Various kinds of hair removal devices are available in the market including threading machines, IPL hair removal devices, laser hair removal devices, etc. These devices help in removing unwanted hair from all parts of the body like face, legs, back, hands, etc. without much hassle and pain. IPL hair removal devices work by emitting pulses of light that are absorbed by melanin pigment in the hair follicles. This heats the hair follicles and destroys the hair growth cycle. Laser hair removal devices work on the same principle but uses lasers instead of light. Both these technologies provide long lasting or permanent hair reduction.
The global hair removal devices market is estimated to be valued at US$ 4.7 billion in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the hair removal devices market are Lumenis, Cynosure, Apax Partners, Valeant Pharmaceutical International, and Alma Lasers.
The increasing demand for at-home hair removal solutions due to busy lifestyles and rise in disposable income is opening growing opportunities for hair removal devices market. Additionally, technology advancements leading to compact and portable devices along with assurances of safety and effectiveness are further fueling the demand.
Major players are focusing on geographical expansion plans especially in emerging economies of Asia Pacific and Latin America to tap the untapped market potential. For instance, in 2021, Lumenis expanded its operational footprint in India by establishing a new production facility.
Market Drivers
The Hair Removal Devices Market Demand is witnessing high growth mainly due to the increasing demand for at-home hair removal solutions. Busy lifestyles and hectic schedules leave very little time for salon visits or waxing sessions. This has boosted the demand for easy to use hair removal devices that can be used comfortably from the convenience of home. Additionally, factors like rise in disposable incomes, technology advancements focusing on safety, efficacy and compact sizes are driving the hair removal devices market.
PEST ANALYSIS
Political: Regulations on the devices and their procedures. Government policies on women empowerment.
Economic: Disposable income of the population. Spending power of middle class. Growth of beauty and wellness industry.
Social: Changing social norms. Increasing focus on aesthetics. Social media influencing trends.
Technological: Advancements in laser and light based techniques. Innovation in cold wax formulations. Integration of technologies like artificial intelligence. Development of fast and safe home use devices.
GEOGRAPHICAL CONCENTRATION
North America accounts for the largest share of the global hair removal devices market in terms of value. This is attributed to factors such as high spending on personal grooming, influence of western beauty standards, and presence of major market players. The United States holds the leading position within the North America market.
FASTEST GROWING REGION
The Asia Pacific region is expected to witness the fastest growth in the hair removal devices market over the forecast period. This can be attributed to growing youth population, rising disposable incomes, evolving lifestyle patterns, increasing western influence, growing beauty consciousness among women as well as men in countries like China and India. Rising medical tourism in countries such as Thailand and India is also driving the Asia Pacific market.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
