Global Hair Removal Market: Snapshot
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 2024 and gain a value of US$1.35 bn by the end of 2024. 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 2024.
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.
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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 2024, 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.
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