Market Trends of Hair Restoration Industry
Scalp Segment is Expected to Hold a Significant Market Share
The scalp segment of the hair restoration market is anticipated to account for a major market share during the forecast period. The target population for this segment includes men suffering from pattern baldness, women with thinning hair, and victims of scalp or burn injuries.
Owing to the increasing popularity of the scalp treatment segment, the market players are strategizing to increase their market share and are coming up with innovative products and seeking approvals. For instance, in April 2022, ExoCoBio Inc. launched ASCE HRLV for scalp rejuvenation and hair loss. ASCE+ HRLV is targeted for the scalp rejuvenation and hair loss market and is expected to rapidly expand its market share by introducing four effects: scalp rejuvenation, hair loss care, improvement of hair anti-aging, and trouble prevention. It is designed to care for scalp and hair regardless of age and gender.
In December 2021, QR 678 Neo, a hair loss treatment, was launched in the United Kingdom. The FDA-approved and patented product claimed to offer over a 90% success rate, and it is a nonsurgical alternative with economical prices starting from around a fifth of the cost of a hair transplant. Owing to the advantages offered by such products for scalp nourishment and reducing hair loss, the scalp segment is expected to witness lucrative growth during the forecast period.
North America is Expected to Hold a Significant Market Share
North America is expected to hold a significant share of the hair restoration market due to the presence of a large target population base in this region and technologically advanced clinics. For instance, according to ISHRS, 149,254 hair transplants were performed in Canada and the United States in 2021, a decrease of 22% compared to the previous year due to the restrictions imposed by the COVID-19 pandemic. However, the number of hair transplants is estimated to rise in the current year as the restrictions have been lifted, which is anticipated to drive the growth of the hair restoration market during the forecast period.
The rising number of hair transplant surgeries and the presence of many market players in the region are also giving rise to the number of product launches and expansions in the market. For instance, in July 2021, Stemson Therapeutics received a DCVC Bio-led USD 15 million Series A financing to advance the development of Stemson's proprietary therapeutic solution to cure hair loss. The funding is estimated to boost technological advancements in products and increase the demand for hair restoration products and services in the region during the forecast period.
