Market Size of Hair Restoration Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.91 Billion |
| Market Size (2029) | USD 10.61 Billion |
| CAGR (2024 - 2029) | 8.96 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hair Restoration Services Market Analysis
The Hair Restoration Market size is estimated at USD 6.91 billion in 2024, and is expected to reach USD 10.61 billion by 2029, growing at a CAGR of 8.96% during the forecast period (2024-2029).
The impact of COVID-19 was adverse on the hair restoration market, owing to the cancellations in cosmetic procedures globally, including hair restoration procedures. However, as restrictions have eased, hair transplant clinics have reopened and resumed their operations. The increased use of telemedicine and virtual consultations allowed hair transplant clinics to continue providing their services to patients remotely, minimizing the impact of the pandemic on their businesses.
The pandemic highlighted the importance of personal appearance and grooming, as many people spent more time at home and on video calls. As a result, there has been an increased demand for hair restoration procedures, particularly hair transplant surgeries, as people seek to improve their appearance and confidence. Several studies reported that hair loss was a side effect of COVID-19, which impacted the growth of the market studied. For instance, according to an article published by NCBI in May 2022, many COVID-19-infected patients had significant hair loss. The study found that one to two months after a COVID-19 infection, COVID-19-associated telogen effluvium (excessive hair shedding) occurred.
The key factors propelling the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders leading to hair loss. For instance, according to the research study published by NCBI in April 2022, the prevalence of alopecia areata is 0.2% in the current year, and it can afflict people of any race or sexual orientation and common condition. Androgenetic alopecia affects 15% of women and 50% of men, particularly postmenopausal women. The high number of chemotherapies being performed around the world to treat cancer and the increasing burden of cancer is expected to increase the number of hair restoration procedures.
According to the 2021 report of the United Kingdom Hair Transplant Statistics, alopecia or hair loss affects about 21 million women and 35 million men across the world, and over 650,000 of them get hair transplants as the most effective treatment option yearly. As per the same source, hair transplant surgery is gaining traction around the world, which is expected to boost the market's growth.
Technological advancements in hair transplant devices and the launch of new services across the world are expected to have a significant impact on the hair transplant market and boost the market's growth. For instance, in April 2022, HHC (Hermest Hair Clinic) launched cost-effective and unique follicular unit extraction (FUE) method service for hair transplants in Turkey. Such developments are estimated to propel the market's growth during the forecast period.
Therefore, due to the above-mentioned factors, the hair restoration market is expected to grow during the forecast period. However, cost constraints and high post-surgery care, along with adverse side effects, are the factors that are expected to restrain the hair restoration market.
