Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The global hair transplant market is likely to gain impetus from the ever-increasing number of surgeries performed in males for treating androgenic alopecia. The International Society of Hair Restoration Surgery (ISHRS) mentioned that hair restoration procedures surged by approximately 60% worldwide since 2014 because of the rising cases of alopecia. Fortune Business Insights™ published this information in a recent report, titled, “Hair Transplant Market Size, Share & Industry Analysis, By Type (Surgical and Non-surgical), By Gender (Male and Female) By End User (Hospitals & Clinics and Hair Transplant Centers), and Regional Forecast, 2019-2026.” The report further mentions that the hair transplant market size was USD 5.94 billion in 2018 and is projected to reach USD 43.13 billion by 2026, exhibiting a CAGR of 28.1% during the forecast period.
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Rising Disposable Income of People to Spur Demand
In today’s technology-driven world, the ongoing technological advancements in hair transplantation techniques are affecting the market positively. Almost all men and women suffering from alopecia can be treated efficiently with the newly developed techniques. This revolution is attracting a large consumer base for reputed clinics. At present, the developing countries are showcasing high disposable income. It is further resulting in the increasing expenditure of the masses on aesthetic procedures.
The American Society of Aesthetic Plastic Surgery, for instance, declared that Americans had spent around USD 15 billion on surgical and non-surgical procedures in 2016. However, transplantation procedures require hefty amount of money. It may hamper the hair restoration market growth in the near future.
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Rising Number of Hair Transplant Facilities to Favor Growth in Asia Pacific
Based on region, the market is segregated into Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America. Out of these, Asia Pacific stood in the leading position in 2018 by generating the maximum hair transplant market revenue. The increasing number of surgeries occurring in this region is a major reason for growth.
Additionally, rising investment by key companies in the development of advanced techniques, as well as the presence of a large number of hair transplant facilities are anticipated to favor growth in this region. The Middle East and Africa, on the other hand, would remain in the second position on account of the availability of cost-effective procedures in this region. Lastly, Europe and North America would exhibit lower growth owing to the decreasing incidence of hair loss amongst the masses.
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Key Players Focus on New Product Development to Gain Competitive Edge
The market consists of several companies ranging from well-established leaders to local start-ups. They are mainly adopting the strategy of novel product development for gaining positive outcomes and effective transplant procedures. Below are a couple of the latest key industry developments:
- June 2019: In Columbia University, researchers have unveiled a cutting-edge therapy for growing human hair follicles using 3D printed molds. It is set to create new opportunities in the field of hair restoration.
- December 2018: HairClone, a startup biotechnology company based in the U.K., teamed up with experts to develop a brand new cell replacement therapy for those who have recently started to exhibit signs of hair thinning.
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