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Market Research Future (MRFR) has published on the “Global Laser Hair Removal Market”.
The Laser Hair Removal market is estimated to register a CAGR of 19.60% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Laser Hair Removal market— Cutera (U.S), Venus Concept (Canada), CYNOSURE (U.S.), Fotona (U.S.), Lumenis Ltd. (Israel), Alma Lasers (Israel), Sciton, Inc. (California, U.S.), Lynton Lasers Ltd (U.K.), Venn Healthcare (U.K.), and CANDELA CORPORATION (U.S.).
The global Laser Hair Removal market is accounted to register a CAGR of 19.60% during the forecast period and is estimated to reach USD 5.024 billion by 2032.
A significant portion of the global population searches daily for products that enhance their external appearance through non-invasive means. Some individuals with fine lines and creases opt for Botox, whereas those with normal or excessive hair seek out hair removal solutions. Although laser technology for hair removal has its benefits, it is also accompanied by certain drawbacks, including a considerable financial investment. Hair removal has become more expensive due to developments in medical devices (lasers).
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Segment Analysis
The global Laser Hair Removal market has been segmented based on Product and End User.
On the basis of Product, the market is segmented into Alexandrite, Nd: YAG, Diode, and Others. The Nd: YAG segment was attributed to holding the largest market share in 2023. This is because the product's extended wavelength (1064 nm) facilitates enhanced optical window absorption.
Based on End User, the global Laser Hair Removal market has been segmented into Hospitals, Medical Spas & Specialty Clinics, and Others. The Medical Spas & Specialty Clinics segment was expected to hold the largest market share in 2023. The increasing prevalence of laser hair removal procedures in specialized clinics and medical resorts is the reason for the market's dominance.
Regional Analysis
The global Laser Hair Removal market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Laser Hair Removal market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Laser Hair Removal market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Laser Hair Removal market comprises the Middle East, Africa, and Latin America.
The largest market share for Laser Hair Removal was maintained by the North American regional sector. The region is experiencing a surge in the number of competent professionals, established dermatology clinics, and an increased demand for hair removal treatments. Aesthetic lasers are extensively utilized by professionals for a variety of motives in North America. Approximately 457 thousand laser hair removal procedures were performed in the United States in 2019. In addition, the presence of numerous market participants in the region is anticipated to be a significant factor driving regional market expansion.
Moreover, the Europe market has been persistently growing over the forecast period. European laser hair removal is categorized as follows: Germany, the United Kingdom, France, Italy, Spain, and the Rest of Europe. The region occupies a substantial portion of the European laser hair removal market. The increasing recognition of beauty standards and the accessibility of cutting-edge technologies are factors contributing to the market expansion in this particular region. Furthermore, the laser hair removal market is experiencing growth due to the increasing number of domestic competitors expanding their presence in European countries and the introduction of new products to the European market. Germany ranks among the foremost nations when it comes to aesthetic medicine.
Additionally, Asia-Pacific is anticipated to experience the highest rate of growth during the forecast period due to its expanding population and rising prevalence of skin injury, particularly in India and China. Furthermore, market expansion is being impacted by shifting consumer preferences, increasing consumer purchasing power, and expanding medical tourism in the developing economies of the Asia-Pacific region. The Plaza Clinic asserts that the most effective laser hair removal procedures are performed in the United States and Japan.
Furthermore, the rest of the world's Laser Hair Removal market is divided into the Middle East, Africa, and Latin America as a result of evolving lifestyles, elevated standards of living, and augmented disposable income.
Key Findings of the Study
- The global Laser Hair Removal market is expected to reach USD 5.024 billion by 2032, at a CAGR of 19.60% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to its expanding population and rising prevalence of skin injury, particularly in India and China.
- Based on End User, the Medical Spas & Specialty Clinics segment was attributed to holding the largest market in 2023.
- Cutera (U.S), Venus Concept (Canada), CYNOSURE (U.S.), Fotona (U.S.), Lumenis Ltd. (Israel), Alma Lasers (Israel), Sciton, Inc. (California, U.S.), Lynton Lasers Ltd (U.K.), Venn Healthcare (U.K.), and CANDELA CORPORATION (U.S.) are the key market players.
