THE global hair restoration market estimated to be valued at USD 8,099.40 million in 2024 and is expected to witness significant growth over the next decade. With a projected compound annual growth rate (CAGR) of 8.80%the market value is expected to reach USD 18,825.30 million until 2034.
The increasing prevalence of hair loss and baldness, particularly in the geriatric population, is the major growth driver for this market. As more and more people are looking for effective solutions for gradual hair loss, the demand for hair restoration services is increasing. Additionally, growing awareness and acceptance of various hair restoration procedures are further fueling the market expansion.
Although the exact cause of the disease is unknown, some cases have been linked to hereditary factors. Other variables predicted to boost business include increased disposable income and an emphasis on aesthetics in development.
The market is gaining momentum as the success rate of treatments such as Follicular Unit Extraction (FUE) and Follicular Unit Transplantation (FUT) have increased and have proven to be viable options for hair restoration.
In addition, many hairdressers now combine these two treatments for the best aesthetic results. One of the main reasons for their popularity is that hair restoration methods have become less invasive in recent years. The MEA region is projected to be the most lucrative region in this market during the forecast period, 2022-2032.
Competitive Analysis
The fierce competition of the hair restoration market is due to the increasing number of brands offering cutting-edge technology in hair restoration. These brands are constantly improving features to deliver the best consumer experience while maintaining affordability across various income brackets. Moreover, the growing e-commerce sector is further fueling the market growth. Key industry players such as Bernstein Medical, Milla Marie, Cole Hair Transplant Group, Lexington Intl. and Bosley are at the forefront of this dynamic landscape.
Recent notable developments from major hair restoration providers include:
- May 2019 milestone: Both Hair Club and Bosley introduced their breakthrough 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 transplantation product portfolios. These industry leaders are deeply committed to Research and Development to pioneer technologically advanced products.
- Acquired February 2018: In a major move, Venus Concept has announced the acquisition of the hair restoration business of NeoGraft Solutions. NeoGraft was known for its innovative technology and topical products in the field of hair restoration.
Profiles of key companies
- Bernstein Medical
- Bosley
- Harley Street Clinic
- Advanced Hair Studio
- Speak Marie
- Lexington Intl., LLC
- Concept of Venus
- Cole Hair Transplant Group
Some of the recent developments of the main hair restoration providers are as follows:
- In May 2019, Hair Club and Bosley both reported delivery of BioGraft. For a big change, growth enhancement combines meticulous and non-surgical hair reconstruction. This new shipment of items helped expand the company’s portfolio of hair transplant products. The company invests heavily in R&D to develop mechanically advanced products.
- In February 2018, Venus Concept announced the acquisition of the hair restoration business of NeoGraft Solutions. Neograft was a hair restoration technology and topical product developer.
Market Segments Covered in Hair Restoration Industry Analysis
By process type:
- Follicular Unit Extraction
- Follicular Unit Transplantation
By type of treatment:
- Low Level Laser Therapy (LLLT)
- Stem cell hair restoration
- Platelet-rich plasma
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