The global laser hair removal market size is expected to experience exponential growth by reaching USD 1,619.7 million by 2028 while exhibiting a stellar CAGR of 16.7% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Laser Hair Removal Market, 2021-2028”. The report further mentions that the market stood at USD 483.0 million in 2020. Laser hair removal treatments are gaining traction due to their high efficacy in preventing hair growth. Several companies are focusing on developing a portfolio of advanced hair removal products based on laser technology. For instance, Ellipse adopts selective waveband technology and laser in its hair removal machine Nordlys. The machine performs several hair removal procedures with optimum efficiency. Thus, the increasing development of innovative hair technologies is expected to boost the demand for the product in the forthcoming years.
A List of Prominent Laser Hair Removal Companies Present in The Global Market:
- Cutera (California, U.S)
- Venus Concept (Toronto, Canada)
- Cynosure (Massachusetts, U.S)
- Fotona (Texas, U.S)
- Lumenis Ltd. (Israel)
- Alma Lasers (Israel)
- Sciton, Inc. (California, U.S)
- Lynton Lasers Ltd (U.K.))
- Venn Healthcare (U.K.)
- CANDELA CORPORATION (Massachusetts, U.S)
- Other Prominent Players
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The market report offers qualitative and quantitative insights on the
industry and in-depth analysis of the size & growth rate for all segments
impacting the market. Besides, the report provides an insightful study of
market dynamics, opportunities, emerging trends, and competitive landscape. The
valuable insights offered are based on the latest trends, recent industry
developments such as mergers & acquisitions, partnerships, and others by
adopting several research methodologies that will affect the growth of the
market during the forecast period.
DRIVING FACTORS
Increasing Demand for Non-Invasive Treatment
Solutions to Augment Growth
Non-invasive
treatment solutions have
gained popularity due to their fewer side effects compared to invasive
procedures. This has led to the development of novel solutions by companies
leading to the increasing approvals by the U.S. Food and Drug Administration.
For instance, in June 2020, Venus Concept Inc. secured an FDA clearance for its
Venus Epileve, an advanced laser hair reduction solution. Moreover, massive
technological advancements in the product are expected to contribute to the
global laser hair removal market growth in the forthcoming years.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/laser-hair-removal-market-103477
COVID-19 IMPACT-
Market Exhibited 12.4% Decline in Growth Rate
in 2020 amid COVID-19 Pandemic
The shutdown
of stores and the postponement of skin care appointments have disrupted the
economic functioning of the market. This has led the market exhibiting a
negative growth rate of 12.4% in 2020. However, phased out starting up of
stores by abiding to the social distancing norms is expected to favor the
growth of the market in the forthcoming years.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Rising
Disposable Income to Aid Growth
Among all
the regions, Asia-Pacific is expected to remain at the forefront and hold the
highest position in the market in the forthcoming years. This is owing to the
rising disposable income of the working population in countries such as India
and China that is leading to high spending on personal care in the region.
Asia-Pacific stood at USD 184.8 million in 2020.
On the other
hand, North America is expected to hold the second position in the market due
to the significant development in the laser hair removal products and the
increasing spending capacity of the Americans between 2021 and 2028.
COMPETITIVE LANDSCAPE
Partnerships
between Prominent Companies to Boost Their Market Standings
The market is fragmented by the presence of diverse companies that are
striving to maintain their stronghold. These companies are focusing on
establishing partnerships with other companies to expand their laser hair
removal portfolio and further improve their positions amongst their rivals.
Moreover, the adoption of organic and inorganic strategies by other players to
maintain their presence is expected to contribute to the market growth.
AN INDUSTRY DEVELOPMENT:
- May 2020 - Lira Style introduced a new aesthetics platform, Cervello. The company reports that the new platform is essentially a device that allows clinically proven laser hair removal procedures.
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