Hair Transplant Market Expected to Reach $30.13 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hair Transplant Market," The hair transplant market size was valued at $4.90 billion in 2021, and is estimated to reach $30.13 billion by 2031, growing at a CAGR of 20.4% from 2022 to 2031. Hair transplant surgery is performed to restore hair in the areas of the scalp, which are bald or that have thinning hair. Baldness is often caused due to poor blood circulation to the scalp, vitamin deficiencies, dandruff, and even excessive hat wearing. In addition, hair loss is primarily caused by a combination of aging, hormonal change, and genetic factor or family history of baldness. Hair restoration is performed with the help of procedures such as follicular unit transplantation (FUT), follicular unit extraction (FUE), motorized FUE without suction, motorized FUE with suction, combination of FUT & FUE. 

Factors that drive growth of the hair transplant market trends include rise in the number of male populations, increase in number of dermatology clinics, and technological advancement in development of robotics hair transplantation products. Moreover, increase in the prevalence of chronic diseases such as cancer, hypothyroidism, hyperthyroidism which can cause hair loss contributes to drive the hair transplant market growth. For instance, according to report shared by American Cancer Society, in 2021, it was estimated that 1.9 million cancer cases are be diagnosed in U.S. Alopecia, is one of the most common side effects of cancer treatments, such as radiation therapy and chemotherapy. Moreover, increase in the number hair restoration procedures fuels the hair transplant market. For instance, according to report shared by International Society of Hair Restoration Surgery, in 2019, it was reported that 182,025 hair restoration procedures were performed in U.S. In addition, one of the main causes of severe hair loss is people's changing lifestyles around the world. Stress, poor diet, smoking, and increase in sedentary lifestyles are the key factors that cause hair loss.

In addition, the simple changes in lifestyle, such as insufficient sleep, dehydration, ingestion of insufficient amounts of protein-rich meals, and deficiency of essential vitamins & minerals, cause hair loss, among population. Thus, this factor surges the demand for hair transplant procedure, and contributes to drive the growth of market. Rise in number of hair transplant clinics and dermatology clinics fuels the growth of hair transplant market. The reason behind increasing number of dermatology clinic is attributed to increase in number of procedures such as follicular unit transplantation (FUT), follicular unit extraction (FUE), motorized FUE without suction, motorized FUE with suction, combination of FUT & FUE. In addition, increase in the number of professionals who perform hair transplant surgery fuel the growth of market. 

The hair transplant procedures are highly popular among men due to increased rate of baldness, which boosts the market growth. Moreover, rise in self-awareness among young population regarding their appearance and increase in the awareness regarding the different hair restoration treatments among population are anticipated to propel the growth of hair transplant market. The hair transplant market is segmented procedure, gender, service provider, and region. 

On the basis of procedure, the market is classified into follicular unit transplantation (FUT), follicular unit extraction (FUE), combination of FUT & FUE, and others. The follicular unit extraction (FUE) segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in number of hair transplant clinic to adopt FUE procedure, and rise in the awareness among the people regarding hair transplant techniques. On the basis of gender, it is classified into female and male. The male segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the cases of baldness among the male population.
On the basis of service provider, the market is classified into hospitals and dermatology clinics. The dermatology clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to availability of different hair transplant techniques and increase in expenditure by government to develop the healthcare infrastructure. 

North America accounted for a majority of the global hair transplant market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in number of hair transplant procedures, increase in number of approvals for advanced hair transplant procedure, presence of hair transplant industry, and advancements in healthcare sector in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to surge in number of male populations, rise in awareness among young population regarding hair transplant treatment, and growth in health care expenditures.

Key Findings Of The Study

• By procedure, the follicular unit extraction (FUE) segment was the highest contributor to the market in 2021.
• By gender, the male segment was the highest contributor to the market in 2021.
• By service provider, the dermatology clinic segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period