Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Hair Removal Devices Market - Insights
Businesses catering the equipment requirement of the commercial beauty clinics and dermatology clinics for hair removal devices and treatments have gained significant popularity in the recent past, owing to increasing beauty consciousness among consumers globally. These being non-surgical and non-invasive procedures, has led to increased consumer preferences. Moreover, these are widely used in dermatology and beauty clinics. This is expected to be among the major growth drivers for the market over the forecast period.
Alternative methods that include waxing, manual trimming, and using razors are relatively painful and lead to skin abrasions or irritation. Moreover, outcome of these methods are for a shorter period of time and require repetition after few days or weeks. However, utilization of these hair removal devices helps individuals’ treated area, hair-free for months or years, reducing the requirement for repetitive treatments after the complete procedure. This is among the major benefits that has in turn, led to growth of the market over the forecast period.
Figure 1. Global Hair Removal Devices Market, Key Impact Forces
SOURCE: COHERENT MARKET INSIGHTS (2018)
Compact devices and products offering multi-services for the cost of one system is among the prominent factors influencing the hair removal devices market growth
Next generation devices are compact, in order to reduce the footprint in the beauty and dermatologist facilities. Significant advantage of utilization of these machines is proving an array of aesthetic services that include skin treatment, anti-ageing skin rejuvenation treatment along with hair removal, for different body surfaces with a single machine. For instance, The Global Beauty Group offers products with five in one and 9 in 1 Intense Pulse Light (IPL) machines offering these aforementioned features. Company’s product under UltraLUX V4 IPL aids in pigmentation treatment, acne management, ultrasound body contouring, vascular therapy, and RF skin tightening. In conjunction with these factors, long durability, robustness, and high ROI, owing to multi-service offerings of these machines is expected to be factors for growth of the global hair removal devices market over the forecast period.
Increasing number of metrosexual men is a prominent factor fueling growth of this market. According to Uni K Wax—a unisex waxing studio—over 20% of clients were male, of which 19% had bikini services and 48% opting for back and shoulder services. Moreover, men participating in sport activities that include professional body building, wrestling, cycling, swimming, and athletics are also more inclined towards these treatments, and this is expected to drive the global hair removal devices market growth.
Drawbacks of these systems include providing non-uniform application results depending on the skin and hair textures of the individual. For instance, laser treatments are highly effective for hair colors that include black and different shades of brown. However, the treatment is less effective and requires longer times for blonde and red, with minimum effectiveness on colors that include white and grey. Moreover, high initial system costs and high penetration of alternative procedures that include trimmers, waxes, shaving, and threading are projected to be the major factors that hampering the hair removal devices market growth over the forecast period.
North America was the dominant region in the global hair removal devices market, and is expected to continue its dominance over the forecast period. This is primarily owing to high inclination of the consumers towards hairless body fashion trends. According to Coherent Market Insights Analysis, U.S. manscaping industry was pegged at over US$ 4 billion in 2015 in which hair removal services and products contributed around US$ 1 billion sales.
Some of the key players in the global hair removal devices market include Alma Lasers Ltd., Cutera Inc., Cynosure Inc., Fotona d.d., Lumenis Ltd., Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Syneron Medical Ltd., Strata Skin Sciences Inc., and Venus Concept Canada Corp.