Laser Hair Removal Market Size & Forecast

The Laser Hair Removal Market is expected to reach $2.10 billion by 2031, at a CAGR of 9.8% from 2024 to 2031. The growth of laser hair removal market can be attributed to factors such as the increasing prevalence of hormonal disorders leading to excessive hair growth, increasing preference for non-invasive cosmetic procedures, advancements in laser technology, and increasing spending on aesthetics. Furthermore, the high cost of laser hair removal devices and the availability of alternative hair removal methods are restraining the market growth.

Increasing awareness and benefits of laser hair removal and growing medical tourism in emerging economies are expected to offer growth opportunities for the players operating in this market. However, safety concerns and limited effectiveness on certain skin and hair types are challenges to the market’s growth. The increasing demand for at-home laser hair removal devices and the rising popularity of laser hair removal among men are prominent trends in the laser hair removal market.

Laser Hair Removal Market Growth Drivers

Increasing Prevalence of Hormonal Disorders Leading to Excessive Hair Growth

Hormonal diseases such as hirsutism and polycystic ovarian syndrome (PCOS) produce abnormal hair growth in the chest, face, and back, which can be uncomfortable for people affected. According to the World Health Organization (WHO), in 2022, 8-13% of reproductive-aged women were diagnosed with polycystic ovarian syndrome (PCOS). Approximately 70% of affected women remain undetected globally.

In addition, according to the American Thyroid Association (ATA), in 2023, 20 million (12%) people in the U.S. were diagnosed with thyroid disease. People with hormonal imbalances frequently seek strategies to manage their excessive hair growth, and laser hair removal is a potential choice for them. Thus, as the cases of hormonal diseases rise, leading to increased demand for laser hair removal treatments.

Increasing Preference for Non-invasive Cosmetic Procedures

In recent years, there has been a notable increase in customer preferences for non-surgical and less-invasive cosmetic treatments, such as hair removal. Laser hair removal has been described as a non-invasive procedure since it does not involve surgical incisions and the use of needles. However, it uses concentrated laser radiation to target and harm hair follicles, leading to long-term hair loss.

In addition, according to the International Society of Aesthetic Plastic Surgery (ISAPS), 17.5 million non-surgical procedures, including laser hair removal, were performed globally in 2021. Furthermore, according to the American Society of Plastic Surgeons (ASPS), 26.2 million surgical and minimally invasive cosmetic and reconstructive procedures were conducted in the U.S. in 2022.

Laser Hair Removal Market Opportunities

Increasing Awareness and Benefits of Laser Hair Removal

Advancements in technology and communication have significantly increased awareness regarding laser hair removal treatments. Laser hair removal is mainly preferred owing to its benefits, such as its effectiveness and long-lasting results. In comparison with short-time procedures like waxing and shaving, laser hair removal produces significant and long-term results. This feature is especially tempting to people who are tired of repeating hair removal treatments and want a simpler and more effective alternative. Furthermore, advances in laser technology have made laser hair removal appropriate for an extensive variety of skin types and hair colors. Previously, laser hair removal was more efficient for people with fair complexion and black hair. However, with the development of improved laser systems, people of all skin tones and hair colors are now able to benefit from laser hair removal procedures.

The growing awareness of laser hair removal's benefits, such as precision targeting, compatibility, long-time hair reduction, and convenience for a wide range of skin types, has considerably increased demand for laser hair removal treatments. As more individuals learn about the benefits of laser hair removal, laser hair removal market is projected to expand.

Laser Hair Removal Market Trends

Increasing Demand for At-home Laser Hair Removal Devices

In recent years, there has been an increasing trend towards self-care and comfort, which has resulted in the development of at-home beauty products such as laser hair removal devices. At-home laser hair removal devices allow one to execute the treatment from the convenience of the patient's own home. This reduces the necessity for frequent visits to a hospital and clinics.

In addition, due to increasing demand, various companies are launching at-home hair removal devices. For instance, in March 2023, Ulike (U.S.) launched the AIR3, an at-home laser hair removal device in the U.S. This device offers painless, quick, effective, and safe permanent hair removal at home. The benefits offered by at-home hair removal devices, such as ease of use, painless procedures, and easy-to-perform underlying treatment, are the factors increasing their adoption.

Rising Popularity of Laser Hair Removal among Men

In recent years, laser hair removal for males has grown in popularity. No longer do just women seek these types of procedures. With technological improvements and the rising popularity of personal grooming, an increasing number of men are looking into laser hair removal.

In addition, there are numerous advantages to laser hair removal for males. It offers a more permanent treatment for unwanted hair than traditional procedures; this procedure is relatively painless and takes a short amount of time. This technique is safe and effective for practically any skin type and can save time and money in the long run by reducing the need for frequent hair removal treatments.

Laser Hair Removal Market Analysis: Key Findings

By Product: In 2024, the Diode Laser Segment to Dominate the Laser Hair Removal Market

Based on product, the laser hair removal market is segmented into diode laser, Nd:YAG (neodymium-doped yttrium aluminum garnet) laser, alexandrite laser, and other products. In 2024, the diode laser segment is expected to account for the largest share of 38.2% of the laser hair removal market. The segment’s large share is attributed to its effectiveness and suitability for wider skin and hair types. Diode wavelength allows the practitioners to deliver a much higher frequency. It is a much safer option for all types of skin. Diode lasers are available in different sizes, allowing the suitability of treatment for smaller and higher body areas.

By Sex: In 2024, the Female Segment to Dominate the Laser Hair Removal Market

Based on sex, the laser hair removal market is segmented into female and male. In 2024, the female segment is expected to account for the larger share of the laser hair removal market. The large market share can be attributed to the increasing spending on aesthetics among women, rising concerns related to hormonal diseases among women leading to unwanted hair growth, coupled with the high influence of social media drives the demand for laser hair removal among women.

By End User: In 2024, the Hospital & Clinics Segment to Dominate the Laser Hair Removal Market

Based on end user, the laser hair removal market is segmented into hospitals & clinics, beauty clinics, dermatology clinics, and home setting. In 2024, the hospitals & clinics segment is expected to account for the largest share of 55.2% of the laser hair removal market. Hospitals, clinics, and medical spas have a well-equipped infrastructure with technologically advanced instruments/devices and skilled professionals to provide effective cosmetic treatments to patients. As the demand for medical aesthetic procedures has increased among the population, the number of hospitals and medical spas has increased over the years.

However, the beauty clinics segment is projected to register the highest CAGR of 11.4% during the forecast period of 2024-2031. This is due to the expansion of beauty clinics and the growing preference for non-invasive medical procedures.

Geographical Analysis

By Geography: In 2024, North America to Dominate the Laser Hair Removal Market

In 2024, North America is expected to account for the largest share of 38.8% of the laser hair removal market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to several key factors, including the presence of major laser hair removal companies such as Cutera, Inc. (U.S.), Cynosure, LLC (U.S.), and Sciton, Inc. (U.S.). Technological advancements in laser hair removal technology, the increasing number of hormonal disease cases, and increasing spending on aesthetics (For instance, according to the Boston Consulting Group (U.S.), in 2022, the U.S. medical aesthetics manufacturers totaled about USD 9 billion) in this region also contribute to the growth of this region’s market.

However, the market in Asia-Pacific is slated to register the highest growth rate of 10.5% during the forecast period. The growth of this regional market is attributed to the growing awareness regarding physical appearance and self-grooming, increasing awareness and benefits of laser hair removal, and increasing demand for at-home laser hair removal devices in countries such as China and India.

Laser Hair Removal Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the laser hair removal market are Cutera, Inc. (U.S.), Venus Concept Inc. (Canada), Candela Corporation (U.S.), Lynton Lasers (U.K.), Sciton, Inc. (U.S.), Lumenis Be Ltd. (Israel), Fotona d.o.o. (Slovenia), Alma Lasers Ltd. (Israel), Asclepion Laser Technologies UK Limited (U.K.), and Cynosure, LLC (U.S.).

Laser Hair Removal Industry Overview: Latest Developments from Key Industry Players

• In May 2024, Cynosure, LLC (U.S.) launched Nirvana, a diode laser technology for laser hair removal. This new device offers comfort, efficacy, and efficiency.
• In November 2023, LUBEX (U.S.) launched a sapphire hair removal device with an ice cooling system (D-T003) to enhance skilled home beauty equipment and promote salon-level treatment.
• In October 2022, Sensus Healthcare, Inc. (U.S.) launched the portable ‘Silk by Sensus’ hair removal system at the Fall Clinical Dermatology Conference in the U.S.
• In February 2021, Gunze Limited (Japan) received government approval to manufacture and market the "MeDioStar Monolith," a long-term hair removal diode laser in Japan.

Laser Hair Removal Market Research Summary

Key questions answered in the laser hair removal market report: