The global report on the hair removal devices market reveals that the market is expected to take a leap from its previous valuation of USD 915.2 million in 2017 with a 8.8% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) considers several factors like fashion, sports, cultural practices, military, medical reasons, and others as prominent growth-inducing avenues for the market. The easy availability of these products through retail and e-commerce lines strongly denotes hair removal devices market trends and better awareness regarding the product can boost the market prospect.
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MRFR’s analysis of the global hair removal devices market leads to an in-depth segmentation of product and end-user. These segments have multiple inputs from various factors that help in gaining insights and developing better marketing strategies.
By products, the global market for hair removal devices can be segmented into laser devices, intense pulse light (IPL) devices, energy-based devices, and others. The laser devices segment includes Nd: YAG laser, diode laser, and alexandrite laser. The laser devices segment had the maximum market share in 2017 and it is getting more traction from wider acceptance of the devices. The product is also performing better than other devices.
By end-users, the global report on the hair removal devices market comprises beauty clinics, home use, dermatology clinics, and others. The beauty clinics segment had the largest market share in 2017 owing to its huge women customer base.
The Americas is expected to make huge profit in the coming years in the hair removal devices market. This is primarily due to the high investment capacity, better disposable income standards, increasing launch of innovative products, and others. The US and Canada are performing better. In Europe, this growth would be backed by the growing sale in France, Germany, Italy, Spain, and the UK. In Asia Pacific, China, India, Japan, and South Korea are expected to boost the market traction.
The global hair removal devices market growth can benefit substantially from various companies like Sciton, Inc, Alma Lasers, Ltd., Syneron Medical Ltd., Cutera Inc., Cynosure, Inc., Lynton Lasers Ltd, Solta Medical Inc., Strata Skin Sciences, Inc., Lumenis Ltd, Lutronic Corporation, and Venus Concept Canada Corp. These companies have done research works and have set their own growth policies to establish a strong outcome for themselves. The global market is slated to benefit from their mergers, acquisitions, collaborations, hike in research activities, better investment in research and development projects, and others are expected to steer the market towards innovations. MRFR recorded these recent moves to get their hands on various prospects in the coming days.
In April 2020, Aldi Australia announced that they would launch a new DIY or do-it-yourself hair removal gadget that promises salon-like experience. The product will be priced around USD90. It is supposed to hit the market in May. The company is trying to get hold of the market as the Australian government has banned all the beauty salons from functioning for the time being.
On the other hand, IPL hair removal devices are losing grounds due to the COVID-19 pandemic outbreak. This is due to the lack in intake of the product that is happening all around the world. With lockdowns in motion, getting hair removal done from clinics and salons are now out of question, which led to a financial crisis. This crisis is impacting the intake.
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