Is laser hair removal more painful than waxing?

I’ve had both, laser hair removal and waxing done sofor this answer, I’m going to leave aside the fact that pain perception is subjective.

So,

Laser hair removal: A laser beam i.e. a concentrated light beam is projected at the hair follicles. As the laser beam passes through the skin, it is converted to heat energy.
The heat is picked up by melanin in the hair follicles.
The heat damages the follicles and retards further hair growth.

This means that higher the density of hair and thicker the hair follicle, more the heat absorbed and hence, a proportional increase in the pain.

It is important to note that the hair follicles are still retained within the skin.

Waxing: A hot/cold layer of wax is smeared on the hair and the skin. A waxing strip/cloth is used to pull the wax, along with the hair and possibly a thin layer of skin off.

This means the hair follicles are literally pulled out of the skin. The density of hair and its thickness matter here as well.

Given those facts, here is my experience:

I often bleed while getting waxed. I never bled during a laser hair removal session.
My skin is always, *always* erythematous and tender after the waxing session. This is not the case with laser hair removal because the skin doesn’t really get irritated.
The soreness continues for about 24 hours post waxing (my skin is really sensitive). The soreness improves almost immediately post laser hair removal. Staying out of the sun helps as well.
Laser treatment was a lot more tolerable compared to waxing on the areas of the body that have thinner skin. For example, the elbow crease or the upper arm. These areas are in general more sensitive to pain.
During the laser sessions, the therapist progressively increases the intensity of the laser beam. This gives one time to get used to the sensation.
Also, as the hair thickness and the number of hair follicles reduce, the energy absorbed is less. This reduces the pain gradually as the therapy progresses.
This is not the case in waxing. It hurts pretty much the same from one session to the another.

Laser hair removal pain can be described as the sensation one feels upon getting a static shock in winters. It stings but only for a moment. The pain of waxing is a lot worse.

So, in my opinion, laser hair removal is less painful and a lot more tolerable. It is expensive but it is worth the investment.