Laser Hair Removal Market Is Forecast To Reach USD 1619.7 Million By 2028

 The global Laser hair removal market size is expected to experience exponential growth by reaching USD 1,619.7 million by 2028 while exhibiting a stellar CAGR of 16.7% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Laser Hair Removal Market, 2021-2028”. The report further mentions that the market stood at USD 483.0 million in 2020. Laser hair removal treatments are gaining traction due to their high efficacy in preventing hair growth. Several companies are focusing on developing a portfolio of advanced hair removal products based on laser technology. For instance, Ellipse adopts selective waveband technology and laser in its hair removal machine Nordlys. The machine performs several hair removal procedures with optimum efficiency. Thus, the increasing development of innovative hair technologies is expected to boost the demand for the product in the forthcoming years.

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High Precision Functioning of Product to Promote Growth

Laser hair removal efficiently functions by heating hair follicles to prevent growth of new hairs. The idea is to put hair follicles for a prolonged period into dormancy that may not be completely achieved by waxing and shaving. The biggest advantage of the laser type of treatments is their high precision as these lasers target and remove coarse and dark hair regions.

The hair removal through lasers is a rapid-paced process. For instance, each laser pulse is able to treat multiple hairs in a single stroke. Moreover, smaller areas such as underneath the nose can be treated in less time. However, this procedure does not remove unwanted hairs permanently, but only reduces their density in a certain area. Therefore, the precise functioning of this procedure is expected to contribute to the global laser hair removal market growth during the forecast period.

Cynosure Announces Launch of Elite iQ to Brighten its Market Prospects

In June 2020, Cynosure introduced its advanced Elite iQ platform, the next generation of the Elite Aesthetic Workstation across Australia, Europe, and the US. The company reports that the platform offers customized hair removal treatment solutions by leveraging the aesthetic sector’s live melanin reader called Skintel. The reader further ensures efficient removal of unwanted hair permanently and is suitable for all skin types. Moreover, it enables practitioners to provide personalized treatments for people with contrasting skin color globally. This is expected to boost the adoption of advanced laser hair removal solutions.  

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COVID-19 Impact: Market Exhibited 12.4% Decline in Growth Rate in 2020

The shutdown of stores and the postponement of skin care appointments have disrupted the economic functioning of the market. This has led the market exhibiting a negative growth rate of 12.4% in 2020. However, phased out starting up of stores by abiding to the social distancing norms is expected to favor the growth of the market in the forthcoming years.

DRIVING FACTORS

Increasing Demand for Non-Invasive Treatment Solutions to Augment Growth

Non-invasive treatment solutions have gained popularity due to their fewer side effects compared to invasive procedures. This has led to the development of novel solutions by companies leading to the increasing approvals by the U.S. Food and Drug Administration. For instance, in June 2020, Venus Concept Inc. secured an FDA clearance for its Venus Epileve, an advanced laser hair reduction solution. Moreover, massive technological advancements in the product is expected to contribute to the global laser hair removal market growth in the forthcoming years.   

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List of Companies Profiled in the Global Market:

·         Venn Healthcare (U.K.)

·         Sciton, Inc. (California, U.S)

·         Lumenis Ltd. (Israel)

·         Cynosure (Massachusetts, U.S)

·         Cutera (California, U.S)

·         CANDELA CORPORATION (Massachusetts, U.S)

·         Lynton Lasers Ltd (U.K.)

·         Alma Lasers (Israel)

·         Fotona (Texas, U.S)

·         Venus Concept (Toronto, Canada)

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