A novel research report by Transparency Market Research (TMR) states that the global hair removal market is experiencing a high degree of competition between the leading players, including, Cynosure Inc., Solta Medical Inc., Lynton Lasers Ltd., Strata Skin Sciences Inc., Fotona d.d., Syneron Medical Ltd., Venus Concept Canada Corp., Alma Lasers Ltd., Lumenis Ltd., Sciton Inc., Lutronic Corp., and Cutera Inc. Over the next few years, these players are anticipated to focus aggressively on technologically advancing their products in order to improve their profit margins, notes the research study.
According to the research report, the global hair removal market is likely to reach US$880.2 mn by 2017. Expanding at a CAGR of 9.0% over the period from 2017 to 2022 to offer an opportunity of US$1.35 bn by the end of the period of the forecast. Currently, the demand for IPL devices is comparatively higher than other products in this market due to their easy availability. The high efficiency of these devices is also expected to fuel their demand in the coming years.
In terms of the geography, North America has acquired the dominant position among all the regional markets for hair removal and is expected to remain on the top position over the next few years. This dominance can be attributed to the substantially high interest of consumers towards personal grooming and the availability of sufficient disposable incomes among them making them capable of affording highly expensive hair removal products and services. Amongst other regional markets, Europe is expected to register a steady rise in its market for hair removal over the forecast period, reports the study.
Technological Advancements in Products and Services to Boost Growth
“With the increasing focus of consumer towards aesthetic beauty and self-grooming, the market for hair removal has been gaining significant impetus across the world,” says a TMR analyst. The augmenting beauty-consciousness among people, worldwide, is fueling the demand for hair removal products and services, which is influencing this market substantially.
Over the coming years, technological advancements in hair removal products and services are likely to boost the growth of this market considerably. The continual increase in purchasing power of consumers, globally, is also expected to reflect positively on the sales of hair removal solutions, states the research report.
High Cost of Permanent Hair Removal Procedures to Hamper Market
Although the future of the global market for hair removal looks bright, it may face hurdles in the coming years due to the high cost associated with the permanent hair removal procedures. The increasing cases of infections and unhygienic usage of hair removal products may hamper the growth of this market over the next few years, report the research study.
The review is based on a report by Transparency Market Research, titled “Hair Removal Market (Product - Energy Based Devices, Laser Based Devices, and IPL Devices; End User - Dermatology Clinics and Beauty Clinics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2022.”
The global hair removal market is segmented into:
- Energy Based Devices
- Laser Based Devices
- IPL Devices
By End User
- Dermatology Clinics
- Beauty Clinics
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
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