Hair Restoration Market Size, Share & Trends Analysis Report By Procedure (Follicular Unit Extraction, Follicular Unit Transplantation), By Therapy (Low-level Laser Therapy, Stem Cell Hair Restoration, Platelet-rich Plasma), And Segment Forecasts, 2021 - 2028

Report Overview

The global hair restoration market size was estimated at USD 4.2 billion in 2020 and is expected to expand a compound annual growth rate (CAGR) of 15.4% from 2021 to 2028. The rising prevalence of androgenetic alopecia is the key factor driving the market. Lifestyle alterations, such as immoderate intake of tobacco and alcohol, and escalating stress indices are considered as strong triggers for the disease. Though the exact disease cause remains unknown, the genetic factors have been linked to several cases. Moreover, other factors such as the rise in disposable income and building emphasis on aesthetics are poised to drive the market.

The market is gaining momentum as the success rate of procedures like Follicular Unit Extraction (FUE) and Follicular Unit Transplantation (FUT) has increased and has proven to be effective options for hair restoration. Moreover, many hair experts now use a combination of these two procedures for significant aesthetic results. The major reason for hair restoration is in demand is that they have become less invasive in recent years.

Aging and hormonal anomalies have been listed as potential causative agents for alopecia. Thyroid imbalances or menopausal women may experience hair loss due to a drop in levels of estrogen. Androgen hormones like testosterone and Dehydroepiandrosterone (DHEA) are also major hormones, imbalances of which can dictate hair growth. An estimated 20 million Americans have some form of thyroid disease and up to 60% of those with thyroid disease are unaware of their condition. Furthermore, gender plays a key role in disease susceptibility. According to the American Hair Loss Association, it was stated that over 95% of loss of hair in men is caused due to androgenetic alopecia. In addition, a steady increase in consumer awareness toward alopecia therapeutic options is likely to positively impact the market in the future.

As stated by the International Society of Hair Restoration Surgery, in 2019, around 735,312 surgical hair restoration procedures were carried out globally and around 681,964 patients opted for the same. Out of this 84.2% of the patients were male and 15.8% were females. The number of males opting for hair transplants has increased as many of them had a genetic sensitivity to a byproduct of testosterone called Dihydrotestosterone (DHT).

Social media alone is playing a very crucial role in promoting hair restoration procedures. Forbes article of 2019 states that 5% of the influencers who offer product or service recommendations drive 45% of social influence, this will further strengthen the market. Technological advancement such as investigational stem cell therapy and Light or laser therapy is also boosting the market growth. According to NCBI, in 2017, research was carried out in order to know the primary outcomes of using stem cell therapy for hair restoration treatments. According to this research, the use of stem cells can prove to be very promising to prevent hair loss. The results also showed a 29% increase in hair density 23 weeks after the last treatment.

However, elective procedures like hair restoration were one of the worst affected at the beginning of the COVID-19 pandemic. Surgical practices across the world were halted. With no patient visits and declining revenues, several dermatology clinics had to undergo unforeseen challenges. With the ease of lockdowns in most of the countries, hair restoration services are also reopening, however, following strict protocols has added to the expenses for several hair experts. International Society of Hair Restoration Surgery has laid down strict protocols in order to resume clinics and provide infection control procedures. The footfall and the appointments per day are still low. Hair transplant is a very time-consuming procedure and the process has to be done with more extreme care and caution due to the pandemic, therefore resulting in low patient visitations.

Procedure Insights

The FUE segment accounted for the highest market share of 70.0% in 2020. FUE is a type of hair transplant done by taking individual hair follicles from the skin and moving them to another part of the body where the hair is thinner or absent; also known as grafting. The extraction method involves several tiny, round incisions or punctures scattered throughout the donor area. FUE transplant has increased in demand due to the fact that it is less invasive than Follicular Unit Transplantation FUT, virtually undetectable scarring, faster recovery, and patient comfort.

According to the International Society of Hair Restoration Surgery in 2019, FUE was the most carried (66%) out surgical procedure for hair transplant followed by FUT (28.8) and 4.2% were combinations of both techniques. Robotic FUE can have a survival rate of 100% thus providing a higher yield of hair. With the increasing success rate of FUE procedures and the less-invasive nature of the technique, FUE is expected to exponentially grow during the forecast period.

Therapy Insights

The Platelet-rich Plasma (PRP) segment had the largest market share of 38.0% in 2020. Plasma-rich protein is said to strengthen a poor donor, increase the transplanted graft yield rate, reduce graft transaction rate, and healing of wounds from the donor and recipient area. According to NCBI, research carried out to determine the effectiveness of PRP stated that more than 75.0% of hair regrowth was noticed at 6 months leading to reduced fall of transplanted hair.

However, the stem cell hair restoration segment and the Low-level Laser Therapy (LLLT) segment are also expected to witness significant CAGR over the forecast period. LLLT technique irradiates photons into scalp tissues which are then absorbed by weak cells to encourage hair growth. This is also a widely accepted procedure as it is safe, tolerable, and less invasive than hair transplant surgery. LLLT devices are also commercial in nature and can be used at home and are of low cost. To date, there are 29 FDA cleared LLLT devices for the treatment of pattern hair loss. Stem cell therapy has also been proven effective as it can be used to stimulate the hair cells and assist in growing new follicles, thus new hair, when transplanted onto the scalp. However, the research pertaining to the use of stem cell therapy for hair restoration is still in a nascent stage and proof of effectiveness is limited.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 27.0% in 2020. This growth is owing to the technological advancement and increase in the number of individuals opting for procedures involved in the hair restoration market. The region has high awareness regarding aesthetic procedures and people opting for cosmetic procedures have also seen a surge. According to Global Times, a recent survey by the China Association of Health Promotion and Education reveals that China's hair loss population stands at 250 million and most of them are between 20 and 40 years old. The rising incidence of such conditions is expected to boost the market in the region.

The region that is set to grow tremendously is the MEA region with the highest growth rate in the forecast period. This is mainly due to the increasing urbanization in the region. With a huge population in this region, many individuals are inclined towards aesthetical improvement. Moreover, the high prevalence of conditions like alopecia succeeded by rapid lifestyle changes and urbanization is compelling people to opt for hair restoration procedures and adding to the industry’s market share. In 2019, around 188,360 surgical hair transplant procedures were carried out in the MEA region.

Key Companies & Market Share Insights

The competitive landscape is strengthened by service quality and expertise in carrying out complicated hair transplant procedures. There are very few companies manufacturing transplant devices and others offer topical products like gels, serums, and lotions. For instance, In February 2018, Venus Concept announced the acquisition of NeoGraft Solutions' hair restoration business ("NeoGraft"). Neograft was a developer of hair restoration technologies and topical products. Some of the prominent players in the hair restoration market include.

• Venus concept

• Bernstein Medical

• Bosley

• The Harley Street Clinic

• Advanced hair studio

•  Milla Marie

• Lexington Intl., LLC

• Cole Hair Transplant Group

Hair Restoration Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global hair restoration market report on the basis of procedure, therapy, and region:

• Procedure Outlook (Revenue, USD Million, 2016 - 2028)

  • Follicular unit extraction

  • Follicular unit transplantation

• Therapy Outlook (Revenue, USD Million, 2016 - 2028)

  • Low-Level Laser Therapy (LLLT)

  • Stem Cell hair restoration

  • Platelet-Rich Plasma

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE