The global hair removal market is experiencing a high-paced expansion in its size and valuation, thanks to the increasing beauty consciousness among consumers across the world. The augmenting need to maintain a good and groomed physical appearance is the main factor behind the growth of this market. Over the forthcoming years, the rising popularity of the at-home hair removal techniques among the younger generation is likely to boost the demand for hair removal solutions remarkably, worldwide.
The worldwide market for hair removal is expected to reach US$880.2 mn by 2017. Further, the opportunity in this market is anticipated to witness an upswing at a CAGR of 9.0% between 2017 and 2023 and gain a value of US$1.35 bn by the end of 2023. The significant rise in the demand for hair removal creams, shaving razors, epilators, and wax and wax strips are also expected to stimulate the momentum of this market in the years to come.
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IPL Devices to Remain Posting Strong Growth
The worldwide market for hair removal is broadly evaluated on the basis of the type of the product, and the end user. Based on the product, the market is classified into laser based devices, energy based devices, and intense pulse light (IPL) devices. Among these, the demand for IPL devices is comparatively higher than other hair removal products. The relatively high efficiency and the longer effect on the growth of body hair of these devices is the main factor behind their surging demand across the world. This IPL device segment is anticipated to rise at a CAGR of 9.0% during the period from 2017 to 2023.
In terms of end user, the market is categorized into beauty clinics and dermatology clinics. Hitherto, the demand for hair removal solutions has been much higher in beauty clinics and is anticipated to continue reporting a greater rise in their demand over the next few years. However, dermatology clinics are also projected to report a steady increase in the demand for hair removal products in the near future on account of the growing popularity of permanent hair removal techniques, such as laser therapy.
North America to Lead Global Hair Removal Market
The global market for hair removal solutions is also analyzed on the basis of its regional reach. Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Latin America, and Japan are considered as the main regional markets for hair removal solutions across the world. With the soaring interest of consumers in personal grooming, coupled with their high purchasing power that makes them capable of affording expensive hair removal products, North America has surfaced as the key contributor to the global market. Proliferating at a CAGR of 9.50% over the period from 2017 to 2023, this regional market is expected to remain dominant throughout the period of the forecast. With an 8.30% CAGR during the same period, Europe is projected to follow North America closely.
The worldwide market for hair removal solutions is highly competitive with the increasing entry of new players regularly. Solta Medical Inc., Cynosure Inc., Lynton Lasers Ltd., Fotona d.d., Strata Skin Sciences Inc., Syneron Medical Ltd., Alma Lasers Ltd., Venus Concept Canada Corp., Lumenis Ltd., Lutronic Corp., Sciton Inc., and Cutera Inc. are the key vendors of hair removal products and services across the world.
Hair removal Market to Gain Impetus Owing to Rising Inclination to Personal Grooming
The increasing emphasis on personal grooming and rise in beauty standards are the prime factors promoting the growth of the global hair removal market. It very well may be emphatically impacted by forceful interest for hair expulsion items and administrations attributable to expanding awareness of magnificence among individuals. In the following not many years, there could be an impressive ascent in market development helped by a few innovative turns of events. Deals of hair expulsion items could see an expansion due to steady addition in buying intensity of shoppers.
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The increasing need to keep a decent and prepped actual appearance is the fundamental factor behind the development of this market. Throughout the impending years, the rising fame of the at-home hair expulsion methods among the more youthful age is probably going to help the interest for hair removal options, around the world.
Based on segmentation by type, the intense pulse light or IPL devices section is currently holding the largest share on account of their higher efficiency and longer effect it has on body hair growth. As per the segmentation by end user, the beauty clinics segment will earn the highest shares owing to its high demand. However, the steady demand for hair removal products, coupled with the increasing adoption of permanent hair removal techniques such as laser therapy is expected to grow significantly in the coming years. Geographically, North America is currently holding the largest share in the hair removal market on account of the surging interest of consumers on personal grooming and high purchasing power.
The overall pandemic of the novel coronavirus slightly affected the hair expulsion market. Significant clinical exploration establishments were engaged in the advancement of antivirus to battle the COVID-19 pandemic. Nonetheless, the way that most enterprises are returning their organizations and running at quick speed is additionally expected to help support the market in the years to come.
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