Hair Transplant Market to Show a Sparkling Growth at 24% of CAGR up to 2023 | by MRFR
Market Research Future (MRFR) has thoroughly studied the trends and patterns in the Global Hair Transplant Market and portends the market to expand at a CAGR of 24% over the forecast period of 2019-2023.
The Global Hair Transplant Market is growing at a rapid pace; mainly due to the increasing demand for hair transplant treatments and the introduction of advanced technology in the field of hair rejuvenation industry. Moreover, factors such as the influence of media, fashion and film industry, peer pressure for appearance, and changing dimensions of beauty, etc. are escalating the market on the global platform.
In its recently published study report, Market Research Future (MRFR), asserts that the booming global hair transplants market is expected to reach USD 23,881.9 MN by 2023 with a CAGR of 24 % over the forecasted period (2017-2023). In 2016 the market had valued at USD 4,128.1 MN, these numbers indicate towards the multi fold growth the market is about to witness soon.
Key players leading the Global Hair Transplant Market include Bosley (US), Bernstein Medical (US), Cole instruments (US), MEDICAMAT (France), Ethics hair instruments (India), and Restoration Robotics Inc. Company (US) among others.
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February 2019 – In the wake of increasing hair loss issues in the United States, a hair transplant technique called long-hair FUE ahs been developed that does not require the patient to shave off their head. Owing to this factor, patients can go about doing their daily activities without telling anyone about their hair transplant.
The market for hair transplant is segmented into types of surgery, end user, and surgical methods.
The types of surgery in the hair transplant market are eyebrow transplant, frontal hairline lowering or reconstruction and head hair transplant. Among these, the head hair transplant sub-segment has captured the largest market share with 88.3%.
The end-users in the global hair transplant market are hospitals, trichology clinics, and dermatology clinics.
The various surgical methods adopted for hair transplant are follicular unit extraction (FUE) and follicular unit transplantation (FUT). Out of these, the follicular unit transplantation holds the maximum share of the total market, leading with 52.7% in tow.
Global Hair Transplant Market – Regional Analysis
The North American region dominates the global hair transplant market due to the high level of product innovation, changing formulations, and emerging trends in the field of hair transplants. North America is a well-developed region, having the highest GDP worldwide which allows an edge over other regions in terms healthcare, technology as well as wellness.
Certainly, the well-developed economy in the region enables wide access to the quality of life for the people. Naturally, North American demographic has an aesthetical approach towards every aspect of life. The presence of the vast aesthetician population is a key force driving the market growth in the region.
The burgeoning hair transplant market in the US, backed by the high per capita income and spending on wellness. Moreover, augmenting demand for hair transplant drives the growth of the regional market. Continuing with the same trends, the hair transplant market in the North American region is projected to create a significant revenue pocket in the global market by 2023.
The hair transplant market in the Asia Pacific region accounts for the second-largest market, globally. The market is growing rapidly and expected to register a striking double-digit CAGR of 24.3% throughout the forecast period (2017-2023). Burgeoning media and entertainment industry in India is a major driving force substantiating the hair transplant market in the country and in the region. Improving economic conditions especially in India and China support the growth of the regional market, increasing consumer purchasing power.
Vietnam, Thailand, and Malaysia among the other South East Asian countries, heading with the growing medical tourism markets are projected to contribute significantly to the growth of the regional market.
The European hair transplant market has emerged as a profitable market, globally. The market is expected to reach USD 3,647.3 MN by 2033. Some of the west European countries like the UK, Germany, and France hold major shares whereas, the UK is considered to be the fastest growing market in the hair transplant market in the European region.
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