Continuing on a long-term upward trend, the global hair restoration market is forecasted to reach new heights of up to a $13.6 billion valuation by 2028, according to the latest reports from Grand View Research. As current data indicates, over 35 million men and 21 million women suffer from alopecia or hair loss worldwide and it is estimated that over 735,000 hair restoration procedures were performed in 2019 alone, per the International Society of Hair Restoration Surgery. Spurred by growing treatment adoption and availability, the market is expected to further expand at a compound annual growth rate of 15.4% over the next 7 years.
Currently available hair restoration techniques include surgical solutions as well as more popular non-invasive treatment options that can effectively increase hair thickness, treat baldness, and repair aesthetic concerns. Meanwhile, a surge in treatment adoption led by high stress levels, poor dietary patterns, and increasing hormonal fluctuations among the global population is a major factor propelling market growth. Furthermore, the increased success rate of hair restoration procedures and advancements in technology have made these treatments both less invasive and more appealing to patients thereby boosting overall demand.
Hair Restoration Market Overview
Although the pandemic environment hindered many cosmetic procedures including hair restoration treatments, the overall market continues to exhibit positive trends. In 2020, the largest market share was held by the follicular unit extraction (FUE) segment, favored as a minimally invasive procedure associated with negligible pain and relatively fast post-operative healing. At the same time, the platelet-rich plasma segment, a therapeutic that relies on growth factors and proteins to collectively stimulate, repair, and aid in wound healing while promoting hair growth, accounted for the largest revenue share that year. Due to significant technological advancements as well as an increase in patient demand, the Asian-Pacific region dominated the global market in 2020. Looking to the future, the Middle Eastern region is expected to witness exponential growth of its hair restoration market in the upcoming years as a result of its large population size, rapid urbanization, and rising awareness of aesthetic procedures.
Current treatments for hair loss range from energy-based devices and topical agents to more novel options such as exosomes and JAK inhibitors some of which remain in development. While there is a multitude of therapeutic methods available for hair loss, low-level laser therapy and platelet-rich plasma therapy are both solutions popularily favored for their efficacy, tolerability, and availability. Meanwhile, stem cell hair transplants are garnering increased attention due to their potential hair restoration benefits yet the treatment remains investigational in nature.
Low-Level Laser Therapy
Low-level laser therapy (LLLT), administered in the form of headgear devices, has been deemed a safe, painless, and increasingly popular solution for hair loss due to its ability to correct common symptoms such as thinning hair, receding hairlines, as well as male and female pattern baldness. Laser therapies have a higher energy density than their LED light counterparts and thus are able to more effectively promote blood circulation and collagen production often leading to improved results. There is currently a wide range of intensities and device models available on the market – up to 29 FDA-approved LLLT devices at this time – that allow patients to choose between hair-growth caps, headbands, helmets, brushes, and other products based on their personal preferences. Such devices are relatively low-cost and designed to be used by patients at home, making them both convenient and easy to use.
LLLT is widely accepted as safe, tolerable, and less invasive than some other hair restoration procedures, and can provide effective treatment for a variety of hair loss causes when utilized correctly.
Platelet-Rich Plasma Therapy
In 2020, the platelet-rich plasma therapy segment held the largest market share of 38% and accounted for the largest revenue share. Platelet-rich plasma is believed to increase transplanted graft yield rate, reduce graft transaction rate, and accelerate wound healing in both donor and receiver patients. According to current research, platelet-rich plasma therapy can effectively lead to over 75% of hair regrowth noticeable after 6 months leading to reduced fall of transplanted hair. The therapy has promising research although previous trials have been limited to small study cohorts; in addition, the efficacy can be dependent on concentration of platelets in individual patient’s blood and thus may pose a challenge for some candidates.
Stem Cell Hair Transplant
Stimulating hair cells while assisting in the growth of new follicles, stem cell therapies have proven effective when transplanted onto the scalp in many recent studies. However, at this time such procedures are not widely available and research remains in its nascent stage as proof of effectiveness is limited. Although, in the near future stem cell hair restoration may provide a compelling alternative to currently available hair loss treatments for certain patients and is definitely an area to watch.
The global hair restoration market is on the rise, expected to continue growing rapidly over the course of this decade spurred by growing awareness and acceptance of aesthetic treatments and procedures. Concurrently, the number of available products and therapeutic methods to treat hair loss is increasing as advancements in technology and research spur the development of more effective, tolerable, and safe solutions. As the industry segment continues to expand, practitioners should remain up-to-date on emerging treatments, patient preferences and trends, as well as the breadth of currently available options on the market.
As part of our upcoming SBS Part II Summit, world-renowned experts in the field of hair restoration will deliver the most comprehensive and cutting-edge education on current hair restoration techniques during the Hair Restoration for the Dermatologist session taking place on Saturday, September 25th, 2021. Reserve your spot for this highly-anticipated event in aesthetic dermatology by registering here <https://www.livderm.org/2021/south-beach-symposium-part-2.html#register>.