Worldwide Hair Transplant Market Key Players – Allergan Plc, Beiersdorf AG, Bosley, L'Oreal SA, Lumenis Inc, MEDICAMAT, PhotoMedex Inc., Restoration Robotics Inc., Solta Medical, Inc.
Hair Transplant Market will exceed USD 24.8 billion by 2024; as per a new research report.
Increase in number of people suffering from hair loss problem such as androgenic alopecia, male pattern baldness and female pattern hair loss will augment the hair transplant market growth over the forecast period. According to NHS UK, every 2 people in 1000 is affected by alopecia areata in UK. This substantial increase in people suffering from hair loss will foster market growth opportunities in the forthcoming years.
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Some of the notable industry players are Allergan Plc, Beiersdorf AG, Bosley, L'Oreal SA, Lumenis Inc, MEDICAMAT, PhotoMedex Inc., Restoration Robotics Inc., Solta Medical, Inc., among others. Industry players focus on increasing their research and development activities by launching innovative technology and enhanced hair transplant procedures. Also, companies carry out merger and acquisition to expand the market at geographic level in order to sustain in the competitive market.
The global hair transplant market is estimated to emerge as a highly lucrative vertical in the foreseeable years on account of the growing prevalence of baldness or hair loss across the globe coupled with innovations in hair transplant technology.
Rising importance of physical appearance in developing regions of Asia Pacific will induce significant uptick in demand for hair transplant procedures. Asian population develop pattern hair loss at some point of time in their life. Studies and statistics show that Asian population are facing hair loss problems in the early 20s, in near future this stratum of population is most likely to opt for hair transplant or restoration therapies.
However, factors such as adverse drug side effects, cost of hair loss treatment, lack of reimbursement policies and insurance coverage will be major market growth restraining factors.
Follicular unit transplantation (FUT) hair transplant method valued around USD 1,824.7 million in 2017. Follicular unit transplantation (FUT), is growing in popularity among patients suffering from hair loss due to factors such as low cost of treatment and hair transplantation is single session. Increasing number of people opting for follicular unit transplantation (FUT) hair transplant procedure in the developing regions will propel the industry growth.
As per the Hair Society, around 35 million men and 21 million women face hair loss problems. Starting from the age of 35 men witness a 40% hair loss rate which increases to 70% by the age of 80. Meanwhile, women hair loss sufferers will be in the 80% hair loss rate range by the age of 60. Thus, the rise in the number of individuals suffering from hair loss problems will foster the hair transplant market growth in the near future.
Furthermore, recent technological advancements and new discoveries in the industry are set to offer new growth avenues to the hair transplant market. Recently, for instance, the research conducted at Seoul National University Hospital led to the discovery of an advanced hair transplant method. The new allogeneic method lets people suffering from hair loss receive healthy hair from other people without taking any immunosuppressant.
The hair restoration drugs market estimated to witness substantial increase in the market size, with a CAGR of 24.8% from 2018-2024. Increase in consumption of medicines such as finasteride and minoxidil before and after the hair loss treatment will foster ample segment growth opportunities over the forthcoming years.
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The existing autologous method only utilizes remaining hair follicles to treat hair loss, however, the new allogeneic method produced new black hair, which reportedly survives beyond six months without an immune rejection response.
Although experts state that this method will be a little challenging to apply to clinical practice, the researchers introduced the use of new implantable resources that were impossible before. Such studies will pave the way for the introduction of newer techniques in the market, increasing options for getting rid of hair loss problems and further expedite the hair transplant market size in the coming years.
Hair transplant stem cell therapy valued at over USD 122.9 million in the year 2017 and is expected to grow at significant rate. According to National Institutes of Health, Androgenetic alopecia is the most common type of hair loss experienced in both males and females. Increasing use of stem cell therapy in hair loss treatment and recent technological advancement in hair restoration therapy will propel the segment growth.
U.K. hair transplant market is anticipated to grow at a robust CAGR of 25.4% in the forecast period. Rapidly rising incidences of male pattern baldness cases coupled with sub-optimal nutrition due to lifestyle changes in UK will drive the demand over the projection years. Adoption of new technologies like FUE procedures over FUT procedures in public healthcare system by the surgeons will escalate market growth.
China hair transplant market valued over USD 275.7 million in 2017. Increase in prevalence of androgenic alopecia is one of the reasons for rising demand for hair transplant procedure in the country. According to the recent research report it is estimated that, the stress and irregular life patterns causes Chinese people to lose their hair earlier than even before. Moreover, rising disposable income should also empower people to undergo relatively expensive procedures.
Turkey hair transplant market is one major hubs in the global industry. Accounting for more than 55% share in Europe, it is the prime destination for people around the world. Increasing number of specialist doctors and escalating medical tourism will prove to be high impact rendering factors over the forecast period.
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