September 20, 2023 07:46 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global laser hair removal market size is expected to experience exponential growth by reaching USD 1619.7 million by 2028 while exhibiting a stellar CAGR of 16.7% between 2021 and 2028. Increasing Demand for Non-Invasive Treatment Solutions to Augment Growth, Asia-Pacific to Remain Dominant Rising Disposable Income to Aid Growth Ng Yag Laser Hair Removal Machine
This information is published by Fortune Business Insights in its report, titled “Laser Hair Removal Market, 2021-2028”. The report further mentions that the market stood at USD 483.0 million in 2020. Laser hair removal treatments are gaining traction due to their high efficacy in preventing hair growth. Several companies are focusing on developing a portfolio of advanced hair removal products based on laser technology. For instance, Ellipse adopts selective waveband technology and laser in its hair removal machine Nordlys. The machine performs several hair removal procedures with optimum efficiency. Thus, the increasing development of innovative hair technologies is expected to boost the demand for the product in the forthcoming years.
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May 2020 - Lira Style introduced a new aesthetics platform, Cervello. The company reports that the new platform is essentially a device that allows clinically proven laser hair removal procedures.
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Increasing Demand for Non-Invasive Treatment Solutions to Augment Growth
Non-invasive treatment solutions have gained popularity due to their fewer side effects compared to invasive procedures. This has led to the development of novel solutions by companies leading to the increasing approvals by the U.S. Food and Drug Administration. For instance, in June 2020, Venus Concept Inc. secured an FDA clearance for its Venus Epileve, an advanced laser hair reduction solution. Moreover, massive technological advancements in the product is expected to contribute to the global laser hair removal market growth in the forthcoming years.
On the basis of product, the market is classified into Nd: YAG, diode, alexandrite, and others.
Based on the end-user, the market is segmented into hospitals, medical spas & specialty clinics, and others. Lastly, on the basis of region, the market is segregated into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
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What does the Report Provide?
The market report offers qualitative and quantitative insights on the industry and in-depth analysis of the size & growth rate for all segments impacting the market. Besides, the report provides an insightful study of market dynamics, opportunities, emerging trends, and competitive landscape. The valuable insights offered are based on the latest trends, recent industry developments such as mergers & acquisitions, partnerships, and others by adopting several research methodologies that will affect the growth of the market during the forecast period.
Asia-Pacific to Remain Dominant; Rising Disposable Income to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the market in the forthcoming years. This is owing to the rising disposable income of the working population in countries such as India and China that is leading to high spending on personal care in the region. Asia-Pacific stood at USD 184.8 million in 2020.
On the other hand, North America is expected to hold the second position in the market due to the significant development in the laser hair removal products and the increasing spending capacity of the Americans between 2021 and 2028.
Partnerships between Prominent Companies to Boost Their Market Standings
The market is fragmented by the presence of diverse companies that are striving to maintain their stronghold. These companies are focusing on establishing partnerships with other companies to expand their laser hair removal portfolio and further improve their positions amongst their rivals. Moreover, the adoption of organic and inorganic strategies by other players to maintain their presence is expected to contribute to the market growth.
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