A vast market powers the global fight against baldness. The world hair transplant market is predicted to reach USD 23,881.9 million by the end of 2023 and register 24.0% CAGR.
The numbers show how hair is functionally, culturally, and even spiritually significant across the globe. Not many people are will to grow bald without putting up a fight.
2016 hair transplantation market report
According to the International Society of Hair Restoration Surgery, the number of men and women seeking hair transplantation has more than doubled. Statistics for the period between 2006 and 2016 show that the number of hair transplantation and related procedures climbed by 76%.
Hair transplantation is typically a surgery that involves removing hair follicles from a person's body part and replanting them on the balding region. The modern hair transplant procedure is used to remedy male pattern baldness.
Hair transplants are deemed more successful than all other hair restoration procedures and products. The hair transplantation industry's market growth is driven by advanced procedural efficiencies, changing lifestyles, and cultural shifts.
2020 Hair transplantation market report
Statistics in the 2020 free hair transplantation report shows that there has been significant growth in the hair transplantation market since 2016. There is a rise in the number of people seeking better personal appearance and physical wellbeing. Men make up 85% of all hair transplantations.
Hair transplantation market dynamics
For all surgical hair transplantations, patients are aged between 21 and 80 years. The American Hair Loss Association estimates that most individuals start to experience hair loss at the age of 21.
Present-day hair transplantation techniques are more advanced and have a success rate of 97% to 98%. The methods yield a 100% increase in hair growth by age 30 for those that seek early treatment.
As baldness becomes widespread, men and women of all ages seek quick restorative measures.
The demand for immediate restoration has driven the adoption of robotic-assisted hair transplantation surgeries and analytics-driven techniques that are error-free with a huge success rate.
Hair transplant market segmentation
The global hair transplantation market segments comprise surgical methods, surgery types, and users. The surgical method segment mainly consists of two procedures-- follicular unit extraction (FUE) and follicular unit transplantation (FUT).
Follicular unit hair transplantation is the new age sophisticated version of traditional hair transplanting procedures. The technique involves harvesting donor hair with a long, slender donor strip, which is later separated into individual follicular units using powerful microscopes.
FUT dominated the global hair transplantation market in 2016. It makes it possible to transplant many follicle units in one session as compared to follicular unit extraction.
FUE is recommended for patients with limited hair in the donor area—the specialists remove hair one follicle at a time from there. The FUE segment consists of follicular isolation technique, automated FUE, and robotic hair transplantation.
Concerning surgery type, the global hair transplanting market has been segmented into a head hair transplant, frontal hairline reconstruction, and eyebrow transplant.
The end-user market segment comprises dermatologic clinics, trichology clinics, and hospitals, among others.
Hair transplantation market regional analysis
The hair transplantation market by regions is dominated by the Americas, Asia-Pacific, Europe, the Middle East & Africa.
Across the globe, there has been an increasing emphasis on beauty and skincare, extensive use of cosmetics, newer urbanite lifestyles, and a growing preference for surgical hair transplantation over other hair restoration techniques.
In North America, most people aged 30 and above seek hair transplant surgeries driven by a combination of factors from psychological stress and self-esteem concerns to poor dietary choices and hormonal changes.
The International Society of Hair Restoration Surgery (ISHRS) reports that in 2016 alone, 133,136 hair transplantations were done in the US.
The second-largest market block for hair transplants is the Asia-Pacific. This region is predicted to register a higher CAGR in the run-up to 2023.
The growth will reportedly be driven by factors such as increased stress levels, doubling workloads, deterioration of physical health, rising prevalence of skin and lifestyle disorders, peer pressure, psychological stress, and social influence.
In the ISHRS report, 195,284 hair transplantation procedures were performed in the region in 2016.
The hair transplantation market in Europe is projected to trend upwards in a similar fashion.
The driving factors for the growth include lower hair transplantation costs, unhealthy eating habits, technological advancement in beauty and skincare, and the growing urbanization across the UK, Germany, and France. 80, 000 hair transplant procedures were done in Europe in 2016, according to the ISHRS.
The Middle East & Africa will also represent stable market growth in the period leading to 2023.
There has been an increase in awareness about hair transplantation procedures, improvements in healthcare infrastructure, and increasing spending on healthcare in these two regions. In 2016 the Middle East recorded 149,400 hair transplantation procedures.
Key players in the hair transplantation market
The leading industry participants in the global hair transplantation market are Ethics hair Instruments, Restoration Robotics Inc., Cole Instruments Inc., Medicamat, Bosley, and Bernstein Medical.
These companies are driving robotics and organic and inorganic solutions. They have adopted industry dominance strategies that include partnerships, mergers & acquisitions, product launches, joint ventures, and collaborations.