Growing celebrity and media influences, increasing awareness regarding one's appearance, peer pressure, societal pressure, growing urbanisation, high income, and rapidly spreading word of mouth are some of the factors influencing the growth of the hair transplant market.
This is according to a new report from Acumen Research and Consulting, which predicts the market to reach around US$ 32.4 billion by 2026, with a CAGR (Compound Annual Growth Rate) of 22.7%.
As per the report, other factors affecting growth in the market are government initiatives, investments made by the major companies, and advancements in hair transplants technology, coupled with high acceptance among the customers, especially in the US and Canada. People in this region aged above 30 undergo hair transplants owing to hormonal changes in women, poor dietary habits, reduced nutrition levels, and increased psychological stress.
Countries like France, Germany and the UK are experiencing lowering costs of hair transplant medications, which are fueling growth in the market.
The Asia-Pacific region is expected to register the highest CAGR during the forecast period, as 51% of the population is suffering from stress, either because of work or because of personal issues. Research and development by transplant manufacturers is expanding.
Not surprisingly, men dominated the hair transplant market in 2018, with procedures adopted on a large scale in the past few years.
According to the International Society of Hair Restoration Surgery, the percentage of men undergoing hair transplant surgery increased from 84.7% in 2014 to 85.7% in 2016.