The global 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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The hair transplant industry has rapidly undergone a pioneering transformation over the years. From the traditional Follicular Unit Transplantation (FUT) to Follicular Unit Extraction (FUE), the market has witnessed several technological advancements.
Yet, it is still controversial for the physicians which transplantation method is the best so far. Moreover, non-surgical procedures are also coming up with numerous advancements in medical devices for hair loss treatment. Pharmaceutical companies are focusing on R&D to launch an effective drug to assist hair loss.
As alopecia (commonly known as baldness) is very common among the populations in the Asia Pacific and the Middle East & Africa, the hair restoration market is expected to exhibit an upsurging demand during the forecast period. In addition, growing investments in integrating robotics with transplantation technologies would also contribute to the faster growth of the market in the coming years.
Technological Advancements in Robotic Hair Transplantation to Propel Market Growth
Since the introduction of robotic hair transplantation, there have been continuous improvements in technology. Transplantation centers and top clinics are putting efforts into increasing the sophistication of the technique to yield effective treatment outputs. These efforts are facilitating market growth to a greater extent.
For example, recently in 2018, Restoration Robotics launched a 9x ARTAS robotic transplant system. The 9x ARTAS is the fastest and most accurate than the previous ARTAS version having better functionality. It has also been coupled with artificial intelligence (AI) to improve productivity and enhance system capabilities. Such technological advancements in the hair restoration industry would help grab a greater number of patients and yield better revenue during the forecast period.
Rapid Expansion of Patient Pool with Higher Disposable Income to Proliferate Market Potential
Due to the rapid advancements in the hair transplantation market, nearly all men and women who have alopecia can be successfully treated with these transplantation techniques. This achievement of the market has led to an increase in the patient population.
In the current scenario of the developing economies due to rising disposable income, men and women are largely spending on aesthetic procedures. This has led to the growth of the hair restoration market over the years. According to the American Society of Aesthetic Plastic Surgery in 2016, Americans spent approximately USD 15 billion on surgical as well as non-surgical aesthetic procedures. Furthermore, based on the survey of Kaya Limited, there is a strong potential market in India owing to its rising disposable income and aspirational middle-class population.
Thus, considering the above points, it is anticipated that the hair restoration market has proliferative growth during the forecast period.
Increasing Prevalence of Androgenic Alopecia to Fuel Market Growth
Hair transplantation is the most common surgery performed in men worldwide. Androgenic alopecia is the term used for hair loss in men. According to the International Society of Hair Restoration Surgery (ISHRS), every year, approximately 35 million men in the U.S. are affected by male pattern baldness.
This increasing prevalence is likely to captivate patients towards hair restoration techniques and treatment options. Additionally, the launch of novel techniques and effective products are also expected to magnetize the patient population towards the hair transplant market during the forecast period. According to ISHRS, owing to the rising prevalence rates of alopecia, hair restoration procedures have been increased by 60% since 2014.
Out of the total surgeries performed, 87% of the patients are men. Therefore, increasing patient population and prevalence of androgenic alopecia are anticipated to elicit tremendous growth of the market during the forecast period.
High Surgical Procedure Cost to Limit the Growth of the Global Market
Even though transplantation technology has proved its effectiveness in restoring hair, the high cost of the procedure is likely to restrain the market growth.
The transplantation procedure cost varies depending on the type of surgical technique preferred. For instance, according to a study conducted by Robotics, average transplantation cost in the U.S. is around $16,000 and is highest among the other countries. Additionally, the average spending in developing countries such as India is around $3,000. Thus, the high procedure cost is unaffordable by the middle-income population of the countries and will limit the adoption of surgical procedures.
By Type Analysis
Higher Sales of Non-Surgical Hair Transplant Products to Lead Dominance
Based on type, the market is segmented into surgical and non-surgical. The non-surgical segment dominated the global market in terms of value and market share in 2018. The non-surgical restoration procedure is more advantageous as compared to that of the surgical procedure owing to its lesser side effects and instant results.
Due to such advantages, people are more attracted towards non-surgical hair transplantation. For instance, according to a survey conducted by the International Society of Hair Restoration Surgery (ISHRS), worldwide 1,241,764 patients for the non-surgical procedure were recorded in 2017. The sales of medications, devices to combat hair loss, and adoption of non-surgical techniques had led to the dominance of the segment in 2018.
On the flip side, though the surgical procedure segment had a lower market share in 2018, it is anticipated to gain traction during the forecast period. The segmental rise is attributable to the effectiveness of the surgical procedure. This segment is anticipated to have the highest CAGR and mark an exponential growth during the forecast period.
By Gender Analysis
Adoption of Hair Transplants by Males to Aid Greater Market Share
Based on gender, the market is classified into male and female. The male segment dominated the global market in 2018. This dominance is attributed to the increasing number of surgeries undertaken by males all over the globe. The adoption of surgeries by the male segment of the population is higher owing to the occurrence of alopecia in 60% of the male than the female population.
A similar scenario is observed for the non-surgical procedures as well. For example, according to the data recorded by ISHRS in 2017, 85.7% of the male patients underwent surgical transplantation while 61.8% of the male patients underwent non-surgical procedures. The rising prevalence of alopecia in males is anticipated to mark the highest CAGR for the male segment during the forecast period.
Moreover, the female segment has recorded a lower hair transplant market share. Steady growth is anticipated during the forecast period owing to the lesser preference of females for transplantation of hair.
By End User Analysis
Growing Surgeries in Hospitals and Specialty Clinics to Aid Higher Market Value
By end-user, the global market is classified into hospitals & clinics and hair transplant centers. In 2018, the hospitals & clinics segment held the leading position in the market. The dominance is attributed to factors such as higher investments in infrastructure management and growing demand for surgical procedures by the patient population at hospitals and clinics. The hospitals and clinics have the well-established medical infrastructure and thus are of greater preference for the patient population.
The newly launched systems are adopted and installed by the hospitals and clinics in a short duration due to the availability of adequate funds. For instance, the popular ARTAS system by Restoration Robotics was sold in more than 37 countries globally to different hospitals and physicians.
On the other hand, these transplant centers segment is anticipated to showcase a slower growth during the forecast period owing to the generation of lower revenue by the centers. Also, a lack of awareness about the hair transplantation centers in the patient population would hinder the growth.
On the geographical front, the global market was dominated by Asia Pacific in 2018 in terms of market share and market value. The hair transplant market in Asia Pacific was valued at USD 1.88 billion in 2018. The primary factor responsible for the leading position is the highest number of transplantation surgeries of hair performed in the region.
According to several research studies conducted by researchers, the populations in Asia Pacific have higher prevalence and chances of alopecia.
This has made the region a potential market for the investors. Additionally, the surgeries performed in the region have led to a generation of higher revenue leading to its dominance. Moreover, the establishment of hair transplant facilities in the region, coupled with higher investments in the advancements of the transplantation systems is contributing to the regional growth of Asia Pacific. Thus, the above factors are responsible to boost the region during the forecast period.
The Middle East & Africa holds the second position in the market owing to the availability of the hair transplantation procedures at a lower value. This has led to the adoption of surgical procedures by the MEA population. However, the other factor contributing to the MEA market growth is the growing popularity of hair transplant surgery in Turkey.
On the other hand, North America and Europe are likely to exhibit a considerably lower market growth owing to a lower prevalence of alopecia in the countries and lesser adoption of these transplantation techniques.
KEY INDUSTRY PLAYERS
Continuous Development of the Hair Transplant Systems Has Led Venus Concept a Leader
The global hair transplant market is fragmented into companies ranging from start-ups to well-established leaders. These market players are continuously focused on developing innovative products to achieve effective transplant procedures and positive outcomes. Venus Concept has surpassed the other players through rigorous developments and launching of surgical as well as non-surgical treatment products. ARTAS iX robotic system has become one of the most demanding systems worldwide. This system helps to assist physicians in identifying and extracting hair follicular units from the scalp of the alopecia patients. Venus Concept after merging with Restoration Robotics Inc. brought this ARTAS system and has leveraged its potential in the hair restoration market.
LIST OF KEY COMPANIES PROFILED:
Bosley – Hair Restoration & Transplant
KEY INDUSTRY DEVELOPMENTS:
December 2018 – A start-up company, HairClone have collaborated with experts for the development of cell replacement therapy for patients who have just begun to witness the effects of hair thinning. The star-up is also planning to set up the world’s first hair follicle biobank.
July 2018 – Restoration Robotics, Inc. announced the launch of ARTAS iX Robotic Hair Restoration System. The system offers minimally invasive, repeatable harvesting, and implantation functionality in one platform.
The global hair transplant market report provides a detailed analysis of the market and focuses on key aspects such as leading key players, transplant types, and leading applications of the types. Besides this, the report offers insights into the market trends and highlights key industry developments.
In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
It further highlights some of the growth-stimulating factors and restraints, helping the reader to gain in-depth knowledge about the market.
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