The global tattoo removal devices market exhibits a highly cutthroat competition mainly due to the presence of innumerable players, observes Transparency Market Research based on a newly published report. The fragmented nature of this market’s vendor landscape depicts most players integrating their products with advanced technologies. With an increasing demand for high-quality tattoo removal devices occurring in almost every region, most companies are gradually adopting product differentiation and expansion of product portfolios. These are two main strategies implemented by most companies for achieving extensive growth.
Developing products that deliver functional transformation and commercial excellence also is a key strategy implemented by many players working in the global tattoo removal devices market to stay ahead in the competition. Lutronic Corporation, Cynosure, Inc., Syneron Medical Ltd., Alma Lasers, Ltd., Lumenis Ltd., EL.En. S.p.A., Lynton Lasers Ltd., Solta Medical Inc., Sciton, Inc., Fotona d.d., and Cutera Inc., are key companies operating in the global tattoo removal devices market. A spike in the number of players entering the tattoo removal devices market, is certainly expected to increase the competitive intensity during the upcoming years. Many companies are focusing on launching devices that can remove tattoo pigments for a broad range of skin types in fewer number of treatment sessions, thus causing less post-treatment complications and risks.
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According to experts from Transparency Market Research, the global tattoo removal devices testing market had gained revenue worth US$219.1 mn in 2016, which is further expected to grow up to US$321.9 mn by the end of 2022. This growth is projected to occur at an impressive CAGR of 6.7% during the forecast period from 2017 to 2022.
Increasing Demand for Safe Tattoo Removal Boosts Growth in Market
A rapidly rising demand for safe treatment devices and non-invasive techniques for the removal of tattoos among different demographic groups is a key factor driving the global tattoo removal devices market. A need for effective tattoo removal without harming the surrounding skin is a key factor stoking the demand for tattoo removal devices, consequently kindling the market to progress steadily.
Patients nowadays want to feel minimum discomfort while undergoing through a tattoo removal process. This also is a key factor driving growth in the global tattoo removal market. Currently, many tattoo removal technologies help in removal of tattoos made in various popular as well as less known ink colors. In this way, faster treatment and lesser number of sessions is a target of most people who opt for the removal processes. These too are crucial factors driving growth in the global tattoo removal devices market. In emerging economies, tattoo removal processes are less costly as compared to those available in developed economies.
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High Costs of Removal Processes Brings in Less Customers
However, steep costs required to set up systems for tattoo removal might make potential customers have second thoughts, consequently hampering the global tattoo removal devices market. High installation and maintenance expenses could discouraging individuals having less disposable incomes to set up tattoo removal systems is also a prime hindering factor. Moreover, lack of necessary removal equipment in several regions too is posing as an obstacle to the market in terms geographic hindrances. Nevertheless, rising awareness about the availability of tattoo removal devices is reducing the effects of restraints affecting the global tattoo removal devices market.
- Developing products that deliver functional transformation and commercial excellence is a key strategy implemented by many players working in the global tattoo removal devices market.
- Currently, many tattoo removal technologies help in removal of tattoos made in various popular as well as less known ink colors.
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