United States Hair Transplant Procedure Market to Witness a CAGR of 22.6% during Forecast Period
Published | 09 August 2022
Expansion of the United States Hair Transplant Procedure Market is attributed to the rising prevalence of hair loss among men and women, the aging population, and hormonal imbalances along with the rising spending on cosmetic surgeries..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Hair Transplant Procedure Market is predicted to grow at a CAGR of 22.6%, by the end of 2028. The United States Hair Transplant Procedure Market is booming due to the rise in the use of hair restoration therapies. Also, owing to the impact of celebrities, ongoing self-consciousness about face attractiveness, and social pressure to grow thicker hair drive the market growth. Additionally, the desire to preserve hair health has grown to be one of the top concerns for customers who care about their appearance, which fuels the demand for hair restoration services and propels the expansion of the nationwide hair restoration services market. Moreover, increased incidence of androgenetic alopecia fuels the market. The condition is thought to be strongly triggered by changes in lifestyle, such as excessive consumption of alcohol and tobacco. Genetic factors have been connected to numerous cases, even though the actual disease origin is still unknown. Additionally, the industry is expected to be driven by other factors like the increase in disposable income and the growing emphasis on aesthetics. However, cost constraints and high post-surgery care, as well as adverse side effects, can stymie market growth.
Increasing Rates of Hair Loss
According to the International Society of Hair Restoration Surgery, nearly 35 million men and 21 million women in the United States experience hair loss problems on an annual basis. The increasing prevalence of hair loss among humans has led to a significant advancement in hair transplantation. For instance, the effectiveness of the therapy has grown with the increased usage of follicular hair transplantation (FUT) and follicular unit extraction (FUE) procedures. The procedures are also quick, the patients have little to no discomfort, and the scarring is less obvious. Thus, the rising prevalence of baldness and the rising spending power of people for treatment alternatives are therefore predicted to support the growth of the U.S. hair transplant procedure market over the forecast period. As a result, the United States Hair Transplant Procedure Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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Aging and Hormonal Imbalances
Alopecia has been linked to hormone imbalances and aging as potential causes. Due to a decline in estrogen levels, menopausal women or thyroid disorders may cause hair loss. Other important hormones that might affect hair development include androgens like testosterone and Dehydroepiandrosterone (DHEA). Up to 60% of people with thyroid disease are unaware that they have the ailment, which affects an estimated 20 million Americans. Furthermore, a significant factor in disease risk is gender. Over 95% of male pattern baldness is caused by androgenetic alopecia, according to the American Hair Loss Association. Additionally, a consistent rise in consumer awareness of alopecia therapy alternatives is anticipated to have a positive impact on the market in the future.
Challenge: Some Medications have Adverse Effects
The problems that can prevent market expansion include unfavorable medicine side effects, exorbitant treatment costs, and a lack of insurance coverage. Diffuse hair loss will make a person irrational. Patients with alopecia areata shouldn't have their hair moved because the condition can affect any part of the scalp, rendering the surgery worthless. After all, even the moving hair could be the reason for the attack. The market for hair transplants also provides opportunities for normal hair, results that are assured and highly appropriate, a straightforward procedure, lengthy wait times for results, safety and painlessness after the procedure is over, and the growth of self-confidence. Additionally, the adverse brand effects of hair loss treatment may prevent future growth of the hair transplant operation market in the United States. Additionally, as the number of procedures has increased, people's concerns about the harmful effects of hair transplant treatments have intensified. Several drugs have been said to have side effects on people. The growth of the market for hair transplant procedures in the US may suffer as a result of this.
Segmental Coverage
United States Hair Transplant Procedure Market – By Type
Based on type, the United States Hair Transplant Procedure Market is segmented into Follicular Hair Transplantation (FUT), and Follicular Unit Extraction (FUE). Among these, the follicular unit extraction segment holds the largest market share. This is because follicular unit extraction is a cutting-edge minimally invasive hair transplant technique that allows for the harvesting of individual follicles from the back of the head, i.e., the donor area while ensuring that no linear scar is left. People who have a lot of hair in the donor area are good candidates for FUE hair restoration surgery (back and side of the head). However, some of the major FUE service providers intend to perform FUE without shaving one's head. Furthermore, follicular unit excision is a procedure that involves hundreds of incisions and the physical removal of hair follicles from the donor area of the scalp and placement in the balding area. As a result, the advancement of FUE technology has a significant market impact.
Impact of COVID-19 on United States Hair Transplant Procedure Market
Elective procedures such as hair transplant procedures were among the worst hit at the start of the COVID-19 pandemic. Surgical procedures were halted all over the world. Several dermatology clinics faced unexpected challenges due to a lack of patient visits and declining revenues. With the ease of lockdowns in the United States, hair restoration services are reopening as well; however, adhering to strict protocols has increased the costs for several hair experts. To resume clinics and provide infection control procedures, the International Society of Hair Restoration Surgery has established strict protocols. The number of visitors and appointments per day remains low. Hair transplantation is a time-consuming procedure that must be carried out with extreme care and caution due to the pandemic, which results in low patient visitation.
Competitive Landscape
The leading market players in the United States Hair Transplant Procedure Market are Cole Instruments Inc., Capillus Inc., LaserCap, Apria Science Company, Venus Concept Company, Theradome Company, Restoration Robotics Inc., and other prominent players. The United States Hair Transplant Procedure Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Hair Transplant Procedure Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Hair Transplant Procedure Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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