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.
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COVID-19 Impact: Market Exhibited 12.4% Decline in Growth Rate in 2020
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.
On the basis of product, the market is classified into Nd: YAG, diode, alexandrite, and others.
Based on the product, the Nd: YAG segment held a global laser hair removal market share of about 32.4% in 2020 and is expected to experience considerable growth in the forthcoming years. This is due to several benefits of these products such as longer wavelength that enables optimum treatment solution for pigmented skin.
Based on the end-user, the market is segmented into hospitals, medical spas & specialty clinics, and others. Lastly, on the basis of region, the market is segregated into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
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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 is expected to contribute to the global laser hair removal market growth in the forthcoming years.