Global Hair Restoration Services Market - Segmented by Recipient Area, Technology, Therapy, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global hair restoration services market is expected to register a CAGR of about 20% during 2018-2023 (the forecast period). The hair restoration service is a procedure in which the hair is moved from the back and/or sides of the scalp, where the hair is permanent (donor area), to the areas that are thinning or bald on the front, top, or crown of the scalp (recipient area). Once transplanted, the hair is likely to grow forever.
Increasing Popularity of Hair Restoration Surgery
According to the 2015 hair restoration practice census carried out by International Society of Hair Restoration Surgery (ISHRS), the popularity of hair transplantation, as a treatment for hair loss, is growing. The survey reports that in 2014, about 397,048 procedures were performed, which is an increase of 28% as per the data of 2012. Also, previous three surveys found an increase of 12% in this number, which indicates that the rate of surgical hair restoration is increasing. ISHRS also reports an increase of 76% of hair restoration procedures, worldwide. This growing popularity is expected to trigger a high growth rate for the market. Moreover, the increasing prevalence of various forms of dermatologic disorders is driving the market.
High Post-surgical Care, along with Adverse Side Effects
The requirement for post-surgery care following a hair restoration surgery, including adhering to details, such as sleeping with head elevated and regularly taking medications for sleep and pain, is necessary. Adverse side effects, such as blood-crust forming, swelling up of the scalp and face, scab forming, and hair thinning, along with itching, are common among patients. The sutured area is extremely delicate post-surgery, which needs to be handled with care. Medications prescribed post-surgery, such as sleeping and pain pills, cortisone, minoxidil (Rogaine), and medicines for hiccups and itching, tend to have some side effects. The need for a constant post-surgical care, along with the aforementioned side effects that create an aversion among patients to undergo hair restoration procedures, and cost constraints are the major factors restraining the global hair restoration services market. The high cost associated with these procedures is also a drawback for the market.
Asia-Pacific is expected to register the Highest CAGR
Growing celebrity and media influences, increasing awareness, regarding one’s appearance, peer pressure, societal pressure, growing urbanization, high income, and growing word of mouth are the potential drivers for the Asia-Pacific hair restoration services market. North America, followed by Europe and Asia-Pacific, holds the highest market share.
Key Developments in the Market
February 2018 - Venus Concept acquired NeoGraft Solutions.
Major Players: ALLERGAN, PLC, ALMA LASER, BEIERSDORF AG, CYNOSURE INC., L'OREAL SA, LUMENIS, PERSONAL MICRODERM, SOLTA MEDICAL, INC., and PHOTOMEDEX INC., amongst others.
Reasons to Purchase this Report
Current and future global hair restoration services market outlook in the developed and emerging markets
Various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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