Market Trends of Hair Transplant Industry
Dermatology Clinics Segment is Expected to Witness Significant Growth Over the Forecast Period
Dermatology clinics provide hair transplant services that are intended to restore a more youthful appearance for patients who are distressed by hair loss, particularly androgenetic alopecia. The segment is expected to grow due to the high demand for hair transplant services, the increasing number of dermatology clinics, rising medical tourism, and recent developments.
The demand for hair transplants is rising unprecedently across the world, increasing the demand for hair transplant services at a reasonable price that dermatology clinics can meet. This has led to an increase in the number of dermatology clinics worldwide. Medical tourism has also increased across the world, especially in Turkey, India, and the United Arab Emirates, due to their affordable and effective hair transplant services. For instance, as per the data published by the Turkish Health Tourism Association in 2023, over 1 million people visited Turkey and spent over USD 2 billion on hair transplants in 2022.
Moreover, the expansion of dermatology clinics along with various services is also contributing to the growth of the market studied. For instance, in May 2023, Casa Dentique, a dental clinic in Navi Mumbai, India, launched its new hair transplant services. The service was launched after the Maharashtra State Dental Council (MSDC) announced that oral and maxillofacial surgeons registered with any state dental council of India can now practice aesthetic and hair transplant procedures in India. In December 2022, Cosmedica Hair Transplantation Clinic in Istanbul signed a partnership with footballer Francesco Totti to invest in the Turkish hair transplant clinic Cosmedica. The partnership will focus on elevating the position of Cosmedica globally in the rapidly developing hair transplant market. Moreover, in September 2022, Padra Medical Centre, a part of Fakhraei Medical Group, a hair transplant clinic, launched its 8th branch worldwide and the first Padra Clinic in Qatar.
Therefore, with the high demand for hair transplants, growing medical tourism, and the expansion of dermatology clinics, the segment is expected to grow over the forecast period.
North American Market is Expected to Witness Significant Growth Over the Forecast Period
The North American Hair Transplant Market is expected to grow at a significant rate over the forecast period, owing to the vast patient base for hair transplants, the advanced infrastructure of the dermatology clinics and hospitals, as well as the recent developments by the market players.
The region has advanced medical infrastructure and technology that attracts a vast number of patients for hair transplants. For instance, as per the data published by HairPalace in 2023, the United States is a crucial destination for hair transplant surgery, equipped with cutting-edging technology, highly skilled surgeons and dermatologists, and a broad array of procedures available in the country. The same source further mentioned that the number of hair transplant patients increased by 40% during the pandemic alone. Moreover, as per the same source, follicular unit extraction (FUE) is the most widely used hair transplant procedure in the United States. The procedure provides lasting results and faster recovery time. It is the least invasive in nature and causes no signs of scarring. Other advanced procedures of hair transplant, such as NeoGraft FUE and FUT or strip hair transplant, are also performed in the United States.
There are several service providers operating in the country that offers advanced procedures and technology for hair transplant, including New Jersey Hair Transplant, Nova Medical, Bosley - Hair Restoration & Transplant, MAXIM Hair Restoration, Chicago Hair Transplant Clinic, Natural Transplants Washington, Great Hair Transplants Miami, Houston Hair Transplant Center, and others. Thus, with such vast adoption of hair transplants and technological advancements in the region, the demand for hair transplants is anticipated to increase, driving the growth of the regional market.
Moreover, the recent developments by the market players are expected to increase the availability of hair transplant services in the region, which is anticipated to increase the adoption of hair transplants and boost the growth of the regional market over the forecast period. For instance, in May 2023, ReGenesis signed a partnership with Now Hair Time Hair Transplant Turkey to assist its Western Canada clients with an affordable hair transplantation service. Furthermore, in February 2023, HairClub Center expanded its presence in the United States with the launch of a new center in Wildwood for residents seeking hair loss solutions. It is in addition to HairClub's other 120 HairClub Centers throughout North America and Puerto Rico. With the increasing number of hair transplant services in the North American region, the regional market is anticipated to grow during the forecast period.
Therefore, with the advanced medical infrastructure and technology of hair transplant, as well as recent developments, the North American market is anticipated to witness significant growth over the forecast period.
