Hair Removal Devices Market

• Growing advancement in technology to propel market growth

The use of hair removal devices is projected to rise as a result of technological advancements leading to more and more promotional initiatives highlighting the value of personal hygiene. The demand has increased as a result of fierce competition among major providers that has led them to seek more rural areas for extending their footprint. For instance, in July 2020, the Economic Times declared that the prominent FMCG players such as ITC, Godrej, Dabur, Emami, and Marico are experiencing a boost in sales in rural and semi-urban markets during this pandemic.

Additionally, the rising urbanization gives rise to more people becoming increasingly conscious of their grooming and hygiene including maintenance of short hair, thereby positively influencing the product consumption rate. Thus, this factor is driving the market CAGR for hair removal devices.

Furthermore, the rising cost of personal care items, such as hair removal devices, is being driven by the increasing disposable income of many nations. In order to produce a wide variety of inexpensive items for all customer kinds, manufacturers targeting people with low to high incomes have helped to increase consumer attraction. Many people are also consuming the product as a result of the increased costs of beauty and hair salon services. Additionally, some firms are gaining more traction by developing marketing methods like freebies, discounts, and buy one get one free, among others.

These factors play a crucial role in driving up demand for hair removal devices, which in turn fuels the expansion of the global market for these products.

However, the market is expanding favorably as a result of leading players' innovative product launches, strategic actions, and increased product approvals. For instance, in Japan's Jeisys Medical KK, Cynosure and a distribution agreement were established in March 2022. According to the terms of the contract, Jeisys Medical will be granted exclusive distribution rights for select high-end items from Cynosure's energy-based laser lineup, including hair removal equipment in Japan. The Lumea Series 9000, Philips' quickest and most effective home intense pulse light hair removal device, was also introduced in May 2021.

The hair removal devices market is thus anticipated to have significant expansion during the forecast period as a result of new launches and partnerships. Thus, it is anticipated that this aspect will accelerate hair removal devices market revenue globally.

The Global Hair Removal Devices Market Industry experiences a notable increase in demand for personal grooming products. As societal norms evolve, individuals increasingly prioritize personal appearance and hygiene. This trend is particularly pronounced among younger demographics, who are more inclined to invest in hair removal devices. The market is projected to reach 1.2 USD Billion in 2024, reflecting a growing consumer base. Furthermore, the rise of social media influences the desire for aesthetic appeal, prompting consumers to seek effective hair removal solutions. This demand is expected to drive innovation and product development within the industry.

By region, the study provides the market insights for hair removal devices into North America, Europe, Asia-Pacific and Rest of the World. North America hair removal devices market accounted for USD 0.4 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. Some of the key drivers behind the expansion of the regional market are the simple accessibility of technologically improved products and customers' high levels of awareness of personal grooming.

The U.S.'s dominance in the North American regional market is mostly due to a rise in the use of laser hair removal technologies for quick and effective results.

Further, the major countries studied in the market report for hair removal devices are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  HAIR REMOVAL DEVICES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe hair removal devices market accounts for the second-largest market share due to the rise in popularity of hair removal procedures and the accessibility of knowledgeable physicians. consequently accelerating the expansion of the local market. Significant technological progress in this area will further accelerate market expansion. Increased interest in beauty, particularly in emerging nations, has opened up new regional business prospects. Further, the UK hair removal devices market held the largest market share, and the Germany hair removal devices market was the fastest growing market in the region.

Asia Pacific hair removal devices Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to both a rise in the region's disposable income levels and an increase in the desire for hair removal solutions that are affordable. Rising consumer demand for the product is anticipated to boost regional market expansion as a result of increased knowledge of the safety benefits provided by laser devices. Moreover, China hair removal devices market held the largest market share, and the India hair removal devices market was the fastest growing market in the region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the hair removal devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the hair removal devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global hair removal devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, hair removal devices industry has provided medicine with some of the most significant benefits. The hair removal devices market major player such as Sciton Inc, Alma Lasers Ltd., Cynosure Inc., Strata Skin Sciences Inc, Syneron Medical Ltd., Venus Concept Canada Corp, Cutera Inc., Lumenis Ltd, Lutronic Corporation and Lynton Lasers Ltd.

The largest energy-based medical device firm in the world, Lumenis specializes in minimally invasive clinical solutions for ophthalmic, surgical, and aesthetic purposes. regarded as a leading authority in the creation and marketing of cutting-edge energy-based technologies, such as laser, intense pulsed light (IPL), and radio frequency (RF). Innovative medical treatments have been redefined for nearly 50 years thanks to Lumenis products, which have also established various technological and clinical benchmarks. In January 2020, with no downtime and clinically proven laser hair removal treatments for all skin types using either 805nm or 1060nm wavelengths, Lumenis introduced LightSheer Quattro in the US.

It also treats pigmented and vascular lesions.

Venus Concept Inc.'s objective as a pioneer in medical aesthetics and hair restoration technologies is to assist our clients in creating a solid and long-lasting business. In addition to providing state-of-the-art technology and treatment options, it also offers innovative and all-encompassing services that address the significant issues clients encounter and help them increase their chances of success in general. In November 2019, a merger between Venus Concept Inc. and Restoration Robotic, Inc. A major international medical aesthetics company will probably start trading as a result.