Hair Restoration Market - Growth, Trends, COVID-19 Impact, and Forecasts(2022 - 2027)

Hair Restoration Market - Growth, Trends, COVID-19 Impact, and Forecasts(2022 - 2027)

The hair restoration 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% during the forecast period (2022-2027).

COVID-19 was an unprecedented health concern that affected every aspect of the global economy as well as healthcare services across the world. The pandemic also affected cosmetic procedures globally, including hair restoration procedures. For instance, according to the research study published in October 2020, titled “Effect of COVID-19 Outbreak on Hair Transplant Field of India”, 96.10% of doctors have stopped practicing hair transplants since the country was put on lockdown and during a coronavirus outbreak, for example, 84.42% of these surgeons felt that avoiding hair transplant surgery was necessary and would help stop the spread of the infection. However, several studies reported that a side effect of COVID-19 is hair loss, which might have an impact on the studied market. For instance, according to an article published in August 2022, titled “How COVID-19 Might Be Causing Your Hair Loss”, a sizable number of COVID-19 infection patients lost part or all of their hair, and the study found that one to two months after a COVID-19 infection, COVID-19-associated telogen effluvium (excessive hair shedding) typically occurred. Hence, COVID-19 is expected to have a significant impact on the hair restoration market,

The key factors propelling the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders leading to hair loss. For instance, according to the research study published by Ahmad M. Al Aboud and Patrick M. Zito in April 2022, the prevalence of alopecia areata is 0.2%, and it can afflict people of any race or sexual orientation and common condition, androgenetic alopecia affects 15% of women and 50% of men, particularly postmenopausal women. Further, the high number of chemotherapies being performed around the world to treat cancer and the increasing burden of cancer is expected to increase the number of hair restoration procedures. Further, according to the 2021 report of the United Kingdom Hair Transplant Statistics, alopecia, or hair loss, affects about 21 million women and 35 million men worldwide and over 650,000 of them get hair transplants as the most effective treatment option yearly. Also, as per the same source, hair transplant surgery is gaining traction around the world which is expected to boost the market growth.

In addition, technological advancements in hair transplant devices and the launch of new services across the world are also expected to have a significant impact on the hair transplant market and boost growth in the studied market. For instance, in April 2022, HHC (Hermest Hair Clinic) launched cost-effective and unique follicular unit extraction (FUE) method service for hair transplants in Turkey. Therefore, due to the above-mentioned factors, the hair restoration market is expected to grow over the forecast period. However, cost constraints and high post-surgery care, along with adverse side effects, are the factors that are expected to restrain the hair restoration market.

Key Market TrendsScalp in Recipient Area is Expected to Hold a Major Share in the Market Over Forecast Period

The scalp segment of the hair restoration market is anticipated to account for the major market share over the forecast period. The target population for this segment includes men suffering from pattern baldness, women with thinning hair, and victims of scalp or burn injury.

Owing to the gaining popularity of the scalp treatment segment, the market players are also strategizing to increase their market share and are coming up with innovative products and seeking approvals. In April 2022, ExoCoBioInc. ASCE HRLV, for the scalp rejuvenation and hair loss market. ASCE+ HRLV is targeted for scalp rejuvenation and hair loss market and expected to rapidly expand its market share by introducing four effects scalp rejuvenation, hair loss care, improvement of hair anti-aging and trouble prevention. They are designed to take care of both of scalp and hair regardless of age and gender.

In December 2021, a QR 678 Neo a revolutionary hair loss treatment launches in the United Kingdom. The FDA approved and patented product contains peptides (synergistic biomimetic peptides) and the treatment compromises of derma rolling and then applying the product to the scalp. It offers over a 90% success rate, surpassing those of the popular PRP treatment, as well as it being a non-surgical option with prices starting from around a fifth of the cost of a hair transplant. Hence, considering the factors mentioned above, the scalp segment is forecasted to have lucrative growth in the future.

North America is Expected to Account for Largest Market Share in the Hair Restoration Market

North America region is expected to hold a significant share in the hair restoration market, due to the presence of a large target population base in this region and technologically advanced clinics. For instance, according to the 2020 report of the American Society of Plastic Surgeons, about 9,670 procedures of hair transplants were performed in 2020 as compared to 24,348 procedures in 2019, which shows the negative impact of COVID-19 in the region. However, with the declining cases of COVID-19, the number of hair transplant procedures is expected to increase which will drive the growth of the hair restoration market over the forecast period.

Further, the study published in April 2020 titled “A Large Cross-Sectional Survey Study of the Prevalence of Alopecia Areata in the United States,” stated that the point prevalence of Alopecia Areata was 0.21% overall, 0.12% for mild disease and 0.09% for moderate to severe disease. In addition, increasing celebrity and media influences and growing awareness regarding one’s appearance, coupled with high income and growing word of mouth, are the potential drivers for the North American hair restoration market growth.

The rising number of hair transplant surgeries and the presence of a large player base in this region are also giving rise to the number of product launches and expansions in the market. In July 2021, Stemson Therapeutics received a DCVC Bio-led USD 15 million Series A financing to advance the development of Stemson’s proprietary therapeutic solution to cure hair loss. Additionally, in September 2020, the company received USD 7.5 million in seed financing led by Allergan Aesthetics, an AbbVie company, and impact investor FortunisCapital to advance the development of Stemson’s therapeutic solution to cure hair loss. Hence, owing to all the aforementioned factors, the market is projected to grow exponentially.

Competitive Landscape

The hair restoration market is fairly competitive. With technological advancements, some mid-size to smaller companies are increasing their market presence by introducing new products at low prices. Some of the key 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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