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The global IPL hair removal system market size was USD 351 million in 2022 and the market is projected to touch USD 649.38 million by 2031, exhibiting a CAGR of 7.1% during the forecast period.
IPL hair removal system is a device that uses light to remove hair from the body. It works by emitting pulses of light into the skin, which is absorbed by the melanin in the hair follicles. This heat then destroys the follicles and prevents new hairs from growing. It is a technology used by medical and clinical professionals to perform various skin medicines for both cosmetic and therapeutic purposes, including hair removal, photo rejuvenation and the reduction of dermatologic infections. Rise in the availability of high tech products, rising disposable income, rising aesthetics awareness and rising of personal care products have boosted the market growth.
People choose going to beauty clinics to get treatments done to enhance their aesthetic attractiveness. Also people choose going to beauty clinics as they are well equipped with cutting edge goods and the newest technologies. The start of technologically advanced products will fuel the growth of the market during the forecast period. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
LATEST TRENDS
"Use Of Innovative Products To Boost The Market Growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
IPL HAIR REMOVAL SYSTEM MARKET SEGMENTATION
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- By Type Analysis
According to type, the market can be segmented into 201-400 USD, 100-200 USD, <100 USD, >400 USD.
>400 USD will capture the maximum market share through forecast period. Rising adoption of premium IPL hair removal devices and systems by consumers across the globe, increasing disposable income levels across developed economies along with technological advancements. .
- By Application Analysis
According to application, the market can be segmented into at-home use, salon and clinics.
IPL hair removal system market players cover segment as at-home use will dominate the market share during forecast period. These devices are usually smaller, more user-friendly, and less powerful compared to professional salon-grade equipment. They are marketed to individuals who prefer the convenience of performing hair removal treatments at their convenience and without the need for salon visits.
DRIVING FACTORS
"Increasing Beauty Consciousness To Boost The Market Growth"
Consumers seek the convenience of performing hair removal treatments in the comfort of their homes, saving time and money compared to regular salon visits. Growing emphasis on personal grooming and presence has led to a higher demand for long-term hair removal solutions. People are more conscious about their looks and seek effective methods for hair reduction.
"Technological Advancement and Innovation To Upsurge The Market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the IPL hair removal system market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.
RESTRAINING FACTOR
"Competition And Market Saturation To Hamper The Market Growth"
Competition is hampering development of IPL hair removal system market. The IPL hair removal device market has become increasingly competitive, with many brands offering similar products. This saturation can lead to price wars and reduced profit margins for manufacturers and retailers. Technical difficulties will reduce the industry revenue.
IPL HAIR REMOVAL SYSTEM MARKET REGIONAL INSIGHTS
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"Asia Pacific to Dominate the Region Due To Growing Beauty Consciousness Amongst Consumers"
Asia Pacific is further expected to witness growth in the IPL hair removal system market share. The region is dominating the market due to increasing population, changing lifestyles, rising consumer disposable income levels along with growing beauty consciousness amongst consumers especially women which has resulted in an increase their spending on personal care products including laser devices for skin treatments. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
KEY INDUSTRY PLAYERS
"Key Players Focus On Partnerships To Gain Competitive Advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.
LIST OF TOP IPL HAIR REMOVAL SYSTEM COMPANIES
- Philips (Netherlands)
- Panasonic (Japan)
- Braun (Germany)
- CosBeauty (Japan)
- Iluminage Beauty (U.S.)
INDUSTRIAL DEVELOPMENT
March 2022: SmoothSkin, the world’s leading IPL (Intense Pulsed Light) hair removal brand, announced a strategic partnership with Target for retail distribution. SmoothSkin’s IPL hair removal range will now be available on Target.com.
REPORT COVERAGE
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
