NEWARK, Del, Oct. 03, 2023 (GLOBE NEWSWIRE) -- According to recent findings of a Future Market Insights report, the hair restoration market had revenues of around US$ 4.9 billion in 2021 and is poised for a robust growth trajectory, with an estimated compound annual growth rate (CAGR) of 18.2% expected from 2022 to 2032. It is anticipated to reach a significant valuation of US$ 30.8 billion by the end of 2032.
Several factors propel market expansion, including the increasing prevalence of alopecia, a surge in global disposable income, and evolving lifestyles among the worldwide population. This growth can be attributed to the heightened success rates of hair transplantation procedures and the continuous technological innovations in minimally invasive hair replacement techniques. Notably, excessive cigarette and alcohol consumption, coupled with escalating stress levels, stand out as significant contributors to the prevalence of this condition.
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Although the exact cause of the disease is unknown, a handful of cases have been linked to hereditary factors. Other variables predicted to stimulate the business include increased disposable income and an emphasis on aesthetics in development.
The market is gaining pace as the success rate of therapies such as Follicular Unit Extraction (FUE) and Follicular Unit Transplantation (FUT) has grown and proven to be viable options for hair restoration.
Furthermore, many hair stylists now blend these two treatments for the best aesthetic results. One of the key reasons for their popularity is that hair restoration methods have become less invasive in recent years. The MEA region can be projected to be the most lucrative region in this market during the forecast period, 2022 to 2032.
“The Hair Restoration Market is experiencing substantial growth, driven by an increasing demand for hair loss solutions worldwide. Advances in technology and treatment options and a growing awareness of aesthetic concerns are propelling the market forward. With a wide range of surgical and non-surgical interventions available, the industry continues to evolve, offering hope to individuals seeking to restore their hair and confidence." opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.
Key Takeaways:
- Rapid Growth: The hair restoration market is poised for rapid growth from 2022 to 2032, with a significant increase in market size and demand for hair restoration solutions.
- Technological Advancements: Expect continued advancements in hair restoration technologies, including improved surgical techniques, non-surgical treatments, and innovative products.
- Aging Population: The increasing global population drives the demand for hair restoration procedures as age-related hair loss becomes more prevalent.
- Increasing Awareness: Greater awareness of hair restoration options and reduced stigma associated with hair loss encourage more individuals to seek treatment.
- Market Competition: With the growing market size, there will likely be increased competition among companies offering hair restoration solutions, leading to innovation and competitive pricing.
- Geographical Trends: Regional variations in the market, influenced by factors like cultural preferences and disposable income, will impact market dynamics.
Hair Restoration Market Size:
| Attribute | Details | |
| Global Hair Restoration Market (2022) | US$ 5.8 Billion | |
| Global Hair Restoration Market (2032) | US$ 30.8 Billion | |
| Global Hair Restoration Market CAGR (2022 to 2032) | 18.2 | % |
| USA Hair Restoration Market CAGR (2022 to 2032) | 19.5 | % |
| Key Companies Profiled |
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Competitive Analysis:
The Hair Restoration market’s vibrant competition stems from the increasing number of brands offering cutting-edge technology in hair restoration. These brands continuously enhance features to deliver the optimal consumer experience while maintaining affordability across various income brackets—additionally, the growing e-commerce sector further fuels market growth. Industry players, including Bernstein Medical, Milla Marie, Cole Hair Transplant Group, Lexington Intl., and Bosley, are at the forefront of this dynamic landscape.
Recent noteworthy developments by key Hair Restoration providers include:
- May 2019 Milestone: Hair Club and Bosley unveiled their groundbreaking product, BioGraft. This remarkable innovation represents a fusion of meticulous and non-surgical hair restoration techniques. The introduction of BioGraft significantly expanded the companies’ hair relocation product portfolios. These industry leaders are deeply committed to Research and Development to pioneer technologically advanced products.
- February 2018 Acquisition: Venus Concept announced the acquisition of NeoGraft Solutions’ hair restoration business in a significant move. NeoGraft was known for its pioneering technology and topical products in the hair restoration field.
Some of the recent developments of crucial Hair Restoration providers are as follows:
- In May 2019, Hair Club and Bosley reported the BioGraft delivery. For a great change, the development enhancement combines meticulous and nonsurgical hair rebuilding. This new item shipment aided in the expansion of the company’s hair relocation product portfolio. The company invests heavily in R&D to develop mechanically advanced products.
- In February 2018, Venus Concept announced the acquisition of NeoGraft Solutions’ hair restoration business. Neograft was a hair restoration technology and topical product developer.
Hair Restoration Market Segmentation:
By Procedure Type:
- Follicular Unit Extraction
- Follicular Unit Transplantation
By Therapy Type:
- Low-Level Laser Therapy (LLLT)
- Stem Cell Hair Restoration
- Platelet-Rich Plasma
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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