Hair Restoration Services Market

Hair Restoration Services Market Size & Growth 2027:

Hair Restoration Services Market was valued at USD 9.2 Billion in 2021 and is expected to reach USD 12 Billion by the end of the forecast period 2022 - 2027, with a compound annual growth rate of 4.7% during the outlook period from 2022 - 2027.

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 increasing patients.

Market Drivers:

The main factor driving the growth of the Hair Restoration Services market is an increase in population all over the globe that means a greater number of cases related to hair loss or other hair-related problems. 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 gave 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 and thus there are more options available for the consumers which gives a healthy competition in the marketplace.

Market Restraints:

The main factor hindering the growth of the Global Hair Restoration Services market is the high cost associated with the treatment that does not allow many people to pursue this service. The risk in 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.

COVID-19 Impact on Hair Restoration Market:

The coronavirus has affected the market in both a positive and negative way. The increasing prevalence of coronavirus forced the governments to impose lockdown 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 lockdown has increased the movement of people and the footfall of patients seeking hair transplant treatment. The 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 business.

HAIR RESTORATION SERVICES MARKET REPORT COVERAGE:

Market Segmentation:

Hair Restoration Services Market Based on Service Type:

The global hair restoration services market is divided into

• Follicular unit extraction
• Follicular unit transplantation
• Laser treatment
• Follicular unit strip surgery
• Others

The follicular unit extraction segment had the highest revenue share in 2021 and is expected to grow at a good rate during the forecast period. Follicular unit extraction is an advanced minimally invasive hair transplant method, which 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 Depending on Gender:

The hair restoration services market is bifurcated into

• Men
• Women

The men segment had a more active share in 2021and is expected to continue to do so during the forecast period. The 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 Based on the Service Provider:

The global market is separated as

• Hospitals
• Clinics
• Surgery Centers

Regional Analysis:

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

The North American region that dominated the global hair restoration market in 2021is supposed to grow at a good rate during the outlook period. The burgeoning population in this area along with the surge in disposable income is promoting business growth in this area. The increasing government initiatives to promote hair transplant in the area is positively impacting the local business expansion rate. The rising awareness among people about the facilities provided in hair treatment is also a major cause for a positive 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 the area with high-quality standards and modern technology is the main reason for such a healthy growth rate in the area.

The Asia Pacific region is expected to showcase the highest growth rate during the outlook 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 to be 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:

1. Direct Hair Implantation International
2. iGrow Laser
3. Bosley Inc
4. Elite Hair Restoration
5. National Hair Centers
6. NeoGraft
7. Lexington Intl., LLC
8. Bernstein Medical
9. Cole Hair Transplant Group