According to a new report published by Allied Market Research titled,"Hair Restoration Services Market by Service Type, Gender, and Service Provider: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,"the global hair restoration services market size was valued at $8,452.5 million in 2018, and is projected to reach $12,119.4 million by 2026, growing at a CAGR of 4.6% from 2019 to 2026. In 2017, North America accounted for nearly 35.19% share of the hair restoration services market.
According to the National Alopecia Areata Foundation (NAAF), in 2017, 6.8 million people in the U.S. were affected by alopecia. Alopecia is a common autoimmune skin disease that cause hair loss on the scalp, face, and sometimes on the other areas of the body. Similarly, in Europe, baldness has been a common issue among its population. Countries such as Czech Republic, UK, Spain, and Germany have higher number of bald people. This has resulted in rise in number of clinical institutions and hospitals for hair loss treatment in Europe and North America. As per the International Society of Hair Restoration, nearly 33,194 surgeries were carried out annually in 2015 in Europe.
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Men and women experience hair loss differently. Men may begin gradually losing their hair as early as their teens, typically from the hairline and the crown of the head. Women may have noticeable hair loss at age 40 or later, with generalized thinning over the scalp, and particularly at the crown. Among the two, men have reported to have higher number of hair loss problem as compared to women. Follicular unit extraction (FUE) and follicular unit transplantation (FUT) are the two major types of hair restoration treatments that have been gaining popularity. Some of the key service providers such as Direct Hair Implantation International and Elite Hair Restoration effectively promote these two treatments among their target customers.
The hair restoration services companies have been focusing in promoting their products in online platform. The platform provides immense opportunity for service providers to increase their customer base and generate higher revenue.
Increase in celebrity influence, persistent self-consciousness about facial appearance, societal influence to grow thicker hair, are some the key factors that boost the demand for hair care solutions such as hair restoration services. Furthermore, rise in need to maintain hair condition among beauty-conscious customers serves as a key factor for the adoption of hair restoration services industry.
Furthermore, increase in number of netizens and rise in penetration of internet are other factors that supplement the growth of the hair restoration services market. Most of the key players in the hair restoration services market strategize on promoting their products and services on social media platforms. Thus, through social media marketing strategy, global hair restoration services market analysis sights critical opportunity in gaining traction, and eventually increase their registration among target consumers.
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Key Findings of the Hair Restoration Services Market:
- In 2018, based on service type, the follicular unit extraction segment accounted for around 34.3% hair restoration services market share, growing at a CAGR of 4.2% from 2019 to 2026.
- In 2018, by gender, the male segment accounted for 64.3% share of the hair restoration services market, and is expected to growth at the highest CAGR of 4.4%.
- In 2018, region wise, North America accounted for a prominent market share, and is anticipated to grow at a CAGR of 35.19% throughout the hair restoration market forecast.
Key players profiled in the report include Direct Hair Implantation International, iGrow Laser, Bosley Inc., Elite Hair Restoration, National Hair Centers, NeoGraft, Lexington Intl., LLC, Bernstein Medical, and Cole Hair Transplant Group.
