The Hair Restoration market witnessed revenues of approximately US$ 4.9 billion in 2021 and is poised for a robust growth trajectory, with an estimated compound annual growth rate (CAGR) of 18.2% expected from 2022 to 2032, as per the recent findings of a Future Market Insights report. By the conclusion of 2032, it is projected to attain a substantial valuation of US$ 30.8 billion.
Market expansion is being propelled by several factors, including the increasing prevalence of alopecia, a surge in global disposable income, and evolving lifestyles among the worldwide population. This growth can be attributed to the heightened success rates of hair transplantation procedures and the continuous technological innovations in the realm of minimally invasive hair replacement techniques. Notably, excessive cigarette and alcohol consumption, coupled with escalating stress levels, stand out as significant contributors to the prevalence of this condition.
Although the exact cause of the disease is unknown, a handful of cases have been linked to hereditary factors. Other variables that are predicted to stimulate the business include increased disposable income and an emphasis on aesthetics in development.
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The market is gaining pace as the success rate of therapies such as Follicular Unit Extraction (FUE) and Follicular Unit Transplantation (FUT) has grown and proven to be viable options for hair restoration.
Furthermore, many hair stylists now blend these two treatments for the best aesthetic results. One of the key reasons for their popularity is that hair restoration methods have gotten less invasive in recent years. The MEA region can be projected to be the most lucrative region in this market during the forecast period, 2022- 2032.
Competitive Analysis
The Hair Restoration market’s vibrant competition stems from the increasing number of brands offering cutting-edge technology in hair restoration. These brands are continuously enhancing features to deliver the optimal consumer experience while maintaining affordability across various income brackets. Additionally, the growing e-commerce sector further fuels market growth. Key industry players including Bernstein Medical, Milla Marie, Cole Hair Transplant Group, Lexington Intl., and Bosley are at the forefront of this dynamic landscape.
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Recent noteworthy developments by key Hair Restoration providers include:
- May 2019 Milestone: Both Hair Club and Bosley unveiled their groundbreaking product, BioGraft. This remarkable innovation represents a fusion of meticulous and non-surgical hair restoration techniques. The introduction of BioGraft significantly expanded the companies’ hair relocation product portfolios. These industry leaders are deeply committed to Research and Development to pioneer technologically advanced products.
- February 2018 Acquisition: In a significant move, Venus Concept announced the acquisition of NeoGraft Solutions’ hair restoration business. NeoGraft was known for its pioneering technology and topical products in the hair restoration field.
Key Companies Profiled
- Bernstein Medical
- Bosley
- Harley Street Clinic
- Advanced Hair Studio
- Milla Marie
- Lexington Intl., LLC
- Venus Concept
- Cole Hair Transplant Group
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Some of the recent developments of key Hair Restoration providers are as follows:
- In May 2019, Hair Club and Bosley both reported the delivery of BioGraft. For a great change, the development enhancement combines meticulous and nonsurgical hair rebuilding. This new item shipment aided in the expansion of the company’s hair relocation product portfolio. The company invests heavily in R&D to develop mechanically advanced products.
- In February 2018, Venus Concept announced the acquisition of NeoGraft Solutions’ hair restoration business. Neograft was a hair restoration technology and topical product developer.
Market Segments Covered in Hair Restoration Industry Analysis
By Procedure Type:
- Follicular Unit Extraction
- Follicular Unit Transplantation
By Therapy Type:
- Low-Level Laser Therapy (LLLT)
- Stem Cell Hair Restoration
- Platelet-Rich Plasma
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