The Hair Transplant Market size stood at USD 5,677. 61 million in 2021 and is projected to reach USD 8,777. 56 million by 2027, exhibiting a CAGR of 7. 98% during the forecast period (2022-2027).
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hair Restoration Market - Growth, Trends, COVID-19 Impact, and Forecasts(2022 - 2027)" - https://www.reportlinker.com/p06290940/?utm_source=GNW
The ongoing COVID-19 pandemic has affected the hair restoration business to a larger extent owing to the lack of preference for non-emergent surgical procedures among the population. Various regulatory bodies across the world have also recommended the surgeons to avoid all kinds of non-emergent surgical procedures due to the high risk of infection. Hence, considering the unprecedented impact of COVID-19 on the hair restoration market, it is evident that the market will experience a slightly negative impact in the foreseeable future.
The key factors propelling the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders leading to hair loss. As per the report published by the Hair Society, over 35 million men and 21 million women suffer from alopecia or hair loss worldwide. Of these, over 650,000 of them undergo hair transplants as the most effective treatment option annually. This increase in the prevalence of hair loss among the population is the major reason giving rise to hair transplantation surgery. The International Society of Hair Restoration Surgery (ISHRS) estimated that 735,312 hair restoration procedures were performed worldwide in 2019. This number represented an overall increase of 16% from 2016, and that year, 635,189 hair transplantation procedures were tallied globally. The data suggested that a large number of people are going for hair restoration procedures across the world, resulting in the growth of the hair restoration market.
In addition, technological advancements in hair transplant devices are also increasing the success rate of these procedures and boosting the demand for these procedures. For instance, in March 2018, Restoration Robotics Inc. received the United States Food and Drug Administration (FDA) 510(k) clearance to expand the ARTAS technology to include implantation. The introduction of these novel technologies has reduced maximum errors and increased the success rate of the treatment, thereby driving the market. However, cost constraints and high post-surgery care, along with adverse side effects, are the factors that can hamper the market growth.
Key Market Trends
Scalp Accounts for the Largest Market Share in the Recipient Area Segment
The scalp segment of the hair restoration market is anticipated to account for the major market share over the forecast period. The target population for this segment includes men suffering from pattern baldness, women with thinning hair, and victims of scalp or burn injury.
Owing to the gaining popularity of the scalp treatment segment, the market players are also strategizing to increase their market share and are coming up with innovative products and seeking approvals. In April 2022, ExoCoBioInc. ASCE HRLV, for the scalp rejuvenation and hair loss market. ASCE+ HRLV is targeted for scalp rejuvenation and hair loss market and expected to rapidly expand its market share by introducing four effects scalp rejuvenation, hair loss care, improvement of hair anti-aging and trouble prevention. They are designed to take care of both of scalp and hair regardless of age and gender.
In December 2021, a QR 678 Neo a revolutionary hair loss treatment launches in the United Kingdom. The FDA approved and patented product contains peptides (synergistic biomimetic peptides) and the treatment compromises of derma rolling and then applying the product to the scalp. It offers over a 90% success rate, surpassing those of the popular PRP treatment, as well as it being a non-surgical option with prices starting from around a fifth of the cost of a hair transplant. Hence, considering the factors mentioned above, the scalp segment is forecasted to have lucrative growth in the future.
North America Dominates the Market and a Similar Trend is Expected in the Forecast Period
North America upholds the maximum market share of the hair restoration market, with the presence of a large target population base in this region. As per the International Society of Hair Restoration Surgery in 2019, the United States/Canada accounted for 182,025 surgical hair restoration procedures, whereas in 2016, these countries accounted for 140,991 surgical hair restoration procedures. This data shows an increase of 29% in surgical procedures from 2016 to 2019, and how the acceptance is increasing in the population of North America regarding the hair restoration procedure.
Also, according to the study published in April 2020 titled “A Large Cross-Sectional Survey Study of the Prevalence of Alopecia Areata in the United States,” stated that the point prevalence of Alopecia Areata was 0.21% overall, 0.12% for mild disease and 0.09% for moderate to severe disease. In addition, increasing celebrity and media influences and growing awareness regarding one’s appearance, coupled with high income and growing word of mouth, are the potential drivers for the North American hair restoration market growth.
The rising number of hair transplant surgeries and the presence of a large player base in this region are also giving rise to the number of product launches and expansions in the market. In July 2021, Stemson Therapeutics received a DCVC Bio-led USD 15 million Series A financing to advance the development of Stemson’s proprietary therapeutic solution to cure hair loss. Additionally, in September 2020, the company received USD 7.5 million in seed financing led by Allergan Aesthetics, an AbbVie company, and impact investor FortunisCapital to advance the development of Stemson’s therapeutic solution to cure hair loss.Hence, owing to all the aforementioned factors, the market is projected to grow exponentially.
The hair restoration market is highly competitive. With technological advancements, some mid-size to smaller companies are increasing their market presence by introducing new products at low prices. Some of the major players in this market are Restoration Bernstein medical, Cole hair transplant group, Elite Hair Restoration, Adherans, Hairline International Hair and Skin Clinic and Others
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