U.S. hair transplant market to accumulate hefty returns by 2024, rising cases of premature hair loss to stimulate the regional landscape
The revenue graph of hair transplant market has been rising exponentially, primarily subject to the massive prevalence of hair loss in men and woman occurring on account of stress, illnesses, genetics, and myriad other physiological factors. According to a survey carried out by the International Society of Hair Restoration Surgery, with 87% male participants and 13% female participants, it was detected that in 2016 more than 635,000 hair transplant surgeries had been performed. The survey further expounded the extensive growth prospects of hair transplant market, the size of which was pegged at USD 5 billion in 2017.
U.S. Hair Transplant Market, By Product, 2013 – 2024 (USD Million)
With body image issues becoming a universal problem, it is not surprising that more than 87% of the patients were reported to opt for hair transplant. In fact, hair loss has been estimated to be the number one cause for body image issues among men, followed by weight gain. Lifestyle choices like improper diet, smoking, stress and inadequate amount of sleep have been confirmed as factors responsible for hair loss. Technological advancements however, have made it possible to regain a head full of hair in spite of the negative effects of such choices, thereby driving hair transplant industry growth.
Celebrities conforming to body image stereotypes have further added significant impetus to the hair transplant industry as their choice to undergo successful hair transplant surgeries and uphold a youthful appearance has urged the masses to go in for hair transplant procedures.
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The recent surge in technological developments in North America will massively aid the expansion of hair transplant market across this continent. As per estimates, the United States U.S. dominated the regional hair transplant industry in 2017, with a mammoth valuation of USD 1,744.4 million. Driven by the adoption of advanced robotic surgical hair transplant system such as ARTAS, that assure safety and visible results, U.S. hair transplant market is certain to depict commendable gains in the ensuing years.
Incidentally, the United States is a witness to the phenomenal success rate of surgeries such as follicular unit transplantation (FUT) and follicular unit extraction (FUE). These procedures have been performed on a tremendously large scale across the country, on account of exponential hair loss rate among the American populace. Apparently, the American Academy of Dermatology reports that hereditary hair loss is one of the most common causes of hair loss impacting close to 80 million people in the U.S. Aided by a vast consumer pool demanding successful hair transplants, in tandem with the rising number of technological developments in hair transplant therapy, the U.S. hair transplant market is forecast to accrue appreciable proceeds by 2024.
It will be prudent to mention here that though technological advancements have been afloat in the developed nations, countries such as Turkey and specially the city of Istanbul has lately emerged as a hub for hair transplant surgeries. Istanbul not only boosts of 300 clinics specializing in hair transplant but also employs talented surgeons who deliver a neat hair transplant experience for a third of the normal market price. Patients from Europe and Middle East are known to flock to Turkey for hair transplant surgeries, thereby augmenting the regional hair transplant industry.
Though traditionally women have been much more concerned with physical appearances, the male populace has lately depicted much more proactiveness to get hair transplants. With celebrities, footballers and other famous personalities coming forward to admit that they had hair transplants to better their appearances, the stigma related to hair transplant is on the verge of elimination, increasing the number of such surgeries among the general populace across the globe. Driven by rising disposable incomes and the increasing affordability for this procedure, hair transplant industry is anticipated to register a CAGR of 25% over 2018-2024.
Author Name : Krithika Krishnan