Hair Restoration Services Market

Global Hair Restoration Services Market Size (2023 to 2028)

The global hair restoration services market is predicted to grow at a CAGR of 5.8% from 2023 to 2028 and the market size is expected to grow from USD 9.73 billion in 2023 to USD 12.9 billion by 2028.

Hair restoration is a surgical procedure that is mainly employed in the treatment of hair loss or baldness. It is a cosmetic process performed for both men and women who have significant hair loss, thinning hair, or bald spots. Hair loss and baldness are prevalent in men, majorly due to genetic factors and age, and thus, there is an increase in the need for more such medical treatments to cater to the increasing number of patients.

Market Drivers:

An increase in population all over the globe which means a greater number of cases related to hair loss or other hair-related problems, is one of the key factors driving the growth of the hair restoration services market. The increase in disposable income of people has motivated them to pursue the treatment of hair as it is costly. The hair restoration services industry has been witnessing new trends and innovations, which have resulted in service being more lucrative and efficient and given a major boost to the growth of the worldwide market. Moreover, people in the age group of 25-35 are more conscious about their appearance; hence, they go under hair restoration therapies. The global hair restoration market is full of competition in terms of products, such as over-the-counter drugs and prescriptions. Thus, there are more options available for the consumers, which gives healthy competition in the marketplace.

Market Restraints:

The high cost associated with the treatment, which does not allow many people to pursue this service, is primarily hampering the growth of the hair restoration services market. The risk of hair transplant surgeries is high, which is a demotivating factor for the growth of the market. Manual errors generally have more risk thus, there is a shift in the usage of technology for better treatment.

Impact of COVID-19 on the hair restoration services market:

The coronavirus has affected the market in both a positive and negative way. The increasing prevalence of coronavirus forced governments to impose lockdowns all over the globe and thus, the movement of people was restricted. This has reduced the business of hair transplants as people are more concerned about their health than their looks. The gradual opening of the lockdown has increased the movement of people and the footfall of patients seeking hair transplant treatment. COVID-19 also reduced the economy all over the globe and thus the extra disposable income of people was mostly utilized, which again had a negative impact on the Global Hair Restoration market. The lockdown gave people more time to self-analyze themselves or to self-contemplate their looks, which may have a huge positive impact on the hair restoration services market.

REPORT COVERAGE:

This research report on the global hair restoration services market has been segmented and sub-segmented based on service type, gender, service provider and region.

Hair Restoration Services Market – By Service Type:

• Follicular Unit Extraction
• Follicular Unit Transplantation
• Laser Treatment
• Follicular Unit Strip Surgery
• Others

The follicular unit extraction segment had the highest revenue share of the global market in 2022 and is expected to grow at a promising rate during the forecast period. Follicular unit extraction is an advanced minimally invasive hair transplant method that allows the harvesting of individual follicles from the back of the head. The growth of the income of people has boosted the growth of this segment. The laser treatment is supposed to grow at the highest rate during the forecast period as the procedure is quicker and more accurate than other procedures but sometimes can have side effects on the body.

Hair Restoration Services Market – By Gender:

• Men
• Women

The men's segment accounted for the dominating share of the worldwide market in 2022 and is expected to continue to do so during the forecast period. Men have more hair-related problems than females and thus are a bigger customer base for this market. Spain accounted for the second-highest number of bald men, followed by the nations of Germany and France in Europe.

Hair Restoration Services Market – By Service Provider:

• Hospitals
• Clinics
• Surgery Centers

Hair Restoration Services Market – By Region:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

The North American region dominated the hair restoration services market in 2022 and is supposed to grow at a noteworthy CAGR during the forecast period. The burgeoning population in the North American region, along with the surge in disposable income, is promoting the North American market growth. The growing number of government initiatives to promote hair transplants in the North American region is positively impacting the market’s growth rate of the North American region. The rising awareness among people about the facilities provided in hair treatment across North America is contributing to the regional market’s growth rate.

The Europe region is foreseen to grow at a healthy rate during the forecast period. The increasing income of people is also boosting the region’s prospects. The presence of healthcare services in Europe with high-quality standards and technological advancements is propelling the hair restoration services market in Europe.

The Asia Pacific region is expected to showcase the highest CAGR during the forecast period. The surge in population rate in nations like India and China is responsible for the highest growth rate being registered in this locale. India is identified as the fastest-growing country in the region, with an increasing number of cases of hair transplant that needs to be addressed based on the urgency of the individual. The increasing development of healthcare services in these areas has also increased the popularity of hair transplant services all over the region. With the development of technology, this service will grow at a much better rate in this locale in the coming years. 

KEY MARKET PLAYERS:

Direct Hair Implantation International, iGrow Laser, Bosley Inc., Elite Hair Restoration, National Hair Centers, NeoGraft, Lexington Intl., LLC, Bernstein Medical and Cole Hair Transplant Group are some of the notable players in the global hair restoration services market.