Portland, OR -- (SBWIRE) -- 09/13/2017 -- According to a new report published by Allied Market Research, titled, Tattoo Removal Market by Procedure and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global tattoo removal market was valued at $11,614 million in 2016, and is projected to reach $27,317 million by 2023, growing at a CAGR of 12.7% from 2017 to 2023. The laser procedure segment accounted for more than half of the global market in 2016.

Tattoo removal is a method used to get rid of tattoos through laser, surgery, lotions or creams, and others. The laser beam works by breaking down the ink particles of the tattoo resulting in its removal while surgical excision involves use of scalpel and stitching of wound to remove tattoos. Besides, tattoo removal creams are a slow, steady, and painless way to clear the inked area of the skin. Among these, the most commonly used technique for tattoo removal is the laser procedure owing to its effectivity in terms of clearing scar, fading the tattoo, safety, relatively less pain, and other factors.

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The factors that drive the growth of the tattoo removal market include the increase in number of people who wish to remove their tattoos due to various personal and social reasons. In addition, the change in the lifestyle and taste for better ethical preference of the tattooed people fuel the global tattoo removal market. Nevertheless, the high cost of tattoo removal procedures hinders the growth of the market. Moreover, the technological advancement of tattoo removal procedures result in new methods such as intense pulsed light therapy, representing great growth opportunities for the market.

By procedure, the tattoo removal market is segmented into laser, surgical excision, tattoo removal creams, and others. The laser procedure accounted for more than half of the global market in 2016 and is anticipated to be the fastest growing segment during the forecast period. This is due to the various advantages offered by laser machines, which has made the overall tattoo removal procedure safer and reliable.

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By end user, the tattoo removal clinics segment is leading with maximum share of the market coupled with high growth rate. This is due to the better service quality and skilled tattoo removal personals or doctors present in the clinics.

Key Findings of the Tattoo Removal Market:

- North America is the fastest growing region in the market with 13.3% CAGR.

- Laser tattoo removal procedure occupied more than half of the share in 2016 and is anticipated to be the fastest growing segment of the market with 13.1% CAGR.

- Tattoo removal clinics is the leading end user with maximum market share as well as highest growth rate of 13.0%.

- Europe is the second highest shareholder of the market growing with significant CAGR during the analysis period.

- The U.S. is the major country in the market with highest market share and CAGR of 13.4%.

In 2016, North America and Europe collectively accounted for more than half of the global tattoo removal market share and is expected to grow at the highest CAGRs during the forecast period. The U.S. is the major country with maximum share and highest growth rate in the market owing to growth in tattoo regrets resulting in tattoo removal. Technological advancement coupled with high disposable income are the other factors supporting market expansion in the country during analysis period.

The major companies profiled in the report include Alma Lasers, Asclepion Laser Technologies GmbH, BISON MEDICAL, Cutera, Inc., Cynosure, Inc., Cryomed Aesthetics, Eclipse Lasers Ltd., LUMENIS, Syneron Inc., and Fotona d.o.o.