The global hair transplant market is growing at a rapid pace; mainly due to the increasing demand for hair transplant treatments and the introduction of advanced technology in the field of hair rejuvenation industry. Moreover, factors such as the influence of media, fashion and film industry, peer pressure for appearance, and changing dimensions of beauty, etc. are escalating the market on the global platform.
In its recently published study report, Market Research Future (MRFR), asserts that the booming global hair transplants market is expected to reach USD 23,881.9 MN by 2023 with a CAGR of 24 % over the forecasted period (2017-2023). In 2016 the market had valued at USD 4,128.1 MN, these numbers indicate towards the multi fold growth the market is about to witness soon.
The growth of the tourism industry and the formation of tourism clusters have not only increased exposure to hair transplant procedures but have also created a high demand for these treatments. There has been a rising trend of hair transplant with a hefty 40% growth with men, especially for the beard. Additional factors such as the safety margin that is assured by surgeons and the growing number of hair transplant hospitals, etc. are providing impetus to the growth of the hair transplant market.
Moreover, technological factors such as the development of advanced technologies like robotics hair-transplant are fostering the growth of the market further. Some financing agencies, hair-transplant clinics, and other medical practitioners who offer hair transplant procedure also offer easy financing plans these factors commutatively add on the growth of the hair transplant market.
Hair Transplant Market - Segments
For ease of understanding, the market is segmented into four key dynamics: -
By Surgical Methods: Follicular Unit Transplantation (FUT) and Follicular Unit Extraction (FUE) among others.
By Type of Surgery : Head Hair Transplant, Eyebrow Transplant, and Frontal Hairline Lowering or Reconstruction among other.
By End-user : Trichology Clinics, Hospitals, and Dermatology Clinics among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Hair Transplant Market - Regional Analysis
The North American region dominates the global target market for hair transplant due to the high level of product innovation, changing formulations, and emerging trends in the field of hair transplants. North America is a well-developed region, having the highest GDP worldwide which allows an edge over other regions in terms healthcare, technology as well as wellness.
Certainly, the well-developed economy in the region enables wide access to the quality of life for the people. Naturally, North American demographic has an aesthetical approach towards every aspect of life. The presence of the vast aesthetician population is a key force driving the market growth in the region.
The burgeoning hair transplant market in the US, backed by the high per capita income and spending on wellness. Moreover, augmenting demand for hair transplant drives the growth of the regional market. Continuing with the same trends, the hair transplant market in the North American region is projected to create a significant revenue pocket in the global market by 2023.
The hair transplant market in the Asia Pacific region accounts for the second-largest market, globally. The market is growing rapidly and expected to register a striking double-digit CAGR of 24.3% throughout the forecast period (2017-2023). Burgeoning media and entertainment industry in India is a major driving force substantiating the hair transplant market in the country and in the region. Improving economic conditions especially in India and China support the growth of the regional market, increasing consumer purchasing power.
Vietnam, Thailand, and Malaysia among the other South East Asian countries, heading with the growing medical tourism markets are projected to contribute significantly to the growth of the regional market.
The European hair transplant market has emerged as a profitable market, globally. The market is expected to reach USD 3,647.3 MN by 2033. Some of the west European countries like the UK, Germany, and France hold major shares whereas, the UK is considered to be the fastest growing market in the hair transplant market in the European region.
Hair Transplant Market - Competitive Analysis
The well-established hair transplant market appears fiercely competitive and fragmented owing to the presence of a number of matured players. Agreement & partnership, product launch, acquisition, and expansion are few of the key strategies traced during the analysis of recent developments of the key companies.
To gain a competitive edge and to stay abreast in the market; players ensure that the information about hair transplant procedures is provided thoroughly to the client only by a well-trained surgeon. They strive to offer uniquely customized solutions to reflect specific aesthetic preferences. These Key Players also ensure to provide the best possible patient care throughout hair transplant experience.
Market players develop their product portfolio with the help of advanced technologies. They are investing substantially in internal R&D activities to develop new products and to bring novelties to their existing products. Increasing funding is motivating the key companies to develop new hair transplant techniques that can match the changing needs and current trends of the patrons.
Major Players:
Key players leading the global hair transplant market include Bosley (US), Bernstein Medical (US), Cole instruments (US), MEDICAMAT (France), Ethics hair instruments (India), and Restoration Robotics Inc. Company (US) among others.
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