Hair Transplant Market Overview
The Global Hair Transplant Market 2020 is poised to register 24.0% CAGR and is slated to reach USD 23.88 billion by 2023.
Since hair transplant systems are a new method, therapies have been evolving continuously for a few years, increasing the success rate of hair transplantation procedures. The success rate of this treatment is being improved by technical developments in hair transplant facilities.
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The number of surgical procedures worldwide, rising intake of large doses of medications, evolving people’s lifestyles, and technical advancements in hair transplant procedures are some of the key factors driving the growth of the industry. The advent of robotic-assisted hair transplantation and automatic hair transplantation procedures has decreased maximum errors and improved clinical success rates, driving growth in the industry.
On the other hand, it is predicted that the high cost of hair restoration surgeries and the availability of alternative therapies such as hair transplant drugs will slow demand development over the projected period. Due to the increase in awareness and availability of discretionary income in the past 5 years, hair transplant procedures have been in high demand. The COVID-19 pandemic has, however, shown a negative effect on the demand for hair restoration practice in 2020. Hair transplant business is elective and several countries have shut down clinics to curb the transmission of the infection. The decline in the number of transplant operations can also be attributed to the prioritisation by the government of its people’ health and welfare.
The year 2020 would also have a negative effect on hair transplant companies’ revenues. Many hair transplant service providers are demonstrating their consulting services through online videos due to the closing of transplant centres and a relatively limited number of walk-in clients. In addition, these firms have also offered services such as booking appointments via email or telephone and virtual hair care assistance at home during the lockdown in many nations.
Hair Transplant Market
The global demand for hair transplants has been categorised into surgical procedures, forms of surgery, and end users. The global market has been segmented into follicular unit transplantation (FUT), follicular unit extraction (FUE), and others dependent on a surgical process.
The global market has been classified into head hair transplantation, eyebrow transplantation, frontal hairline lowering or repair, and others, depending on surgical method.
The global industry has been segmented into trichology clinics, hospitals, dermatology clinics, and others on the basis of end users.
Hair Transplant Market Regional Overview
The global hair transplant market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa according to area.
The reasons expected to help the domination of the Americas over the projected timeframe are rising emphasis on skincare, widespread use of cosmetics, evolving people’s habits, and increasing demand for hair reconstruction. Due to increased psychological stress, decreased nutritional levels as age progresses, poor dietary habits and hormonal changes, particularly among women contributing to hair loss, people aged over 30 in North America undergo hair transplantation procedure.
In terms of volume, Asia-Pacific trailed the Americas in 2016 and is predicted to register a comparatively higher CAGR during the forecast period. Factors attributed to this growth are increasing incidences of stress and workload, deterioration of physical and mental health among youth, rising prevalence of skin disease and lifestyle disorders, and increasing social influence, peer pressure, and psychological stress.
The growth of the industry in Europe is driven by unhealthy dietary habits of adults and teens, rising demand for technical advancements in cosmetics and skincare, lower hair transplant treatment rates, and increasing urbanisation in the UK, Germany and France.
Due to growing awareness of hair transplant procedures, the advancement of healthcare facilities and increased spending on healthcare, the Middle East & Africa is projected to reflect strong business growth in the near future.
Hair Transplant Market Competitive Dashboard
The leading participants in the global hair transplant market are Ethics hair Instruments, Restoration Robotics Inc., Cole Instruments Inc., MEDICAMAT, Bernstein Medical, and Bosley.
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