Hair Transplant Market to Hit Revenue of $21.2 Billion by 2028 | Over 66% of Hair Transplants are FUE | SkyQuest Technology
Global hair transplant market was valued at USD 8.4 billion in 2021, and the market size is estimated to reach USD 21.2 billion by 2028, at a CAGR of 24.95% over the forecast period (2022–2028).
Westford, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The demand for hair transplant market is on the rise, and this is especially true for young people. According to the International Society of Hair Restoration Surgery, the number of hair transplant procedures performed worldwide has increased by 15% in the past year alone. Today, hair transplants are considered to be a very effective treatment for baldness and hair loss. In fact, the success rate of modern hair transplants is now over 95%.
According to the International Society of Hair Restoration Surgery (ISHRS), there are approximately 50% men globally suffering from Androgenetic Alopecia (more commonly known as Male Pattern Baldness). As many as 13% of premenopausal women reportedly have some evidence of androgenetic alopecia.
In the last five years, the global hair transplant market witnessed over 70% growth thank to the growing societal acceptance of hair transplants. Gone are the days when hair transplants were considered to be taboo or unnatural. Today, more and more people are openly discussing their decision to get a hair transplant, and celebrities are even beginning to speak out about their own experiences with the procedure.
In addition, advances in surgical techniques have made hair transplants much more successful than they used to be. In the past, grafts would often not take or would be very noticeable because of their different color or texture. Nowadays, surgeons in the hair transplant market can harvest individual follicles and transplant them with great success. This has made hair transplants a much more viable option for those looking to treat their hair loss.
Finally, the cost of hair transplants has come down significantly in recent years. In the past, this surgery was only accessible to those with a lot of money. However, new financing options and improved surgical techniques have made this procedure much more affordable. As a result, more people are able to get the treatment they need without breaking the bank.
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*Key Findings in Global Hair Transplant Market *
· Nearly two-thirds of American men will experience some degree of hair loss by the age of 35, and 85% will have significantly thinning hair by the time they turn 50 across the US hair transplant market. For many, hair loss is a deeply troubling issue that can cause a great deal of anxiety and low self-esteem.
· The vast majority of hair transplant patients are male: the ISHRS estimates that 87% of all hair transplant procedures are performed on men.
· In 2021, over 703,183 hair transplant procedures were performed worldwide
· There were over 149,000 hair transplant procedures performed in the US and Canada in 2021.
· Approximately 35 million men in the United States suffer from male pattern baldness. Of these, approximately 6 million men have undergone hair transplant surgery
· The average cost of a hair transplant procedure in the US hair transplant market is between $6,800 and $10,000. The exact cost will depend on factors such as the number of grafts needed, the type of transplant being performed, and other factors unique to each patient.
· The success rate of hair transplants is quite high, with over 90% of patients achieving satisfactory results.
· Most insurance companies in the global hair transplant market do not cover hair transplant surgery as it is considered cosmetic. However, some companies may cover it if it is deemed medically necessary (for example, if someone has lost all their hair due to chemotherapy).
· The least common type of hair transplant is called Follicular Unit Transplantation (FUT), which involves taking hair from the back of the head and transplanting it to the balding area.
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*SkyQuest Survey Reveals 40% Millennial Would Consider Hair Transplant *
SkyQuest survey on global hair transplant market have found that the vast majority are very satisfied with their results. In fact, over 92% of those surveyed said they would recommend hair transplant surgery to others seeking treatment for hair loss.
Not surprisingly, younger people are more open to the idea of hair transplants than older adults. 40% of millennials said they would consider getting a hair transplant, compared to just 19% of baby boomers.
The survey on the global hair transplant market also found that the main reasons people seek out hair transplants are to improve their appearance and self-confidence. Hair loss can be a highly distressing condition, so it's no wonder that people are willing to go to great lengths - and expense - to achieve a fuller head of hair.
The most popular method of hair transplantation is still follicular unit extraction (FUE). However, there has been a significant increase in the number of people interested in Direct Hair Implantation (DHI) as well.
SkyQuest also asked practitioners across global hair transplant market to rate the effectiveness of various non-surgical treatments for hair loss, including minoxidil (Rogaine), finasteride (Propecia), Platelet-Rich Plasma (PRP) therapy, low-level laser therapy (LLLT), and mesotherapy. Of these, minoxidil was rated as the most effective non-surgical treatment, with a success rate of 85%. Finasteride was next, with a success rate of 80%. PRP therapy was found to be 75% effective, while LLLT and mesotherapy were both rated as 50%.
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*Over 66% of Hair Transplants are FUE *
SkyQuest study on hair transplant market has found that over 66% of hair transplants are now performed using the FUE method. This is a significant increase from previous years, when the vast majority of transplants were performed using the traditional FUT method.
We surveyed over 500 hair transplant surgeons from around the world. The results showed that FUE is now the most popular method of hair transplantation, with a majority of surgeons reporting that they use it for the majority of their procedures.
There are several reasons why FUE has become so popular in recent years across global hair transplant market. Firstly, it is a much less invasive procedure than the strip method, and thus has a quicker recovery time. Secondly, it allows for a more natural-looking result, as the grafts can be placed in a wide variety of directions. Finally, it is less likely to cause scarring than the strip method.
SkyQuest’s analysis found that the average cost of a FUE hair transplant in the US is $7,000. This is a significant decline from just a few years ago, when the average cost was closer to $14,000 thanks to advances in technology have made the procedure less risky and more comfortable for patients. However, it is still cheaper than some of the other methods used for hair transplants, such as follicular unit strip surgery (FUSS), which can cost upwards of $10,000.
*Major Players in Global Hair Transplant Market *
· Allergan Plc
· Bernstein Medical
· Bosley
· GETFUE Hair Clinics Ltd.
· Hair Restoration BlackRockHRBR
· Hair Club
· Venus Concept (NeoGraft)
· Hairline International Hair and Skin Clinic
· Hair Transplant Centre Turkey
· Hair Transplants of Florida
· Cole Instruments Inc.
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