The global “Laser Hair Removal Market Industry” is projected to reach USD 1,378.4 million by 2027, exhibiting a CAGR of 15.2% during the forecast period. Wide availability of advanced hair removal technologies will be one of the top growth drivers for this market, states Fortune Business Insights™ in its report, titled “Laser Hair Removal Market Size, Share & COVID-19 Impact Analysis, By Product (Diode, Alexandrite, Nd: YAG, and Others), By End User (Hospitals, Medical Spas & Specialty Clinics, and Others), and Regional Forecast, 2020-2027”.
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Laser hair removal treatments are gaining popularity owing to their proven efficacy in preventing hair growth. To capture this trend, many companies have developed a portfolio of novel hair removal systems based on laser technology. For instance, Nordlys, a hair removal machine by Ellipse uses both laser (Frax 1550 and Nd: YAG 1064) and Selective Waveband Technology to perform hair removal procedures. Similarly, the Thunder MT system from Advanced Esthetics Solutions integrates Nd: YAG and Alexandrite lasers, enabling the machine to perform a wide range of hair treatments. Thus, rising availability of such innovative hair technologies will brighten the prospects for this market in the coming years.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
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Rising Purchasing Power in India and China to Fuel the Market in Asia Pacific
Asia Pacific, where the market size stood at USD 209.7 million in 2019, is expected to dominate the laser hair removal market growth during the forecast period owing to rising disposable income and purchasing power in the rapidly developing economies of India and China. Increasing accessibility of advanced hair removal treatments is another factor that is anticipated to propel the market in this region.
In North America, the market will be primarily driven by the enthusiastic adoption of modern aesthetic technologies in the region. This has been made possible by the high spending ability of the people in the region along with a strong presence of specialized hair treatment clinics in the region. On the other hand, Europe is expected to maintain a prominent position in the market as reimbursement policies for non-essential procedures are extremely strong in the region.
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As per the report, the value of the global market stood at USD 551.4 million in 2019. The other highlights of the report include:
- Targeted analysis of the impact of COVID-19 on the market;
- Detailed study of the factors, trends, and constraints shaping the market;
- Careful evaluation of the regional dynamics influencing the market; and
- Thorough profiling and examination of the key market players and their strategies.
Table Of Content :
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Impact of COVID-19 on Laser Hair Removal
- New Product Launch
- Snapshot of Regulatory Scenario
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
COVID Regulations to Halt Progress of the Market
To contain the spread of the coronavirus, countries around the world have implemented stringent measures in the form of lockdowns and social distancing. With medical professionals focused on treating COVID-19 patients, resources have been diverted away from elective procedures. This has spelled doom for the aesthetics industry and the laser hair removal market growth as most of the procedures and treatments in this domain are non-essential. Moreover, fears of getting infected have deterred people from visiting clinics and other health facilities, thus contracting the demand for hair removal and other aesthetic procedures. Now, many governments are now allowing partial resumption of services. However, businesses are being made to follow strict guidelines and many of them are abiding by them, keeping in mind the safety of their customers as well as employees. For example, New England-based Skin & Laser Surgery Center announced that it will be implementing the recommendations issued by the Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA) under their list of ‘Universal Precautions’.
List of Companies Profiled in this Market Report:
- CANDELA CORPORATION (Massachusetts, U.S)
- Lynton Lasers Ltd (U.K.)
- Alma Lasers (Israel)
- Fotona (Texas, U.S)
- Venus Concept (Toronto, Canada)
- Venn Healthcare (U.K.)
- Sciton, Inc. (California, U.S)
- Lumenis Ltd. (Israel)
- Cynosure (Massachusetts, U.S)
- Cutera (California, U.S)
Product Innovations to Command Attention of Key Players
Competition in this market is tight as key companies are focused on designing and developing innovative products to attract customers. These players are also taking exigent steps to sustain their business during the health crisis created by the coronavirus.
- May 2020: US-based medical device company, Lira Style, released its new aesthetics platform called “Cervello”. The platform is essentially a device allows clinically proven laser hair removal procedures on all skin types, combining 1064 long pulsed YAG, 808 diode, and 755 Alexandrite.
- January 2019: Alma Lasers announced the worldwide launch of Soprano Titanium, its novel laser hair removal system. It combines the company’s four proprietary technologies: 3D, simultaneous lasing in three wavelengths; Quattro, an extra-large spot size; ICE Plus, advanced cooling system; and Smart Clinic, a cloud-based business development platform.
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Segments Covered in the Report
- Nd: YAG
By End User
- Medical Spas and Specialty Clinics
- North America
- By Product
- By End User
- By Country
SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.