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% over 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 current COVID-19 pandemic has affected the hair restoration business to a greater extent due to the lack of preference for non-emerging surgical procedures among the population. Various regulatory bodies around the world have also advised surgeons to avoid all types of non-emergency surgical procedures due to the high risk of infection. Therefore, considering the unprecedented impact of COVID-19 on the hair restoration market, it is evident that the market will experience a slightly negative impact for the foreseeable future.
The key factors driving the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders that lead to hair loss. According to the report published by the Hair Society, more than 35 million men and 21 million women suffer from alopecia or hair loss worldwide. Of these, more than 650,000 annually undergo hair transplants as the most effective treatment option. This increase in the prevalence of hair loss among the population is the main reason that gives rise to hair transplant surgery. The International Society for Hair Restoration Surgery (ISHRS) estimated that 735,312 hair restoration procedures were performed worldwide in 2019. This figure represented an overall increase of 16% from 2016, with 635,189 transplant procedures counted that year hair around the world. The data suggested that a large number of people are undergoing hair restoration procedures all over the world, resulting in the growth of the hair restoration market.
Furthermore, technological advances in hair transplant devices are also increasing the success rate of these procedures and increasing the demand for these procedures. For example, in March 2018, Restoration Robotics Inc. received 510(k) clearance from the US Food and Drug Administration (FDA) to expand the ARTAS technology to include implantation. The introduction of these new technologies has minimized errors and increased the success rate of treatment, thus boosting the market. However, cost constraints and high post-surgical care coupled with adverse side effects are the factors that may hamper the growth of the market.
Key market trends
The scalp represents the largest market share in the recipient area segment
The scalp segment of the hair restoration market is anticipated to account for the largest market share during the forecast period. The target population for this segment includes men suffering from pattern baldness, women with thinning hair, and victims of scalp injuries or burns.
Due to the increasing popularity of the scalp treatment segment, market players are also strategizing to increase their market share and coming up with innovative products and seeking approvals. In April 2022, ExoCoBioInc. ASCE HRLV, for the scalp rejuvenation and hair loss market. ASCE+ HRLV targets the scalp rejuvenation and hair loss market and is expected to rapidly expand its market share by introducing four effects: scalp rejuvenation, hair loss care, anti-aging hair enhancement and problem prevention. They are designed to take care of both the scalp and hair regardless of age and gender.
In December 2021, QR 678 Neo, a revolutionary anti-hair loss treatment, is launched in the UK. The FDA approved and patented product contains peptides (synergistic biomimetic peptides) and treatment commitments by dermarolling and then applying the product to the scalp. It offers a success rate of over 90%, surpassing that of the popular PRP treatment, as well as being a non-surgical option with prices starting at around a fifth of the cost of a hair transplant. Therefore, considering the factors mentioned above, the scalp segment is forecast to see lucrative growth in the future.
North America dominates the market and a similar trend is expected in the forecast period
North America holds the maximum market share of the hair restoration market, with a large target population base present in this region. According to the International Society for Hair Restoration Surgery in 2019, the United States/Canada performed 182,025 hair restoration surgical procedures, while in 2016 these countries performed 140,991 hair restoration surgical procedures. This data shows a 29% increase in surgical procedures from 2016 to 2019, and how acceptance of the hair restoration procedure is increasing in the North American population.
In addition, according to the study published in April 2020 titled “Large Cross-Sectional Survey Study of the Prevalence of Alopecia Areata in the United States,” it indicated that the point prevalence of alopecia areata was 0.21% overall, 0. 12% for mild disease and 0.09% for moderate to severe disease. Also, rising celebrity and media influences and growing awareness of personal appearance coupled with high incomes and increasing word of mouth are the potential growth drivers of the hair restoration market in North America. .
The growing number of hair transplant surgeries and the presence of a large player base in this region are also leading to the number of product launches and expansions in the market. In July 2021, Stemson Therapeutics received a $15 million Series A funding led by DCVC Bio to advance the development of Stemson’s proprietary therapeutic solution to cure hair loss. Additionally, in September 2020, the company received $7.5 million in seed funding led by Allergan Aesthetics, an AbbVie company, and impact investor FortunisCapital to advance the development of Stemson’s therapeutic solution to cure hair loss. hair. Therefore, due to all the factors mentioned above, the market is anticipated to grow exponentially.
The hair restoration market is highly competitive. With technological advances, some medium and small companies are increasing their presence in the market 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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