Increase in influence of celebrities, constant self-consciousness about facial appearance, and societal influence on growing full hair are the key factors that drive the growth in the global hair restoration services market.
PORTLAND, Oregon, July 29, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Hair Restoration Services Market by Service Type (Follicular Unit Extraction, Follicular Unit Transplantation, Laser treatment, Follicular Unit Strip Surgery, and Others), Gender (Male and Female), and Service Provider (Hospitals, Clinics, and Surgery Centers): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global hair restoration services market garnered $8.45 billion in 2018, and is estimated to reach $12.12 billion by 2026, growing at a CAGR of 4.6% from 2019 to 2026.
Increase in influence of celebrities, constant self-consciousness about facial appearance, and societal influence on growing full hair are the key factors that drive the growth in the market. However, forgery in services and low penetration in untapped geographies hinder the market growth. On the other hand, surge in bald population in emerging economies and the trend of premiumization across the world create new opportunities in the market.
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Follicular unit extraction segment to continue its dominant share during the forecast period
Based on service type, the follicular unit extraction segment contributed to more than one-third of the total market share in 2018, and is expected to continue its dominant share during the forecast period. This is due to its advanced minimally invasive hair transplant nature and preference by people with good hair density. Moreover, it is affordable as compared to other methods and offers positive results. The follicular unit strip surgery segment would grow at the highest CAGR of 5.9% from 2019 to 2026.
Clinics segment will maintain its leadership position by 2026
Based on end users, the clinics segment held the major market share in 2018, accounting for more than two-fifths of the total share, and will maintain its leadership position by 2026. This is due to many restoration service providers own clinics and availability of all required amenities to carry out different types of hair restoration surgeries. However, the surgery centers segment would register the highest CAGR of 5.6% from 2019 to 2026.
North America to account for dominant share throughout the forecast period
North America accounted for more than one-third of the total market share in 2018, and is estimated to continue to account for dominant share throughout the forecast period. This is due to rise in prevalence of alopecia areata and surge in hair loss problems for people aged between 30 and 60. However, Asia-Pacific would grow at the highest rate with a CAGR of 5.7% from 2019 to 2026, owing to increase in bald population and expansion of market players in the region with rise in demand for hair transplantation.
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Leading market players
Key players profiled in the report include Direct Hair Implantation International, Bosley Inc., Bernstein Medical, iGrow Laser, National Hair Centers, Elite Hair Restoration, Lexington Intl., LLC, NeoGraft, and Cole Hair Transplant Group.
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SOURCE Allied Market Research