Hair Transplant – Market Dynamics
The current generation does not shy away from choosing medical aid for maintaining their youthful features. Due to this fact, it can be assumed that the global market for hair transplant will witness tremendous growth during the projection period. In terms of revenue, the market is expected to make around USD 23,881 by the end of the forecast period. The CAGR too looks promising at 24%.
In the last few decades, the medical sector has advanced terrifically. This development has helped many new markets to attain their fair share of recognition. One of the shining examples of this fact is the global market for hair transplant. According to the research report by MRFR (Market Research Future), this market will develop at Godspeed during the forecast period of 2017-2023.
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Hair transplant has emerged as a boon for those struggling with hair loss issues. It is a surgical methodology in which hair follicles from a peculiar part of the body are transferred to the bald area. This procedure can be successfully utilized to treat hair loss issues in both men and women.
In recent times, many people suffering from hair loss resort to this surgery and gain their confidence back. The success rate of this procedure is quite high. This fact contributes as a prime growth factor for this market.
The individuals of the modern era are highly concerned about how they look and furthermore the celebrity and media influence is immense. This is another aspect that further propels the growth of the market.
Additional factors that happen to positively impact the market apart from the above mentioned ones are higher self and social awareness amongst the masses, higher annual income, increased usage of high dosage drugs and rising demand from upcoming economies.
Comprehensive Regional Analysis
In terms of region, the market for hair transplant is not constrained by any means. Over the years it has been pretty successful in establishing its presence across various areas of the world. Some of the major ones can be listed as Americas, Europe, Asia Pacific and Rest of the World.
After an in-depth analysis of all the regional trends of the aforementioned regions, the research report by MRFR (Market Research Future) concluded that it is the Americas that governs the market. Back in 2016, the market generated a revenue of around USD 2.249 million and it is expected to continue with its lead in the forecast period as well. Asia Pacific is the next in line after America and is anticipated to tread forward at the CAGR of around 24.3%.
20 March, 2018 – One of the latest updates for this market is that the renowned American football and baseball players Deion Sanders decided to undergo a hair transplant surgery. His surgery turned out to be a 100% success and he also posted a picture on his social media pages as a proof of it. As more public figures start publicly speaking about such surgeries, the market is expected to garner huge benefits.
Market Players & Key Strategies
Some of the well-known players of the market can be listed as MEDICAMAT, Bernstein Medical, Ethics hair instruments, Bosley and Restoration Robotics Inc. Company.
These players work consistently upon improving and updating themselves to rope in the best for their business. Apart from that, they also employ strategies like acquisitions, strategic alliances and investment in research and development.
The worldwide market for hair transplant has been segmented into three equal parts. All of these have their own sub-segments and they have been mentioned below:
Type of surgery – Eyebrow transplant, frontal hairline lowering or reconstruction and head hair transplant. Out of these, the head hair transplant sub-division grabs the largest market share with 88.3%.
End users – Hospitals, trichology clinics and dermatology clinics.
Surgical methods – Follicular unit extraction (FUE) and follicular unit transplantation (FUT). Amongst the two follicular unit transplantation accounts for the largest share of the market and dominates with 52.7% in tow.
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