Laser hair removal is a non-invasive cosmetic surgery that targets and removes undesirable hair from specific parts of the body using concentrated beams of light. The procedure employs the use of a laser instrument that emits a certain wavelength of light that is absorbed by the pigment (melanin) in hair follicles. This absorption converts light energy into heat, causing hair follicle damage and preventing future hair growth. Precision is one of the primary advantages of laser hair removal. The technique can target dark, coarse hairs while preserving the surrounding skin. It is frequently used to treat the face, legs, arms, underarms, and bikini line.
Global Laser Hair Removal Market Driving Factors and Challenges
A growing number of non-invasive treatment options will drive market growth –
Every day, a big number of people all over the world hunt for items to improve their exterior appearance through non-invasive treatment methods. Some people select Botox operations for lines and wrinkles, while others with normal or abundant hair look for hair removal alternatives. Furthermore, advances in technology have generated lucrative potential for laser-based hair removal operations. Hair removal that is non-invasive and non-surgical has drawn a big number of consumers for businesses. Non-invasive treatment has grown in popularity due to its low risk of side effects when compared to invasive methods, as well as important FDA product approvals. For example, Venus Concept Inc.'s Venus a laser hair reduction treatment, obtained FDA clearance in June 2020. As a result, laser-based hair removal methods are in high demand.
Product Technological Advancements to Drive Market Growth-
Hair removal technology has improved dramatically over the years, from lasers to Intense Pulsed Light (IPL). The ruby laser, which was invented in the 1960s, was the first laser aesthetic device for hair removal. Since then, fast market improvements have increased the adoption of these devices. With lasers such as a diode, Nd: YAG, and others, these devices can now assist reduce hair growth by 90-95%. Furthermore, improved cooling technologies integrated into the laser make it more comfortable for patients.
On the other hand, the high cost of hair removal operations in dermatology offices and beauty salons is a significant barrier to the market. The process's cost also fluctuates according to each patient's unique needs and other variables, such as the size of the treated area, the number of treatments needed, and other features. Due to the high initial out-of-pocket costs, there is less demand for these procedures, which has restricted market growth.
Impact of COVID-19 on Global Laser Hair Removal Market
The COVID-19 outbreak had a Negative influence on the global market since lockdowns implemented around the world curtailed people's access to beauty clinics, affecting the aesthetic business as well.One major Challenge in this sector is the high cost of hair removal procedures at dermatology offices and beauty salons. Furthermore, the cost of the procedure varies depending on the individual needs of each patient as well as other parameters such as the size of the treated region, the number of treatments required, and other factors. As a result, a significant out of pocket expense has reduced demand for these operations, limiting market expansion.
Laser Hair Removal Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alma Lasers Ltd. (Sisram Medical Ltd.), Cutera Inc, Cynosure LLC, Lumenis Ltd., Hitachi Ltd., LUTRONIC Corporation, Lynton Lasers Ltd., Sciton Inc., Sharp Light Technologies Ltd., Solta Medical Inc. (Bausch Health Companies Inc.), Syneron Medical Ltd., Venus Concept Ltd.
Global Laser Hair Removal Market Segmentation:
By Type: Based on the Type, Global Laser Hair Removal Market is segmented as; Alexandrite laser hair removal, Diode laser hair removal.
By Gender: Based on the Gender, Global Laser Hair Removal Market is segmented as; Male, Female.
By Age Group: Based on the Age group, Global Laser Hair Removal Market is segmented as 13 to 29, 30 to 54, 55 to 69.
By End User: Based on the End Use, Global Laser Hair Removal Market is segmented as; Hospitals, Clinics.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.