Pune, India, Sept. 20, 2018 (GLOBE NEWSWIRE) -- As hair transplant surgeries become more popular, more commercial interest arises of the particular space. According to the latest report published by Market Research Future (MRFR), the Global Hair Transplant Market will stand at USD 23,881.9 Mn by the year 2023. The market is poised to witness a double-digit CAGR between 2017 and 2028. Growth of the hair transplant market is can be attributed to several factors such as increased surgical procedures, greater success rate and a fast expanding patient pool in emerging economies. New techniques and novel technologies have played a crucial role in reducing the cloud of scepticism that hovered over hair transplant during its initial years. Results of hair transplant have continued to improve with utilization more advanced and effective procedures. Hair fall remains a major issue across the globe. While majority of cases aging is cited as the primary cause, there are various other reasons linked with hair fall.
Hair restoration is on high demand also owing to the desire to maintain a youthful look among individuals belonging from generation X and latter. Appearance do matter, which is being rightly proved by the growing number of individuals undergoing hair restoration surgeries. Baldness is more prevalent among males as compared to females. The US National Library of Medicine a website maintained by the U.S. federal government published a study, which states that Male androgenetic alopecia (MAA) is the most common form of hair loss in men, affecting 30-50% of men by age 50.
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Global Hair Transplant Market: Competition Tracking
MRFR in its report has profiled some of the top-notch companies functioning in the global hair transplant market, which include Bosley (US), Ethics hair instruments (India), Restoration Robotics Inc. and Company (US), Cole instruments (US), Bernstein Medical (US) and MEDICAMAT (France).
Global Hair Transplant Market Segmentation: Insights
MRFR’s report also includes a detailed segmental analysis of the global hair transplant market on the basis of type of surgery, surgical method and end user. Based on type of surgery, the market has been segmented into frontal hairline lowering or reconstruction, eyebrow transplant and head hair transplant. The head hair transplant segment is projected to remain a highly profitable segment. The segment currently commands more than two-third share of the market. Based on surgical method, the market has been segmented into follicular unit extraction (FUE) and follicular unit transplantation (FUT). Of these, the latter will continue to outperform the former in 2018 and beyond. Currently, the follicular unit transplantation segment holds more than 52% share of the market. Based on end user, the market has been segmented into dermatology clinics, trichology clinics, hospitals and others. The trichology clinics segment holds the leading position and is expected to remain dominant throughout the assessment period. The segment is expected to surpass a valuation of USD 14,190 Mn by the year 2023.
Americas to Dominate the Global Hair Transplant Market Over 2023
The Hair Transplant Market has been covered across major regions such as Americas, Asia Pacific (APAC), Europe and the Middle East & Africa (MEA). Among these, the Americas are on top of the pecking order. The Americas present lucrative opportunities to market players. There is a massive pool of customers in the region, especially in North America. A large number of Americans undergo hair restoration procedures; it is a booming business in the U.S. In 2016, the hair transplant market in Americas stood at USD 2,240.7 Mn. Asia Pacific hair transplant market is also expected to thrive in the forthcoming years. The region is home to a large pool of prospective customer base. Baldness is common across the region and more and more Asians are opting for hair growth therapies and treatments. This characterises the optimism surrounding the hair transplant market in the APAC region. During the forecast period, the region’s market is expected to soar at 24.3% compound annual growth rate. Europe is also expected to remain an important destination for market players considering the fact that a significant percentage of the region’s population are conscious about there appearance and willing to spend to enhance it. The considerable share of the overall market revenue is collectively represented by the U.K., France and Germany. Meanwhile, a sluggish growth of the market is currently observed in the MEA. However, there are positive indicators that suggest an uptick in hair transplant procedures in MEA in the near future.
Industry News
- San Diego-based regenerative medicine company Histogen has recently revealed that is gained FDA approval to its novel application for conducting an initial safety analysis if its latest hair stimulation medicine for women.
- Leading robotic hair restoration company Restoration Robotics, Inc. has recently unveiled its latest robotic hair restoration system called as “ARTAS® iX”. This new system is reportedly first of its kind robotic intelligent solution to offer minimally invasive, accurate, implantation and repeatable harvesting functionality in a single platform.
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