MRFR’s Detailed Study Provides Monitoring Hair Transplant Market by Scope, Applications, Products, Key Players, Emerging Trends, Sales, Revenue, And Market Share and Growth Rate. Covering North America, Europe, Asia Pacific, Middle East and Africa.
Market Overview:
The data experts from Market Research Future (MRFR) predict a high-yielding future for the Hair Transplant Market at a value of USD 23,881.9 million by 2023, crossing the valuation of USD 4,128.1 million in 2016. Furthermore, the lucrative market growth will be at the rate of 24% during the forecast period (2017-2023).
Growth Factors and Challenges:
An increasing number of people facing hair loss problems is set to foster the hair transplant market growth over the conjectured time frame. As per the Belgravia Center, almost 60% of men and 40% of women experience hair loss, along with male pattern baldness and female pattern hair loss in their lifetime. The prominent factors leading to hair loss include stress, genetics, illness or medication, water, and climatic condition as well as physiological factors like stress, malnutrition, and aging. Owing to the accelerated hair loss rate, the demand for transplant procedures and associated therapies is bound to increase at a rapid pace in the near future.
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Moreover, technological advancements in recent years, especially in the developed regions of Europe and North America is elevating the market position of hair transplant. Also, the introduction of technologically advanced robotic surgical hair transplant system like the ARTAS system is resulting in the safety and efficiency of the procedure. Plus, the augmented use of Neograft Hair Transplantation System, which is a consistently evolving technology for women and men who want to restore their hairline with the use of Follicular Unit Extraction (FUE) method, is slated to be highly instrumental to the industry growth.
In addition, expanding medical tourism in Turkey for hair loss treatment has given a considerable push to the hair transplant market. With at least 300 clinics for hair transplant alone, Istanbul, as well as many other major cities in Turkey, is attracting numerous patients from all around the world, primarily from Europe, Middle East, and the Gulf region. Apart from this, experienced surgeons, advanced technology, and relatively low cost of hair transplant treatment seem to work wonders for the growth of the hair transplant market.
Key Players:
Ethics hair instruments, MEDICAMAT, Bosley, Restoration Robotics Inc. Company, Bernstein Medical, are few leading competitors in the global hair transplant market.
Industry Update:
February 2019 – In the wake of increasing hair loss issues in the United States, a hair transplant technique called long-hair FUE ahs been developed that does not require the patient to shave off their head. Owing to this factor, patients can go about doing their daily activities without telling anyone about their hair transplant.
Segmentation:
The market for hair transplant is segmented into types of surgery, end user, and surgical methods.
The types of surgery in the hair transplant market are eyebrow transplant, frontal hairline lowering or reconstruction and head hair transplant. Among these, the head hair transplant sub-segment has captured the largest market share with 88.3%.
The end-users in the global hair transplant market are hospitals, trichology clinics, and dermatology clinics.
The various surgical methods adopted for hair transplant are follicular unit extraction (FUE) and follicular unit transplantation (FUT). Out of these, the follicular unit transplantation holds the maximum share of the total market, leading with 52.7% in tow.
Regional Outlook:
Some of the major regions listed in the MRFR report for global hair transplant market are the Americas, Asia Pacific, Europe, and Rest of the World.
The report states that the Americas governs the global market, having accrued the value of USD 2.249 million in 2016. The region is exhibited to retain its top position in the global hair transplant market with the growing number of hair transplant surgeries like follicular unit extraction (FUE) and follicular unit transplantation (FUT), followed by the high success rate of treatment. As per the American Academy of Dermatology, hereditary hair loss is touted to be the leading cause of hair loss affecting around 80 million people in the United States. Few factors like stressful life, dandruff, consumption of fast food and smoking will result in the growth of hair loss issues, thus elevating the industry position in the region.
In Asia Pacific, the India hair transplant market is presumed to exhibit a substantial growth in the coming years due to factors like smoking, poor nutrition, stressful life and fluctuating climatic conditions responsible for increasing cases of hair loss problems. Stress is considered a prominent reason for hair loss. As per recent surveys conducted by the department of mental health and behavioral sciences, about 51% of the population in India suffers from stress owing to their work as well as other personal problems. Furthermore, the growing disposable income allows patients to avail relatively costly procedures.
The Europe market will be depicting a strong growth pattern in the near future, on account of the introduction of robotic hair transplant coupled with the expanding medical tourism.
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