As per Inkwood Research, the Global Hair Restoration Market is predicted to grow with a CAGR of 14.16% in terms of revenue over the forecast period of 2022-2030.
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Hair restoration is a surgical procedure used for hair loss treatment. The growing prevalence of baldness and hair loss is the key growth driver of the global hair restoration market growth.
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Rising Demand for Hair Restoration Procedures propels Demands
The benefits of hair transplantation have increased the demand for hair restoration procedures. As per a 2022 International Society of Hair Restoration Surgery (ISHRS) survey, 703,183 surgical hair restoration procedures were performed globally in 2021. As a result, there is a huge demand for hair restoration services, with more people opting for hair transplantation procedures. As per another source, the highest number of surgical procedures for hair restoration was performed in Asia-Pacific, followed by the Middle East & Africa, the United States, and Europe. As a result, the rising number of hair transplantation procedures across different regions is projected to propel market growth.
Furthermore, hair transplants are one of the five most popular and frequently performed cosmetic procedures. Besides, as per stats, 21 million women and 35 million men globally suffer from alopecia. Of these, 650,000 undergo hair transplants as an effective treatment. Therefore, the increasing preference for hair transplantation procedures is among the primary growth drivers of the analyzed market.
Follicular Unit Extraction (FUE) is the Prominent Treatment Segment
Follicular Unit Extraction (FUE) is a restoration technique that facilitates the culling of individual follicles from the ‘donor’ area, usually the back of the head, to the thinning hair or hair loss areas. It is a minimally-invasive procedure, and the ideal candidate must have high hair density in the donor area. At the same time, some FUE service providers are offering FUE services that do not require shaving. For instance, North Atlanta Hair Restoration provides such FUE services.
North America to harbor the Largest Market Share
The region’s market growth is attributed to the presence of a dense consumer base, the growing popularity of hair transplantations, and increasing investments in technological innovations. Moreover, the rising incidences of hair loss and the growing research studies offer growth opportunities. Further, countries like the United States have economic flexibility, while Canada benefits from high-tech industrial infrastructure and amenities. Also, as per the National Alopecia Areata Foundation, almost 6.8 million in 2018 were affected by alopecia areata in the United States.
The innovations in services offered are among the key contributors to market rivalry. Also, companies are adopting advanced technologies. Some of the prominent companies in the market include Elite Hair Restoration, Aderans Company Limited, Hairline International Hair and Skin Clinic, Apira Sciences Inc (iGrow), etc.
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