-lasting hair reduction solutions are driving the growth in the market. The presence of established healthcare infrastructure in European countries like Germany, Italy, Russia, and England is driving the growth of the market significantly.

Key Players

·         Candela Corporation

·         Cutera

·         Hairline International Hair and Skin Clinic

·         La Mer Medical Spa and Yoga

·         Skin MD

·         Solta Medica

·         Sciton

·         Cynosure

·         Lira Style

·         Pure Luxe Medical

·         Lumenis

·         Lutronic

·         Other Players