NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global laser hair removal devices market value is expected to reach US$ 3.3 billion in 2023. Over the forecast period, global sales of laser hair removal devices are likely to rise at 13.0% CAGR. By 2033, total market value is anticipated to reach US$ 11.2 billion.
In 2022, the worldwide laser hair removal devices industry valuation totaled US$ 2.9 billion. Looking forward, the same market is projected to generate an absolute growth of US$ 7.9 billion during the assessment period. Sales of lasers are likely to outpace those of other laser hair removal products during the projection period. This is due to their effectiveness, low maintenance costs, and fewer side effects. As per the latest analysis, demand for lasers is predicted to rise at 12.8% CAGR through 2033, in comparison to the 14.7% CAGR recorded during the historical period from 2018 to 2022.
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Laser hair removal devices have become ideal solutions for removing unwanted and excessive hair. This is due to their safety, efficacy, and minimally invasive nature.
Growing focus on improving physical aesthetics and rising preference for laser hair removal procedures across the globe is driving the global laser hair removal devices market growth.
Today, people are spending huge amounts on different cosmetic procedures to improve their physical appearance. Cosmetic procedures such as laser hair removal remain especially popular among women.
For instance, as per the American Society of Plastic Surgeons (ASPS), among 757,808 laser hair removal procedures recorded in 2020, women segment contributed 635618 (or 84%). This rise in the adoption of laser hair removal procedures is expected to act as a catalyst triggering market growth.
The increasing incidence of polycystic ovary syndrome (PCOS) and hirsutism along with escalating demand for long-term hair removal solutions is another key factor expected to boost the market.
Expansion of the aesthetics sector, technological advancements in lasers, and shifting preference towards non-invasive procedures are other factors stimulating market growth.
Key Takeaways from the Laser Hair Removal Devices Market Report:
- The global laser hair removal devices industry is projected to attain a valuation of US$ 3.3 billion by 2033.
- Based on product type, the laser segment is forecast to expand at 12.8% CAGR during the forecast period.
- By end use, beauty clinics segment is projected to thrive at a CAGR of 12.7% through 2033.
- The United States market is anticipated to cross a valuation of US$ 1.9 billion by the end of 2033.
- Laser hair removal device demand in Japan is likely to rise at 12.9% CAGR during the forecast period.
- China's laser hair removal devices market size is anticipated to reach US$ 2.2 billion by 2033.
- The South Korean market is forecast to progress at 12.4% CAGR over the projection period.
- The United Kingdom's laser hair removal devices industry is set to expand at 12.7% CAGR through 2033.
"The laser hair removal devices market continues to witness robust growth, driven by increasing consumer demand for efficient and long-lasting hair removal solutions. Our recent market research study, highlights the evolving landscape of the laser hair removal devices market, showcasing technological advancements, rising awareness, and a growing preference for at-home treatments. As we delve into the dynamics of the laser hair removal devices market, it becomes evident that innovation and accessibility are key factors shaping the industry's trajectory." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Attribute | Details |
| Estimated Market Value (2023) | US$ 3.3 billion |
| Projected Market Value (2033) | US$ 11.2 billion |
| Anticipated Growth Rate (2023 to 2033) | 13.0% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, End Use, and Region |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled |
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More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the laser hair removal devices industry presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on product type (laser, intense pulse light, and others), end-use (beauty clinics, dermatology clinics, and home use), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
Laser Hair Removal Devices Market Segmentation:
By Product Type:
- Laser
- Intense Pulse Light
- Others
By End Use:
- Beauty Clinics
- Dermatology Clinics
- Home Use
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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