Hair Removal Devices Market 2018 - Industry Growth, Analysis, Size and Share to 2023
Hair Removal Devices Market - Key Players
Some of the prominent players in the global Hair Removal Market are Syneron Medical Ltd., Sciton, Inc, Alma Lasers, Ltd., Cynosure, Inc., Cutera Inc., Lumenis Ltd, Lutronic Corporation, Lynton Lasers Ltd, Solta Medical Inc., Strata Skin Sciences, Inc., and Venus Concept Canada Corp
Hair Removal Devices Market - Overview
Hair Removal or epilation is a process where the hairs on an individual’s body are removed deliberately. Body hairs are removed for numerous reasons such as fashion, cultural practices, sports, military, medical reasons, among others. Growing importance about appearance, rapidly changing beauty standards among individuals, and high demand for laser hair removal treatment are driving factors for the growth of the market. Global Hair Removal Devices Market held a market value of USD 915.2 million in 2017 and is projected to grow at a CAGR of 8.80% over the forecast period.
Increasing consciousness about appearance, changing beauty standards among individuals, and growing demand for laser hair removal treatment are major factors propelling the growth of the market. According to the Cosmetic Surgery National Data Bank Statistics, about 1,035,783 hair removal procedures were performed in 2016. Additionally, the availability of advanced hair removal devices through e-commerce portals and retail stores and growing use of such devices at home are anticipated to boost the growth of the global hair removal devices market. On the other hand, the high cost of hair removal devices and requirements of multiple treatments may restrain the market growth over the assessment period.
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Hair Removal Devices Market - Segmentation
The global hair removal devices market has been segmented into product and end-user.
Based on products, the market has been segmented into, energy-based devices, laser devices, intense pulse light (IPL) devices, and others. The laser devices segment has been further divided into diode laser, Nd: YAG laser, and alexandrite laser. The laser devices segment is expected to account for the largest share in the global hair removal devices market in 2017. This large share is majorly attributed to the wider acceptance of the devices, and better results as compared to other products.
Based on end-users, the market has been segmented into beauty clinics, dermatology clinics, home use, and others. The beauty clinics segment is expected to account for the largest share in the global hair removal devices market in 2017 as large population of women prefer beauty clinics over dermatology clinics.
Based on the regions, the market for hair removal devices is segmented into, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The hair removal devices market in the Americas region has further been segmented into North America and Latin America, where-in the North American market is further divided into the US and Canada.
European hair removal devices market has been segmented into Western Europe and Eastern Europe where-in Western Europe region is further divided into Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The hair removal devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The hair removal devices market in the Middle East & Africa has been segmented into regions such as the Middle East and Africa.
Hair Removal Devices Market - Regional Analysis
Geographically, the Americas is anticipated to dominate the global hair removal devices market owing to the to the presence well-developed healthcare infrastructure and the increasing number of hair removal procedures in the US.
Europe is anticipated to hold the second largest market share in the global hair removal devices market. The market growth in this region is attributed to the increasing popularity of hair removal treatments and availability of skilled professionals in the region.
Moreover, Asia-Pacific region is expected to be the fastest growing market for hair removal devices due to the growing disposable income and demand for cost-effective hair removal devices. In addition to this, growing awareness about beauty devices and services in developing countries is also expected to generate growth opportunities in the untapped markets of Asia-Pacific region.
The Middle East & Africa region is anticipated to show minor growth opportunities in the hair removal devices market during the forecast period.
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