Hair Transplant Market 24% Growth Rate | Technological Innovations | Predicted by 2023
The International Transplant Market is characterized by the presence of numerous well-established players with their presence in global as well as at regional level. Many well-established players are entering into the various acquisition, collaboration, partnership, expansion, and technology launch events in order to gain a competitive advantage over other players in the market and to maintain their market position.
Hair transplant market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in intensified competition further with an increase in service extensions, technological innovations. For instance, in April 2017.
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A company named Bernstein Medical has introduced major upgrade of their hair transplant robot ARTAS 9x, that will enable faster and more precise Robotic FUE procedures.
To gain the competitive edge and to stay abreast in the market; marketers ensure that the information about hair transplant procedures is provided thoroughly to the client only by a well-trained surgeon. For that, the companies organize or participate in the conferences to take about or spread awareness about their product.
For say, Dr. Bernstein (a Clinical Professor of Dermatology at the College of Physicians and Surgeons of Columbia University) discussed the exciting new capabilities of the most recent upgrade to the ARTAS Robotic System, ARTAS 9x and its latest innovations in the FUE procedures at the 25th Annual Conference of the International Society of Hair Restoration (ISHRS) in October 2017.
These key players also ensure to provide the best possible patient care throughout Hair Transplant experience. Hence, the growing technological innovations and raising consciousness about the treatment methods has spurred the growth of the market.
Hair Loss Global Scenario:
Hair loss is one of the major problems across the globe. This condition is not limited to the particular age group it can be caused any age group. Many famous figures and politicians are also suffering from hair loss. According to the research of Charite – Berlin University of Medicine performed in 2013, hair loss can lead to lower the self-confidence and in some cases, it may lead to depression and anxiety.
As per Sanket Shah, CEO of Advanced Hair Studio, which is a hair replacement company headquartered in India has told in his interview that, the trend of hair transplant has increased in young or mid age population as, 80% of the clients are between the age group of 20-40 years.
While, few years back, during1980s-90s where 70% of a client was between the age group of 40-60 years. He also explained that increasing stress, changing lifestyle and increasing population has led to the onset of hair loss at a young age. The prevalence of hair loss is continuously increasing and so as its demand.
Global Hair Transplant Market- Overview:
Hair transplantation is a surgical procedure in which the hair follicles are moved from one part of the body (already have to fill an area) to the area with thin or no hair. Hair transplantation is chiefly used to treat the baldness in male and female. There are two types of procedures used in the process of hair transplantation namely follicular unit transplantation (FUT) and follicular unit extraction (FUE).
The market for the hair transplant is expecting an outstanding growth in coming future. Increasing consumption of drugs, steroids are also responsible for hair loss, therefore, has supported the growth of the market. According to International Society for Hair Restoration Surgery (ISHRS) more than 1 million hair transplant procedures performed in 2014 alone which was increased by 64% since 2006. As per the Consumer Reports Health surveys, it has been found that 65% individuals said they found wearing a wig was very or somewhat effective.
In another survey, it was observed that nearly 40% of women and 27% of men consuming over-the-counter products to stop or reverse their hair loss. Whereas 20% of the men have preferred the prescription pills and they have got very effective results. Neil Sadick, a dermatologist in private practice at Sadick Dermatology in New York City expressed his views to WebMD that prescribed drugs and treatment are the best options for the treatment of hair loss.
He also mentioned that Propecia, minoxidil, and hair transplantation can be more effective for the treatment of hair loss than over-the-counter drugs. Some of the scientists have explained that Propecia if combined with advanced hair transplantation techniques, can stimulate the growth of hairs. Today’s hair transplant is more natural looking due to advance in the technology and medical devices.
Hair Transplant Industry – Regional Analysis:
Considering the global scenario of the market, the Americas is holding the largest market share. This market was valued at USD 2,240.7 Million in 2016. Asia Pacific is the second largest and fastest growing market and expected to grow at a CAGR of 24.3% during the forecast period. Europe hair transplant market is also growing significantly.
The west European countries like Germany, France, and UK are holding major market share. Europe hair transplant market is expected to reach USD 3,647.3 million by 2033. Due to lack of knowledge of treatments, Middle East & Africa market for hair transplant is expected to grow at a steady pace.
Major TOC Hair Transplant Market:
1 History and Evolution of Hair Transplant
1.1 Scenario Analysis
2 Report Prologue
3.1 Scope of Study
3.2 Research Objective
3.3 Assumptions & Limitations
3.4 Market Structure
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