LOS ANGELES, Jan. 15, 2019 (GLOBE NEWSWIRE) -- 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. Development in beauty awareness predominantly among women has pushed the growth the hair removal device market. The male populace is also following this trend owing to increase in consciousness about grooming. This parameter is anticipated to further boost the hair removal device demand.
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High need for non-invasive methods for hair removal for instance the laser treatment due to its benefits, for instance, precision and saving time and money in the long run. Most hair removal devices can be deployed at home that in turn, is also supporting to the high need for personal non-invasive grooming techniques.
Accessibility of technically progressive products has also played a significant role in optimistically impacting the development of the hair removal devices market. New laser devices emit longer wavelengths of light, allowing them to emphasis only on the melanin present in hair follicles. This eradicates the risk of skin burns. All these factors are anticipated to drive development of the hair removal devices market during the forecasted period.
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.
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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 device market 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.
Based on the end user, beauty clinics captures the maximum share in 2018 due to increasing consumer inclination. Also, increasing visits to beauty clinics to expand their aesthetic appeal can boost the development. Furthermore, development in the numeral of beauty clinics in emerged as well as emerging nations is expected to push the need in near future.
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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 timeframe owing 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.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. And also, growing R&D investments paired with technical advancements to commercialize highly efficient products are expected to offer huge growth opportunities for industry participants. Some of the main businesses present in the hair removal device market are Sciton, Inc., Solta Medical, Inc., Cynosure, Inc., Syneron Medical Ltd., Lumenis, Alma Lasers,Venus Concept Canada Corp., Viora, Lutronic, and Cutera. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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