Hair Restoration Services Market to Grow with a CAGR of 5.41% through 2028
Increased awareness and evolving beauty standards are
expected to drive the Global Hair Restoration Services Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Hair
Restoration Services Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Hair
Restoration Services Market stood at USD 5.72 billion in 2022 and is
anticipated to grow with a CAGR of 5.41% in the forecast period, 2024-2028.
This can be attributed to regulatory support. Many countries have implemented
regulations to ensure the safety and efficacy of hair restoration services.
These regulations provide consumers with confidence in the industry, knowing
that treatments meet certain standards. Regulatory support has also encouraged
investment and innovation in the sector. Furthermore, nutritional supplements designed to
support hair health are gaining popularity. These supplements contain vitamins,
minerals, and other nutrients that are believed to promote hair growth and
overall hair health. Consumers are increasingly integrating these supplements
into their hair care routines.
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The hair restoration market experienced a negative
impact from the COVID-19 pandemic due to the widespread cancellation of
cosmetic procedures, including hair restoration. However, with the relaxation
of restrictions, hair transplant clinics have reopened and resumed their
operations. The increased adoption of telemedicine and virtual consultations
allowed these clinics to continue serving patients remotely, mitigating the
pandemic's effects on their businesses.
The pandemic underscored the significance of personal
appearance and grooming, as individuals spent more time at home and engaged in
video calls. Consequently, there has been a heightened demand for hair
restoration procedures, particularly hair transplant surgeries, as people seek
to enhance their appearance and confidence. Several studies have indicated that
hair loss was a common side effect of COVID-19, which influenced market growth.
For instance, an article published by NCBI in May 2022 reported that many
COVID-19-infected patients experienced significant hair loss, known as
COVID-19-associated telogen effluvium (excessive hair shedding) occurring one
to two months after infection.
The growth of the hair restoration market is primarily
driven by the increasing popularity of hair transplants and the rising
incidence of various dermatological conditions leading to hair loss. For
instance, a research study published by NCBI in April 2022 indicated that
alopecia areata's prevalence is currently at 0.2%, affecting individuals of all
races and sexual orientations. Androgenetic alopecia, which affects 15% of
women and 50% of men, is particularly prevalent among postmenopausal women.
Moreover, the escalating number of cancer treatments, including chemotherapy,
worldwide, is expected to contribute to an increased demand for hair
restoration procedures.
According to the 2021 United Kingdom Hair Transplant
Statistics report, approximately 21 million women and 35 million men worldwide
experience alopecia or hair loss, with over 650,000 opting for hair transplants
as their most effective treatment annually. The same source indicates a growing
global interest in hair transplant surgery, further propelling market
expansion.
The introduction of advanced technologies in hair
transplant devices and the launch of innovative services worldwide are poised
to significantly impact and stimulate growth in the hair transplant market. For
instance, in April 2022, HHC (Hermest Hair Clinic) introduced a cost-effective
and unique follicular unit extraction (FUE) method service for hair transplants
in Turkey. Such developments are expected to drive market growth throughout the
forecast period.
The Global Hair Restoration Services Market is segmented
into treatment, service provider, regional
distribution, and company
Based on its treatment, Follicular Unit Strip Surgery
(FUSS) is poised to maintain its dominance in the Global Hair Restoration
Services Market for several compelling reasons. Firstly, FUSS has a
long-standing track record of success in restoring hair for individuals
suffering from hair loss or baldness, offering consistent and natural-looking
results. Its well-established reputation instills trust among patients seeking
effective hair restoration solutions. Secondly, FUSS is a highly efficient and
cost-effective procedure, making it accessible to a broader demographic.
Moreover, ongoing advancements in surgical techniques, instrumentation, and
anesthesia management have enhanced the safety and comfort of FUSS procedures,
further boosting its appeal. Additionally, as the global demand for hair
restoration services continues to rise due to factors like aging populations
and increased awareness, FUSS's proven efficacy positions it as a frontrunner
in the industry, with a strong likelihood of maintaining its dominance
throughout the forecast years.
Based on region, North America is anticipated to
secure a significant market share due to several factors. Firstly, the region
boasts a substantial target population base, and it is home to technologically
advanced clinics. For instance, data from ISHRS reveals that in 2021, a total
of 149,254 hair transplants were carried out in Canada and the United States.
This number witnessed a 22% decline from the previous year due to the COVID-19
pandemic-related restrictions. However, with the easing of these restrictions,
it is expected that the number of hair transplants will rebound in the current
year, driving the growth of the hair restoration market in the foreseeable
future.
Furthermore, the increasing volume of hair transplant
surgeries and the presence of numerous market players in the region have led to
a surge in product launches and market expansions. For example, Stemson
Therapeutics secured a substantial USD 15 million Series A financing, led by
DCVC Bio, in July 2021. This funding injection is poised to fuel advancements
in technology and innovation for hair loss solutions, thereby stimulating the
demand for hair restoration products and services in the North American market
during the forecast period.
Major companies operating in Global Hair
Restoration Services Market are:
- Bernstein Medical PC
- Elite Hair Restoration
- Aderans Co Ltd
- Apira Science, Inc.
- Lexington International Llc
- Illumiflow
- National Hair Centers (NHC)
- NovaGenix
- Theradome
- Venus Concept Inc
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“The Global Hair Restoration Services Market is on the
cusp of significant transformation, driven by emerging trends that encompass
technological innovations, personalized care, sustainability, and remote access
to services. As consumer preferences evolve and technology continues to
advance, the industry will likely see more accessible, effective, and
sustainable solutions for individuals seeking to address hair-related concerns.
These trends reflect a growing commitment to improving both the effectiveness
and the overall experience of hair restoration services,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Hair Restoration Services Market By Treatment
(Follicular Unit Extraction, Follicular Unit Strip Surgery, Follicular Unit
Transplantation, Laser Treatment), By Service Provider (Clinics, Hospitals,
Surgical Centers), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Hair Restoration Services Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Hair Restoration Services Market.
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