Tattoo Removal Market to reach a phenomenal US$ 795 million
According to AMR, the global tattoo removal market which garnered US$ 478 million in 2019 will reach US$ 795 million by the year 2027 at 19.3 per cent CAGR!
In this case, ‘changing one’s mind’ is one of the causes of the phenomenal, perceived growth of the tattoo removal market – regrets, changes in lifestyle, and shifting trends are, of course, all a part of this story. Unfortunately, the procedure to remove a tattoo, so far, has involved the high costs of equipment and installations, and has restrained market growth. However, new methods and innovations in technology mean further growth opportunities in this sector. Further, like with other markets, COVID-19 also greatly impacted the business of tattoo making, and correspondingly, tattoo removal. Several tattoo parlours were shut down due to lockdowns, but they are slowing inching back.
The laser procedure segment for tattoo removal, in 2019, held the highest market share, accounting for three-fifth of the total global tattoo removal market, and it will continue this dominance in the forecast period. Further, due to the shift in preference of clients from surgical methods of tattoo removal to laser methods, the segment is estimated to have the largest CAGR of 20.1 per cent from 2020 to 2017. Surgical methods are invasive and painful and are losing favour in this market as compared to the laser methods which work beautifully, and leave no scars!
Additionally, in 2019, the clinic segment of this market registered the highest share of the market – this accounted for four-fifth of the overall global tattoo removal market. Once again, this will continue to grow and lead, up to 2027. This segment is also estimated to show the highest CAGR – of 19.9 per cent – in the period 2020 to 2027. The large number of clients opting for clinical removal and the rising demand for tattoo removal devices in aesthetic or dermatological clinics are part of the reasons for the growth spurt.
The Asia-Pacific region, which accounted for the largest market share of this market in 2019 will continue to dominate this market in the foreseeable future. This segment is expected to manifest the highest CAGR of 20.3 per cent during the forecast period.
The North American region’s share in the market will also grow significantly by 2027. An increase in the number of tattoo removal procedures, the adoption of Q-Switched Laser System, availability of advanced healthcare facilities with trained medical professionals, and, a significant rise in research and development activities to develop new and better laser systems are huge contributors to the growth. The North America region is expected to show the second largest CAGR of 19.7 per cent by 2027.