The global hair restoration market size was estimated at USD 4.2 billion in 2020 and is expected to expand a compound annual growth rate (CAGR) of 15.4% from 2021 to 2028. The rising prevalence of androgenetic alopecia is the key factor driving the market. Lifestyle alterations, such as immoderate intake of tobacco and alcohol, and escalating stress indices are considered as strong triggers for the disease. Though the exact disease cause remains unknown, the genetic factors have been linked to several cases.
Aging and hormonal anomalies have been listed as potential causative agents for alopecia. Thyroid imbalances or menopausal women may experience hair loss due to a drop in levels of estrogen. Androgen hormones like testosterone and Dehydroepiandrosterone (DHEA) are also major hormones, imbalances of which can dictate hair growth. An estimated 20 million Americans have some form of thyroid disease and up to 60% of those with thyroid disease are unaware of their condition. Furthermore, gender plays a key role in disease susceptibility. According to the American Hair Loss Association, it was stated that over 95% of loss of hair in men is caused due to androgenetic alopecia.
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As stated by the International Society of Hair Restoration Surgery, in 2019, around 735,312 surgical hair restoration procedures were carried out globally and around 681,964 patients opted for the same. Out of this 84.2% of the patients were male and 15.8% were females. The number of males opting for hair transplants has increased as many of them had a genetic sensitivity to a byproduct of testosterone called Dihydrotestosterone (DHT).
Key Player Mentioned:
- Venus concept
- Bernstein Medical
- Bosley
- The Harley Street Clinic
- Advanced hair studio
- Milla Marie
- Lexington Intl., LLC
- Cole Hair Transplant Group
Product Segment Analysis:
- Follicular unit extraction
- Follicular unit transplantation
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
Social media alone is playing a very crucial role in promoting hair restoration procedures. Forbes article of 2019 states that 5% of the influencers who offer product or service recommendations drive 45% of social influence, this will further strengthen the market. Technological advancement such as investigational stem cell therapy and Light or laser therapy is also boosting the market growth. According to NCBI, in 2017, research was carried out in order to know the primary outcomes of using stem cell therapy for hair restoration treatments.
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However, elective procedures like hair restoration were one of the worst affected at the beginning of the COVID-19 pandemic. Surgical practices across the world were halted. With no patient visits and declining revenues, several dermatology clinics had to undergo unforeseen challenges. With the ease of lockdowns in most of the countries, hair restoration services are also reopening, however, following strict protocols has added to the expenses for several hair experts. International Society of Hair Restoration Surgery has laid down strict protocols in order to resume clinics and provide infection control procedures.
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