GLOBAL HAIR TRANSPLANT SYSTEM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global hair transplant system market size is expected to reach US$ 28.06 Bn by 2030, from US$ 7.22 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 21.4% during the forecast period.

There are two main types of hair transplant systems used - Follicular unit transplantation (FUT) and Follicular unit extraction (FUE).

In FUT surgery, a strip of skin containing hair follicles is surgically removed from the back of scalp where hair growth is permanent. The strip is then dissected under a microscope into follicular units, which contain 1 to 4 hairs each. Follicular units are then implanted into tiny incisions created by a punch tool in the balding areas of the scalp. FUT allows transplantation of a large number of follicular units in a single session, making it faster. However, it leaves a linear scar on the back of the scalp.

Global Hair Transplant System Market- Regional Insights

• North America is expected to be the largest market for hair transplant system during the forecast period, accounting for over 35.7% of the market share in 2023. North America has established itself as the dominant regional market for hair transplant system. This is due to strong healthcare infrastructure and expenditure in countries like the U.S. along with the widespread presence of major manufacturers operating production facilities in the region.
• Asia Pacific market is expected to be the second-largest market for hair transplant system market, accounting for over 25.2% of the market share in 2023. The Asia Pacific region has emerged as the fastest expanding hair transplant system market globally. Countries like China, India, Japan, and South Korea have growing healthcare needs of their large and rapidly developing populations.
• Europe market is expected to be the fastest-growing market for hair transplant system market, with a share of 19% during the forecast period. The growth of the market in Europe is due to the increasing prevalence of hair loss in the region.

Figure 1. Global Hair Transplant System Market Share (%), By Region, 2023

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Analyst View: Global hair transplant market is expected to grow at a rapid pace due to increasing prevalence of alopecia due to various factors such as aging, genetics, hormonal imbalance, growing societal emphasis on appearance and aesthetics, thereby leading to higher demand for hair restoration services.

Global Hair Transplant System Market- Drivers

• Increasing baldness in men: Balding and hair loss have become serious issues among men globally in recent years. For instance, according to the data published by the Frontiers on July 14, 2022, incidence of alopecia increased by globally by 49.14%, and 49.51%.
• Advancement in hair transplantation methods: Advancements in hair transplantation methods are significantly contributing to the growth of the global hair transplant system market. With technological advancements, minimally-invasive techniques such as follicular unit extraction (FUE) and follicular unit transplantation (FUT) became popular methods for restoring natural-looking hairlines and coverage areas. In these techniques, single hair follicles or a group of hair follicles are extracted and implanted, thereby allowing natural regeneration of transplanted hairs without causing significant damage to existing hair follicles.

Global Hair Transplant System Market- Opportunities

• Rising geriatric population: Increasing geriatric population globally is expected to drive the market growth over the forecast period. For instance, according to the data published by World Health Organization (WHO), on October 1, 2022, in 2050, 80% of older people will be living in low- and middle-income countries.

Global Hair Transplant System Market- Trends

• Stem cell-based hair regeneration treatments: Stem cell-based hair regeneration treatments are having a significant influence on the global hair transplant system market. These novel treatments offer an alternative to traditional hair transplant methods such as follicular unit transplantation (FUT) and follicular unit extraction (FUE). Stem cell therapy involves extracting fat tissue from the patient's scalp or body containing mesenchymal stem cells, which are specialized stem cells that aid regeneration. The stem cells are separated from the fat tissue and cultured to multiply them in large numbers. They are then injected into balding or bald areas of the scalp to stimulate dormant hair follicles and induce new hair growth.

Global Hair Transplant System Market - Restraints

• High production cost associated with hair transplant systems: The high cost that is associated with hair transplant procedures has been a major limiting factor for the growth of the global hair transplant system market. Hair transplant is a medical procedure that involves surgically transplanting hair follicles to balding or bald sections of the scalp. While it is considered an effective treatment for permanent hair regrowth, the procedures are quite expensive.

Counterbalance: The key market players should focus in making the production cost of the hair transplant system feasible and affordable for the general masses which will help in driving the market growth.

Figure 2. Global Hair Transplant System Market Share (%), By Product Type, 2023

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Global Hair Transplant System Market- Recent Developments

Product and Technology Launch

• On March 20, 2023, Venus Concept Inc. a global medical aesthetic technology company, launched its latest generation of ARTAS iX, which is broadly available to physicians specializing in hair transplantation worldwide.
• On November 29, 2018, NeoGraft, a precision FUE hair restoration technology company, launched a new on-demand hair transplant technician scheduling app for their physician partners.

Top Companies in Global Hair Transplant System Market

• Venus Concept Inc.
• NeoGraft
• Medicamat
• Adarsh Surgical Works
• Zavi B.V.
• ERTIP
• Cole Instruments Inc.

Definition: Hair transplant is a surgical procedure that involves transplantation of hair follicles to the balding scalp. There are two main types of hair transplant systems used - Follicular Unit Transplantation (FUT) and Follicular Unit Extraction (FUE).