U.S. Laser Hair Removal Market Size, Share & COVID-19 Impact Analysis, By Product (Diode, Alexandrite, Nd:YAG, and Others), By End User (Hospitals, Medical Spas & Specialty Clinics, and Others), and Country Forecast, 2023-2030

The U.S. laser hair removal market size was worth USD 271 million in 2022 and is projected to grow at a CAGR of 16.9% during the forecast period.

Laser hair removal offers precision, speed, and predictability to patients undergoing unwanted hair removal treatment. According to the American Society of Aesthetic Plastic Surgery's 2022 statistics, laser hair removal became one of the most popular non-surgical procedures in 2022, and around 2.9 million skin treatment procedures, including laser hair removal, were performed in the same year. This surge in product demand is primarily attributed to the effectiveness of laser devices in reducing unwanted hair growth.

In the U.S., the demand for aesthetic procedures, such as laser hair removal has increased substantially due to an increase in disposable income and rising need for enhanced aesthetic appearance among the general population. This is augmenting the demand for aesthetic products and solutions that offer convenience and long-lasting effects.

The COVID-19 pandemic negatively impacted the U.S. laser hair removal market as the restrictions imposed by the regulatory authorities led to the temporary closure of non-essential facilities offering hair removal procedures. This scenario declined the demand for these products across the country.

LATEST TRENDS

Increasing Focus on Development of Combination Devices

The most recent development in the market has been the emergence of companies aiming to launch effective devices equipped with a variety of technologies. The latest technology which involves combination of different wavelength in single device are used in various products and is suitable for the treatment of blue veins, which cannot be treated with the help of Nd:YAG alone. Additionally, this mix of technologies facilitates the removal of hair as well in a single procedure.

• For instance, the GentleMax Pro17 is a dual wavelength laser device, part of Candela's GentlePro Series, which combines 755nm alexandrite lasers and 1064nm Nd:YAG lasers. This device is highly adaptable and can be used for a variety of applications, such as hair removal, vascular and skin treatments.

DRIVING FACTORS

Increasing Number of Non-Invasive Procedures to Drive Device Demand in U.S.

In the U.S., the number of individuals seeking solutions to enhance their physical appearance without the need for invasive procedures is increasing. For example, Botox is a preferred non-invasive procedure for removing wrinkles. Similarly, laser hair removal is preferred over other hair removal options to remove unwanted or excessive hair.

Furthermore, advancements in technology have opened the doors for laser-based hair removal procedures, which have attracted a large number of customers to the industry. Invasive procedures have certain side effects, whereas non-invasive treatments exhibit negligible side effects, which makes it a preferred choice among patients. Moreover, the rising approval of these products by the U.S. Food and Drug Administration makes it a more credible choice.

• In March 2023, Shanghai Omni Laser Skinology Co. Ltd. received the U.S. FDA approval for its diode laser hair removal system (RD-SLD600). This system is intended for hair removal and permanent hair reduction on all skin types.

Such approvals are anticipated to increase the availability of a broad range of products to carry out hair removal treatment. This is predicted to drive the demand for these products, subsequently augmenting the U.S. laser hair removal market growth during the forecast period.

According to the 2022 data of the International Society of Aesthetic Plastic Surgery, a total of 5,802,761 non-surgical procedures were performed in the U.S., out of which 6.9% were hair removal procedures.

RESTRAINING FACTORS

High Cost Associated with Devices to Limit the Product Adoption

Despite the benefits offered by laser technology for hair removal, the high cost associated with the procedure is likely to hinder the market growth. Technological advancements in medical devices have resulted in an increase in the cost of laser hair removal devices. Furthermore, the cost of the procedure can vary depending on individual requirements and other factors, such as the amount of treatments needed and the area to be treated.

According to the AEDIT Medical Advisory Board, the average price of laser hair removal procedures in the U.S. is between USD 125 – 1,000 per treatment session. As a result, the demand for these hair removal procedures is likely to be hampered due to high upfront costs, thus limiting the growth of the market.

SEGMENTATION

By Product Analysis

By product, the market is segmented into diode, alexandrite, Nd:YAG, and others.

In 2022, the Nd:YAG segment dominated the market as Nd:YAG is used for hair removal because it safely removes hair without damaging the surrounding area. The longer wavelength of the product offers safety and reduces body hair density, and the results last longer than any other hair removal method, especially for pigmented skin. These factors are responsible for the segment’s dominance in the U.S. market.

By End User Analysis

Based on end user, the market is segmented into hospitals, medical spas & specialty clinics, and others.

The medical spas & specialty clinics segment is expected to dominate the U.S. laser hair removal market share during the forecast period. This dominance is attributed to the surge in the number of laser-based hair removal treatments in specialty clinics and medical spas.

Moreover, the growing focus of medical spas & specialty clinics on making infrastructural improvements is anticipated to drive the segment's growth. This trend is encouraging consumers to adopt laser hair removal treatments.

• According to an article published by the American Medical Spa Association in January 2023, there were 8,841 medical spas in 2022, up from 7,430 in 2021 and 5,431 in 2018.

KEY INDUSTRY PLAYERS

The U.S. market is characterized by a number of players operating and competing with one another to become the market leader. Cynosure and Venus Concept are some of the well-established firms in the market. These companies have adopted strategies, such as continual technological advancements and introduction of cutting-edge products to maintain their brand presence.

Additionally, a number of small- and medium-sized companies are entering the market by introducing technologically advanced products. For example, in May 2020, a Sydney-based individual earned USD 20 million within two years of launching a medical device named Happy Skin Co., for removing laser hair at home. Such initiatives are expected to further strengthen the market potential during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• Cutera (U.S)


• Venus Concept (Canada)


• CYNOSURE (U.S.)


• Fotona (U.S.)


• Lumenis Ltd. (Israel)


• Alma Lasers (Israel)


• Sciton, Inc. (U.S.)


• Lynton Lasers Ltd (U.K.)


• Venn Healthcare (U.K.)


• CANDELA CORPORATION (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2023 - Levine Leichtman Capital Partners (LLCP), a U.S.-based private equity firm, partnered with SEV, a market-leading manager and operator of med spas that provide laser hair removal, injectables, body contouring, and other medical aesthetic services. This partnership will help LLCP speed up its same-store sales and innovate its services.


• October 2022 – Sensus Healthcare, Inc. introduced its Silk laser hair removal system, which is a portable diode laser with 2000W power, a lightweight hand piece with a super-cold cooling tip and high repetition rates.


• June 2022 – Cynosure launched its Elite iQ platform for laser hair removal and skin revitalization procedures in the U.S., Europe, and Australia.

REPORT COVERAGE

The market report provides a detailed market analysis. It focuses on key aspects, such as an overview of the country’s regulatory scenario. Additionally, it includes information about key industry developments, new product launches, and the impact of COVID-19 on the market. Besides this, it also offers insights into the latest market trends and highlights key industry dynamics. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market growth in recent years.

Report Scope & Segmentation