The hair Removal market was valued at US$ 1.78 Billion in 2021 and is projected to reach US$ 4.01 Billion by 2028, growing at a CAGR of 12.3% from 2022 to 2028.
Hair removal is nothing but removing unwanted hair from the body. The hair removal procedure is also called Epilation; hair growth is high and more visible after puberty, men have more issues regarding hair growth but women are the largest users of hair removal products. Hairs are removed for various reasons like fashion, hygiene, cultural traditions, military service, athletics, and others. Removing hair by waxing, shaving, and plucking are some of the traditional techniques used by people.
The growing interest in personal grooming is one of the major factors that are responsible for the increasing growth of the market. Body hairs are removed by using a different kind of tools according to the preferences, there is advancement in hair removal techniques like laser treatment and external light treatment which is a convenient method for hair removal which doesn’t cause damage to the body part, hair root and it does not cause pain.
Major Key Players for Hair Removal Market:
- Solta Medical
- Strata Skin Sciences
- Syneron Candela
- Lutronic Aesthetic
- Lynton Lasers
- Alma Lasers
- Venus Concept
Market Dynamics and Factors:
People are more aware of their looks, appearance, and personal care, the per capital income is increased in so many developed and developing countries that are the reason people are spending more on personal care product like hair removal cream, treatments which are helping the increasing growth of the market. Key companies and the manufacturers working in this industry bring new, easy-to-use solutions for better results which help to increase the demand for hair removal products.
The target market for this product is huge the people in developing countries like rural side areas are the main, focused targeted segment for hair removal products by the key industry players. People prefer advanced techniques for removing the hair by professionals like laser treatment which cost more but is not harsh on the skin and pain-free technique due to this people are moving towards this treatment and are willing to pay more for self-care product which boosts the growth of hair removal market in the upcoming year.
Hair Removal Market Report Highlight:
- Hair Removal Market the Energy-Based Devices are expected to have the maximum market share, during the projected period. This device implements different wavelengths of light for delivering lasers.
- Dermatology Clinics are expected to dominate the hair removal market share during the forecast period. Dermatological clinics give professional services that build trust in the people which helps in increasing demand for hair removal products.
- By region, Asia Pacific is anticipated to grab the maximum market share of Hair Removal products and treatments over the projected period. There is huge competition in the hair removal market so the key companies are focusing on rural areas in developing countries for reaching out to more customers which ultimately increases the sales and boosts the hair removal market.
Key Industry Development:
- In May 2020, Lira Style, a US-based medical device company released a product on “Cervello” a new aesthetics platform. The platform has the devices that allow clinically proven laser hair removal treatment on all skin types, combining 755 Alexandrite, 808 diodes, 1064 long-pulsed, and YAG.
- In July 2020, Lesar MD Medspa is a brand that specifically worked in hair removal services is acquired by Potomac Equity Partner. This acquisition is expected to bring new changes in the services and help to boost the growth of Lesar MD Medspa in the hair removal market.
Hair Removal Market Segmentation:
- Energy Based Devices
- Laser Based Devices
- IPL Devices
- Dermatology Clinics
- Beauty Clinics
For this report, Introspective Market Research has segmented the Hair Removal Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM