Global Hair transplant market is expected to surpass USD 31 billion by 2025, according to a new research report by Global Market Insights, Inc. Rising number of people suffering from hair thinning problems will primarily drive the hair transplant industry growth over the projected timeframe
Rising prevalence of pattern baldness among men and women has escalated the demand for hair transplant surgery over the last few years. Hair transplantation is a surgical procedure, that includes removal of hair follicles from donor site to the bald area of the head.
Growing incidence of causative factors such as stress, hormonal imbalance, malnutrition and increasing obsession about physical appearance will result in exponential growth of the market.
Hair transplant industry has witnessed numerous improvements and advancements since 1950s. Companies operating in the industry are focusing on development of innovative products to gain considerable market share. For instance, in May 2019, Bosley and Hair Club launched BioGraft, a new technology in hair loss solutions, that caters to the needs of both men and women.
Development of follicular unit extraction technique coupled with growing demand for single session hair restoration surgeries will positively impact the hair transplant market growth over the forthcoming years. However, adverse effects of hair transplant drugs and high cost associated with hair transplant treatment may hamper industry expansion to certain extent.
Hair transplant market by method, is bifurcated into follicular unit extraction (FUE) and follicular unit transplantation (FUT). The follicular unit transplantation market accounted for more than USD 2 billion in 2018 and will witness considerable growth during the forecast period.
FUT is less expensive and requires shorter surgery time as compared to FUE. Aforementioned benefits associated with FUT will drive the segmental growth over the analysis period.
Hair transplant therapies include platelet-rich plasma (PRP), stem cell therapy, laser therapy and others. The PRP therapy market held more than 45% market share in 2018 and is projected to follow a similar trend over the analysis period. Increasing number of hair transplant surgeries will surge the demand for PRP therapy to promote tissue repair and healing process after transplantation, thereby leading to business expansion.
By gender, the hair transplant industry is bifurcated into male and female. Majority of men suffer from male pattern baldness and undergo hair transplant treatment. Thus, the male segment dominated the global transplant market in 2018 and was valued over USD 5 billion in 2018.
Growing obsession about physical appearance, rising disposable income and growing awareness about hair transplant products will boost the industry growth.
Hair transplant market by service provider is bifurcated into clinics, hospitals, surgical centers and others. The surgical centers segment is anticipated to exceed USD 5.9 billion by 2025.
Surgical centers provide comprehensive diagnosis of genetic anomalies that may occur in male and female pattern baldness. Hence, increasing cases of alopecia areata will drive the segmental growth over the projected years.
Brazil hair transplant market is projected to witness more than 25% CAGR over the estimated period. Rising prevalence of chronic diseases including cancer resulting in hair loss due to chemotherapy will upsurge the demand for hair restoration surgeries in the country.
With the increase in number of female pattern baldness due to genetics, hormonal changes during menopause and poor nutrition will increase patient preference for hair restoration procedures, thereby, fostering the market progress.
Some notable industry players include Bosley, Hair Club, Lumenis, Allergan, L’Oreal SA, Hair Transplant Center Turkey, Bernstein Medical, and Restoration Robotics. These companies are undertaking various organic and inorganic growth strategies to expand their product portfolio and establish leading position in the market.
For instance, in March 2019, Restoration Robotics merged with Venus Concept to boost efficiency by reducing operating constraints and promote development of cutting-edge technologies to improve hair transplant techniques.