The global hair removal device market size is projected to around USD 3.7 billion by 2026, the market is projected to grow with 15.0% CAGR during the forecast time frame. Increase in awareness about grooming paired with increase in disposable income is the key factors driving the growth of the hair removal device market. Also, with growing inclination towards fashionable and trendy looks is the reason for the growth of the hair removal devices market.
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Increase in awareness regarding beauty and augmenting esthetic appeal are among the factors bolster the hair removal market. Increasing consumer consciousness pertaining to their beauty, physical grooming, and esthetics has led to high need for hair removal devices. In present scenario, consumers are extremely concerned regarding their physical appearance. With increase in disposable income, expenditure on personal care devices is also growing.
As per the (ASAPS) American Society for Aesthetic Plastic Surgery statistics, about 1,035,783 hair removal processes were performed in 2016. Also, growing inclination for non-invasive methods for personal grooming is anticipated to give a fillip to the acceptance of numerous hair removal methods. Potential risks related with invasive procedures for improving esthetic appeal has led to high need for nonsurgical or non-invasive techniques.
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Growing availability of technologically progressive products is expected to boost their effectiveness, and in turn, need in near future. Such as, consistent developments in laser methods have augmented their effectiveness and cost-effectiveness. Side effects and efforts to reduce pain associated with hair removal are on the increase. Device manufacturers’emphasis on emerging products, which deliver relief from hair development for a longer period of time. Such as, introduction of dermal cooling technology in laser treatment lowers the chances of side effects. Such progressions paired with consumer consciousness is expected to drive the hair removing device market.
Consciousness about the benefits related with technologically progressive products are inspiring consumers to accept them. Though, high cost of laser devices is predictable to hinder acceptance of these devices, particularly in emerging regions. This factor impacts purchasing power of consumers, thereby, foremost to slow-moving development in these regions.
The global hair removal device market is segmented into product, end-user, and region. On the basis of product the global hair removal device market is segmented into Laser, Intense Pulse Light and Other Energy-based. The laser sub segment is further bifurcated into diode laser, ND: YAG laser and alexandrite laser. On the basis of end-user, the global hair removal devicemarket is segmented into Beauty Clinics, Dermatology Clinics, and Home Use. On the basis of region the global hair removal device market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
North America emerged dominant in 2018, due to accessibility of technologically progressive products and high consciousness concerning physical grooming. Surge in the usage of laser hair removal devices in U.S. for fast and effective results is one of the important factors contributing to the nation’s dominance.
Development in popularity of hair removal cures and accessibility of skilled dermatologists in European nations are some of the parameters expected to drive the regional need.
APAC is anticipated to exhibit important development over the forecast time frameowing to growing disposable income and need for cost-effective hair removal devices. Increasing beauty awareness in emerging nations is also expected to create development opportunities in the unused markets of APAC region.
These businesses emphasis on initiatives for instance, mergers and acquisitions, regional expansions, and novel product growths to bolster their market share and global reach. The key players catering to the global Hair removal devicemarket are Sciton, Inc.,Solta Medical, Inc., Cynosure, Inc.,Syneron Medical Ltd.,Lumenis, Alma Lasers,Venus Concept Canada Corp., Viora, Lutronic, and Cutera. These players are continuously focusing on research and development to compete in the highly competitive market. Also reducing price of grooming products is the key factor, which is gauging the players attention and these players are focusing on launching new products with competitive price. Also, development of technology efficient, economic product is the major strategy of these players.
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